It wasn’t that long ago the Government advised that applying for hardship wouldn’t affect future loans.
Well, things have changed.
Lenders can now see any hardship arrangement from the credit file. Some forms of lending will accept hardship arrangements being ceased by as little as 1 month before accepting your loan. Other lenders can be a bit harder especially for car loans and personal loans – with some lenders needing 2 years clear credit history, while others will accept 4 months duration between when your hardship arrangement ceased and when you apply for a new loan.
Each situation is different, and depending on the merits of your current situation, the result may differ. We are always keen on trying to provide our clients with competitive interest rates so that their loan is affordable. Planning your loan and fully assessing your situation is very important.
So if you have hit a roadblock with your loan, or concerned about whether you will be approved for a loan after hardship arrangements, please reach out to have a chat and we will see if we can provide a solution for your needs
