What to do when your Bank says “No”…
Have you applied for a home or business loan and had your Bank say “No”?
- Newly self employed?
- Maybe in the process of restructuring your business after a not so good year?
- Have poor credit history?
- Have tax arrears?
Or do you perhaps just not fit into your Bank’s criteria or other reasons.
Bank’s lending criteria and their appetite for risk can also change for a number of reasons, however this does not necessarily mean that you are a bad risk or that you are “unbankable”, it just means that at that particular point in time you are not their target market.
So what are your options??
Enter the Non-Bank Lenders…..
Non-Bank Lenders are financial institutions who offer credit and lending products and who are regulated by the Reserve Bank of New Zealand, but who are not Banks and who do not hold a New Zealand banking licence.
They have a broad product range, teams of experienced lenders and who are there to provide support to New Zealanders and New Zealand businesses.
Their interest rates are competitive with the main banks and whilst they do still have eligibility requirements and risk appetites, they can also potentially provide you with a lending solution if you do not fit within the mainstream banking criteria.
At SOS Financial, it is our goal to find you the best solution to meet your needs, from a range of both Banks and Non-Bank Lenders.
So if you find yourself in a situation where your Bank has said “No” for whatever reason, get in touch with us to see if we can find you an alternative solution through a Non-Bank Lender.