Personal credit file
Your consumer credit file will include your personal details, your existing credit accounts, and any negative listings such as defaults or missed payments. It'll also include any consumer credit inquiries, like any time you've applied for credit even if it wasn't approved. It will also include information on public record such as bankruptcies and court judgements. It will also list whether you've operated a business before.
Business credit file
Your business credit file will contain company details, including information on company structure and current shareholders. It'll also include registered defaults, potential loan inquiries or any external administration that may be registered against your business. Additionally, any public record information, like any legal matters or action taken against your company by Australian Prudential Regulation Authority (APRA), will be included. Any information the Personal Property Security Register (PPSR) has on your company's possessions will also be on your credit file.
I have a business loan on my property. I have a for sale contract on it, once I pay out my loan, I will clear $215k. I have only been working for 3 months in my new casual job and 3 years previously in my last job, but I am having trouble on finding someone to give me a credit card. Is there any bank/credit unions that would be flexible to help me? As I need the credit card to help with my move.
Thank you.
Hi Desley,
Thank you for getting in touch with Finder.
Sorry to hear about your difficulty in finding a credit card issuer to apply with.
Since you’ve mentioned that you currently have a business loan, if your loan was with a bank, you may ask them about applying for a credit card. If you are self-employed or working part-time, you may need to provide your accountant’s information and previous Tax Assessments in order to verify your income. You may consider applying for low-income credit cards if your income is in a lower bracket. Otherwise, you may compare from our own top picks credit card.
Once you’ve chosen a particular card, you can press the ‘Go to site’ button to apply. Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you. You may use refer to our credit card application tips.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I owe 57000 to a bank, but i’ve lost my job if i want to get a business loan in the future am i able to
Hi Ian,
Thanks for reaching out.
You can still get business loan even if you have a bad credit however, you may find it difficult to be approved as the lenders will be looking at your credit file and check your credit worthiness.
The article on this page provides guidelines on how you can go about getling a business loans despite having a bad credit. It also discusses what can be the alternatives in case you gets declined.
Hope this is helpful.
Kind Regards,
Mai
I would like someone to talk to about purchasing an existing business
Hi Tanya,
Thank you for leaving a question.
There are lenders and brokers that can help you buy an established business in Australia. You can use our table to help you find the right broker/lender for you. Once you have chosen a particular provider, you may then click on the “Go to site” or “Enquire now” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I want to purchase an existing business. The owner is willing to pay 10% for me to obtain a business loan. The financials show 500k for 2 locations. Will a lender consider this if I am 1 year out of a chapter 7?
Hi Maria,
Thanks for getting in touch with finder. I hope all is well with you. :)
There are different things that a lender assesses when determining your eligibility for a loan. Even if you are one year of out bankruptcy, you might still be able to be approved for a loan provided that you have met other requirements. The bottom line is that if you can prove to the lender that you are able to make repayments then your chance of getting approved will increase.
Of course, there are things you can do to ensure that you get a loan. For one, if you have a property which you can use as a security, then that would decrease the risk of lending you money. You may also want to present a business plan, detailed financials and financial forecasts to convince even further your lender to give you the funding.
Aside from asking traditional banks, you may also try other financial lenders who might be more lenient when approving loans.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I want to purchase an existing business. I have no collateral but my parents have offered to use a property as collateral for me. Will a lender consider this? I have financials for the business for the last 5 years and it turns over 700k pa.
Hi Kate,
Thanks for your inquiry
Yes, there are lenders that will allow you to apply for a business loan with a property as collateral with the owner’s consent. To compare your options, please see our list of secured business loans. On the page is a secured business loans comparison tool you can use to see which lender suits you.
You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this information helps
Cheers,
Arnold