Case Study #1 - Martin
The Need
Martin was getting married but didn’t have enough cash saved to pay for his wedding.
He needed $10,000, which would enable him and his fiance to have a really great celebration with their friends and family.
Martin applied directly to a well known finance company but he was denied because the lender didn’t think he could afford to make the loan repayments.
He then applied with Loansmart to see if we could help.
The Challenge
The reason the lender declined Martin due to unaffordability was because on his loan application, he mistakenly declared his rent as being higher than what it actually was.
He lived in a home where the rent was shared between three people, but the lender believed he was the sole rent payer.
This made it look like he had a lot less disposable income than he really had.
Martin’s Loansmart loan advisor cleared all this up and explained the situation to the lender.
The Solution
The lender ended up approving Martin’s loan for $15,000, a larger amount than what he originally applied for.
This is the power of having a loan broker on your team. Our loan advisors work on your behalf to get you a great deal through our network of low-cost lenders.
We have great relationships with our lenders, so we often have a better chance of getting approval for our clients than if they were to apply to the lenders directly.
Case Study #2 - Samantha
The need
When Samantha first came to Loansmart, she wanted a loan of $1,000 to tidy up some small bills.
She hoped to get back on track with a small loan, but during an in-depth assessment of her financial situation, our advisors discovered that Samantha was facing far greater financial struggles than she initially realised.
Behind on her mortgage by $23,000 and with overdue land rates amounting to $6,000, Samantha was overwhelmed and unsure how to take control of her growing debt.
With these arrears looming over her, she sought a solution that could give her the financial relief she desperately needed.
The challenge
While Samantha had equity in her home that could potentially provide a way forward, the mounting arrears and her multiple small debts created a situation that felt unmanageable.
Traditional lenders might have viewed this as a high-risk scenario, making it difficult for her to access the funds needed to regain stability.
At Loansmart, we understand that life doesn’t always go to plan. Debt and overdue payments can sneak up, leaving people feeling stuck. Samantha’s case wasn’t just about approving a loan; it was about finding a solution that addressed the root of her financial difficulties.
The challenge lay in consolidating her debts and creating a payment structure that was both manageable and sustainable, giving her the fresh start she deserved.
The solution
At Loansmart, we don’t believe in cookie-cutter solutions. Instead, we take the time to understand our clients’ individual circumstances and think outside the box to provide creative outcomes.
After assessing her needs and available equity, we were able to approve a $40,000 loan via a caveat on Samantha’s property.
This amount not only cleared her $23,000 mortgage arrears and $6,000 overdue land rates but also consolidated her smaller debts into a single, manageable loan. This gave her a chance to simplify her finances and focus on just one regular payment moving forward.
Our commitment to providing smarter loans isn’t just about delivering funds. It’s about empowering our clients to take control of their financial futures.
Samantha’s story is a testament to how Loansmart’s innovative approach and personalised service help clients turn difficult challenges into manageable solutions.
Want to find out how Loansmart could help your financial situation? Get in touch with us today!
