What lenders usually want to know
- What it was. A small phone or utility default is usually treated differently from a default on a loan or credit card.
- When it was, and whether it’s paid. Older and paid matters more to most lenders than recent and unpaid.
- What’s changed since. How the business is trading now, and what happened at the time.
- The deal itself. The asset, the deposit, and whether you own property can all count.
Straight talk
- Lenders differ a lot here. Some won’t consider any finance default. Others will, case by case. Applying to the wrong lender adds another credit enquiry to your file and gets you nowhere, which is why we match first.
- Finance after credit problems usually costs more and may need a bigger deposit.
- We can’t remove anything from your credit file, and we don’t offer credit repair.
The lender assesses the application and decides.
Before you borrow more
If your business is struggling with debt, the free Small Business Debt Helpline (1800 413 828, sbdh.org.au) can help before you take on more.
This page is about business-use finance for ABN holders. Personal loans: we don’t arrange these, but we can refer you to a trusted partner.