Bad credit is a very generic term that means you have had some form of loan, phone or credit account, which you have not paid or paid after the due date. In many instances this will not stop you from obtaining debt consolidation loans, personal loans, home loans and car loans.
However if your credit account remains unpaid for an extended period (normally more than 60 days) then it is possible that the account will be listed with a Credit Reporting Agency such as Baycorp Advantage. This listing can be classified as a default or judgment. Baycorp holds a lot of different information about you (if you have a credit file), which is then used by lenders and authorised agents to assess your suitability for a loan.
If you have a default or judgment on your credit file, it generally means you have not been able or have not wanted to pay a credit account. Sometimes you don't even realise you have a default – for example if you changed address and didn't pay your electricity bill. Defaults and judgments often stop you from obtaining loans from the banks. However at Metro Loans we specialise in assisting people who have had credit problems in the past. Whether you are looking for a car loan, home loan, debt consolidation or business finance, you should contact us or Apply Online to see if we may be able to help you with a loan.
Check out the links below to gather more information about bad credit. Alternatively search our Loans to see what product we may be able to help you with.