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Loan of The Month – October 2023

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Case study #2: Albin*

The Need

Albin needed to buy a car and applied for a loan through a few different lenders.

Unfortunately, he was declined because he has a bad credit history.

Not knowing where else to turn, Albin got in touch with Loansmart and explained his situation to one of our friendly advisors.

The Challenge

The team at Loansmart are experts at finding fast solutions to problems like Albin’s.

We know that just because a person has a bad credit history doesn’t mean they shouldn’t have access to low cost loans.

When our advisors looked into Albin’s application and put it in front of several lenders, they found that not all lenders had a problem with Albin’s credit history.

Different lenders use different credit reporting agencies, meaning that while some lenders declined Albin’s application, others approved it.

The Solution

Our team was able to connect Albin with a lender who was happy to approve his loan, and Albin had his car the very next day.

This is an example of how Loansmart offers an advantage: by putting loan applications in front of a range of different lenders, borrowers have a better chance of getting approval.

While some lenders declined Albin’s application, others approved it, so we could offer him options from those lenders.

This is how Loansmart makes the borrowing process so easy for our customers: just one application results in many loan options, and higher rates of approval.

*Names changed to protect privacy.