Personal loans are generally available to a wide range of individuals who meet certain eligibility criteria. Eligible applicants for a personal loan can include employed individuals, self-employed individuals, and even retirees. Mortgage Street typically consider factors such as credit history, income, employment status, and age when evaluating loan applications. It’s important for the brokers to review the specific requirements of Mortgage Street to determine their clients’ eligibility before applying.

Yes, your client’s personal loan application can impact their credit score. When they apply for a loan, Mortgage Street will typically conduct a credit inquiry, which can be a hard inquiry that may temporarily lower their credit score. Additionally, if the loan application is approved and your client starts making regular repayments, it can positively impact their credit score over time by demonstrating responsible borrowing and payment behavior. However, if they miss payments or default on the loan, it can have a negative impact on their credit score.

It can be more challenging for clients with bad credit history to get a personal loan, but it is not impossible. Mortgage Street specialises in providing loans to individuals with poor credit, although they may come with higher interest rates and stricter terms. Alternatively, your clients may consider options such as secured loans, seeking a co-borrower or guarantor with good credit to improve their chances of approval.

Clients can use a personal loan for a variety of purposes. Common uses include consolidating high-interest debts, covering unexpected expenses, financing home improvements, funding a wedding or vacation, purchasing a vehicle, paying for stamp duty, mortgage insurance, legal fees, application fees, valuation fees, surveys etc. when purchasing a property or even starting a small business. Personal loans generally offer flexibility in how the funds are used, allowing clients to address their specific financial needs. However, it’s important to ensure that the loan amount and repayment terms align with their financial situation and goals.

The amount your clients can apply to borrow varies depending on several factors, including their financial circumstances and the specific lending institution’s policies. Lenders assess factors such as income, credit history, and debt-to-income ratio to determine the loan amount. While Mortgage Street can lend up to $150,000.00 the final loan amount will be determined after a thorough evaluation of your clients’ financial situation and loan application.

The application process timeframe can vary depending on several factors, including the complexity of the application, and the completeness of the required documentation. With a comprehensive application and all necessary documents provided, the application process typically takes around 2-3 weeks for completion.