Real-life stories of how Loansmart helped people with bad credit
At Loansmart, we know that life can throw curveballs that affect your credit. That’s why we don’t make judgements based on numbers alone, instead, we listen to the stories behind them. Our accreditation with the Financial Services Federation (FSF) means we work in your best interests and as Loan Brokers, we can give you more options too. Here’s how we helped clients with bad credit scores get the funds they needed to make life a little easier.
Bad Credit Case Study #1
Picture this: a client with bad credit, drowning under debt he didn’t even accumulate. Sounds like a nightmare, right? Well, not for Loansmart. Our foundation is built on helping people improve their financial wellbeing.
Debt can be daunting, especially when it’s not yours. In this example, our client’s ex not only left him, she left him with all their joint debt to pay on his own. He was unable to keep up with the payments on his income alone, which impacted his credit score.
Despite being a homeowner and having equity in his property, lenders refused to give him the time of day due to his bad credit history. But that’s where we come in.
At Loansmart, we know that life isn’t always black and white, which is why we take a human approach to assessing loan applications. We understand that things happen, and we’re here to help you get a second chance. By using the equity in his property, we were able to pay off all his debt, giving him a clean slate and reducing his monthly outgoings by more than half. Now his repayments are affordable, he’s able to make them each month and is rebuilding his credit score one payment at a time.
Bad Credit Case Study #2
It’s tough to catch a break when you’re struggling with a bad credit score. Especially when you’re in a tough spot like our client who was dealing with a back injury. Due to his injury, he couldn’t work and couldn’t meet his outgoings, so his credit score plummeted. With a bad back, having a decent mattress would make a world of difference to his comfort. But no one would lend to him.
Unfortunately, most loan companies nowadays are all about automation, which means there’s no chance to make your case and plead your circumstances.
But we’re not like most loan companies. Our team has built up relationships with a variety of lenders, including some that still believe in treating their clients like, well, humans.
We knew we could help this client out by looking beyond his credit score and finding a lender who would take a closer look at his situation. With his car as collateral, we were able to secure the funds he needed for some new furniture and a better mattress, even with his bad credit.
At Loansmart, we’re not just lenders, we’re problem solvers. Smarter Loans >> Faster – we own our tagline!