Author: yesloans | Page 18

FAQs in further detail

Sometimes, you never get past the surface with what you really need to know. You could do research until you’re blue in the face but you still don’t have the answers you’re looking for. Here at Yes Loans, we’ve tried to assist by providing more detail on our answers to your frequently asked questions.

How long are the average loan terms?

Up to 7 years. Longer loan terms generally mean you pay more interest. We’re a broker who cares about our clients’ financial wellbeing, which is why there is a 7 year cut off. We don’t want you paying more than you have to.

How long is my Yes Loans quote valid for?

30 days. The reason for this is that your financial status could change within a few weeks due to unforeseen circumstances. A quote needs to be based on your current monetary capacity.

Are the loans fixed or variable interest rate loan?

The interest rate is fixed for the term of the loan, so no interest rate changes. Our loan interest rates are based on the current market and will not change throughout your loan term. This is to ensure you will always be able to factor in your payments, inflation and life expenditure accordingly.

How old must I be to apply for a loan?

You must be at least 18 years old to apply for a loan. Before the age of 18, you are still legally considered a minor and therefore, cannot have a loan in your name.

Can I obtain a loan for vehicles for business or commercial use?

Yes, you can apply for a vehicle loan if it is for business or commercial use. You can even apply for a Low Doc Business Loan. This type of loan is taken under the business name and not an individual, so all the documentation we require would be on behalf of the business.

I am living in WA on an overseas visa – can I apply for a loan?

Yes, but the loan term can only be for the remaining term on your visa (e.g. If the visa is for 5 years and you have already been here for 18 months, then the maximum loan term is 3 years). This is to ensure that you are legally viable to pay back the loan. Should you leave the country during your visa – you are still liable for payment.

Do I need to have a deposit ready when I’m applying?

Often no. A deposit may be required depending on previous credit history or the value of the goods being financed. Once you’ve applied for the loan, one of our consultants will be in contact with you to let you know whether a deposit is required and how long you have to pay it.

Can Yes Loans help me get finance if I have had credit problems in the past?

In many cases, Yes! At Yes Loans we are experienced at helping people with previous bad credit. You shouldn’t let bad credit put you off from applying for a loan. We work alongside our clients to ensure they are financially able to pay back loans in a reasonable time regardless of their credit rating.

Get in touch with Yes Loans today for assistance in financing related queries.

Don’t let the consequences of missing a repayment catch you by surprise

Whether you find yourself in the middle of a financially tight month or just let this important financial obligation slip your memory, missing repayments can and do happen. Unfortunately, along with missed repayments come consequences. If you are unsure of what those consequences are, educate yourself by reading further.

Obligation

It’s important to remember from the onset that when you sign the documentation for a loan or any other official financial assistance, you are entering into a legal and binding agreement. Both parties must fulfil their responsibilities as outlined in the contract. In your case, this will mean accepting all repayment terms. Especially the amount and date of payment.

We all cringe at the thought of parting with our hard-earned cash, but is risking a non-payment worth it? We’ll let you decide as you read through the consequences that await non-payers.

Late fees

The first line of defence for a lender after a cautionary warning is a late fee. This amount will be added to the already outstanding amount, and while it might feel inconsequential, repeat delays will end up souring your relationship with your lender. A lender’s leniency will vary but the best approach is to pay what is due, when it is due.

Repossession

Once a lender loses faith in recovering what is due, they may very well resort to repossession or foreclosure depending on the collateral. It is the best means for a lender to salvage whatever portion of the outstanding loan remains, a situation you want to avoid at all costs.

Your credit score

Fortunately, one missed payment won’t lead to a plummeting credit score which bars you from securing finance in the future. However, a missed payment will cause a shift down in your ratings, with multiple missed payments resulting in a significant blow to your credit score.

Debt collectors

Lenders won’t seek the help of debt collectors after just one missed payment. If it becomes a habit, they may request the assistance of collection agencies. This will mean a never-ending stream of phone calls that will test your patience. What’s more, your credit score will decline.

Court

If you fail to respond to cautionary messages, or emails and phone calls from debt collectors, your financier may file a lawsuit.

A word to the wise

It’s clear that disregarding the repayment of your loans offers no benefits so rather than allow the situation to escalate, facing it head on can provide some much-needed relief. It is always recommended to keep an open dialogue with your lender so they can understand your financial situation. You may be able to come to an agreement on a payment plan that suits both you and the lender.

We have a wealth of experience working with both personal and commercial clients. Backed by a team of dedicated professionals, we’re on hand to offer advice as well as a wide range of finance solutions. Talk to Yes Loans for dependable services from a team of finance experts.

Yes Loans offers car loans, commercial loans and a variety of other finance solutions to suit your specific needs. With an online calculator, a dedicated team of experts and fast approval times, you should contact us today.

The answers you really need to know

FAQs in further detail

What Happens When You Miss a Repayment?