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personal loans

Discussion in 'The Pub' at netrider.net.au started by ZXRpilot, Mar 21, 2007.

  1. Does anyone here know if you can get a personal loan for whatever purpose...lets assume purchasing a motorcycle..If you havnt currently been employed for 3 months at your job. Who offers them if they do?

  2. you can get a loan for anything. term of employment is not normaly a problem but it may afect the interest rate they charge you.
  3. Sorry Woodsy, but i have to correct you :p
    Term of employment IS a factor and most lenders have 3 months as their minimum requirements.

    Also you are NOT charged a higher interest rate due to that reason.

    I'm a mortage and finance broker so if you have any questions, shoot me an email or a PM :)

  4. Not the experiance i've had recently helping the kids get a loan here and there. the lender (Comm Bank) was more interested in guaranteed FUTURE employment than how long theyd been employed.

    and PLEASE dont tell me you deal with BMM, there my pet lending hate at the moment.
  5. Hmmm, well CBA as a first point has tighter lending policies compared to some other institutions. If it was a student loan/guarantor situation then that may have been the reason.
  6. I just called my broker, told him to look after my daughter and partner and he said no problems.

    Thats what dads do :cool:
  7. BMM???

    Nice work :p Your broker must do a great job and its clients like you that keep us in the business to help people out!

  8. aaaaaaall right. Jigga Jiggata yeah :wink:
  9. Better mortgage management (pigs ass). i needed an investment house loan at VERY short notice and they were the only ones i could get hold of one of there brokers on a saturday (advantage finance SA)

    first and last time i rush in to financing anything, stupid thing is i KNOW better :evil:
  10. Thats a real shame that your experience with them wasnt a good one. :cry:

    Firstly im not associated with them, nor heard of them.
    As a broker, i work for my clients in listening and understanding their needs and then sourcing the best loan for their situation.

    Obtaining finance isnt a bad thing at all and it makes me angry that there are people out there who leave horrible impressions on people such as yourself. At least you know for next time that you have a mate in Netrider that you can trust who can help you out :p

    Ill be advertising on Netrider in the next month, so keep your eyes out!

  11. Well I'm considering taking out a loan next year for my bike, Miss_dj can I PM you? I have a few questions :]
  12. Can't help with the OP question, but I can share a story that should help avoid a scam.

    Years and years ago, I was looking for a loan for a car and rang around a lot of mobs. This one mob quoted me an interest rate that attracted me and they happened to be associated with a prestigious car establishment in Richmond, so I thought they were all kosher.

    I went in to arrange the paperwork but noted that the loan contract didn't include the interest rate, just the principal, monthly interest charge and some other pertinent bits. I queried the guy about the interest rate, smarmy bloody prick, and he assured me it was as discussed. Then when I asked him why the interest rate wasn't on the loan form, he said he had two legally allowed types of forms, one that included the interest rate, or one that included the monthly interest charge. He said most people liked the second form because it had the dollars and cents and you could see exactly what you were up for.

    I smelled a rat and remember thinking I should take this home and run the numbers, but he assured me again it was as per our conversation. I proceeded didn't I... we'd also talked about a loan product that had no penalty for early termination...

    Anyway, later when I had a chance to run the figures, I worked out that the arsehole had charged me 5% MORE than the quoted amount (more than 50% more) AND in the fine print were clauses for penalty payments upon early termination.

    They flat out lied.

    I rang the guy straight up and had it out with the guy.

    The conversation from his side went something like, you've signed the paperwork, it's your word against mine. Ha ha.

    As it turned out, he was only an agent for the actual lending mob (this was in the fine print). When I confronted the lending mob to raise a complaint about their agent, they brushed me off! They were as bent as ol pa simpsons back as well!

    I got a loan from a credit union that arvo and paid out the loan straight up. They coulda had 5yrs of interest at the verbally agreed rate, instead they got a measly few hundred dollars penalty for being the pricks that they were, and I let them know about it!

    This finance agency mob are still around and they now have an office in Geelong also.

    Moral of the story, make sure you feel comfy about the loan particulars before you sign!
  13. Time at job might limit the amount they are prepared to lend you.

    There are a number of great low interest rate loan providers along with the dodgy unknown ones.
    I just went with Commonwealth for my loan for the bike because even if they aren't the most competitive by half a % or whatever it is, my loan was only over a year and they could tie the loan deficit into my netbank easily so I could pay it off earlier with ease.

    Worked out fine, and I'm sure they'll be happy to lend me more for my next bike :twisted:
  14. im going thru Bank SA which is a subsidiary fo ST George for a 10k loan next week for a car..

    so ill kep an eye on this thread
  15. might pay to ask the question as to whether you can get the finance on hire/ purchase. my last bike was done this way it has generally lower rates but the bike must be bought from a dealer. i'm not certain of time limits in regards to time in job but i dont think it was more than 6 months.
  16. Because there are so many variables in finance, its much more simpler if you chat one on one with someone.

    If anyone has any questions with finance or needs someone to organise their finance, dont hesitate to PM or email me... I am more than happy to help my fellow Netriders out :p

    Chat soon

  17. Hi guys, especially all you finance experts :), I have a personal loan that I took out a couple of months ago.. it so happens that I will have the $$ to pay it off shortly :).

    Now i know that there are penalties if you pay the loan off early. Typical!! However I was talking to someone the other day who said that if you make a lump sum payment to the loan account, paying all but the final payment amount, you don't incur any penalties. Of course next time the bank does the automatic debit from your account, they take the final payment and then the loan is complete. So what I want to know is, is this so?

    I intend to pay it off early anyway, but if I can get away with not paying any penalties .. I'll be very happy!

  18. It depends on the contract, it may stipulate X number of payments as they can be fixed rates which require the regular cash flow to be paid.

    Best to call the lender where you got the loan and ask them or read the finance contract you've signed.
  19. Ahhhhhhhhhhhh Suzzzzy Baby just give it to me and i will look after it till its due :p :LOL:
  20. I got a loan within weeks of starting a new job, IIRC. It was from MECU, my credit union, 9 point something percent interest, quite happy with it.