Impaired credit or adverse credit is when you have a history of not keeping up with payments on your loans or credit cards. You may have continually missed payment, or be a discharged bankrupt and are rebuilding your credit score after a series of severe defaults.
Your credit rating might be adversely impacted if you continually make late repayments or have defaulted on small loan amounts (such as your mobile phone bill). Your credit rating may then be severely impaired if you default on larger loans, which will impact your ability to get credit or a loan in the future.
If you have impaired credit or adverse credit, you can sometimes be viewed as a high risk by traditional lenders. However, it may still be possible to get a home loan if you have a bad credit history from a specialist lender when they look at your entire situation, and not just your credit score.
If you would like to know more, speak to a Lending Specialist on 13 73 77, Monday to Friday 8:00am - 7:00pm (AEST/AEDT).
All applications are subject to Pepper's normal credit assessment and loan suitability criteria. Terms, conditions, fees and charges apply.
This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77 or speak to an accredited Pepper Money broker.