If you are looking to become a borrower on Lending Hub you should be flow some simple steps to maximising your chances of completing a Borrowing Application and of your loan listing closing successfully.
When you start a Borrowing Application on Lending Hub you should have all your personal information handy but also make sure that you provide the most accurate information about you.
If you have recently changed address or contact details your updated information may not yet be available to the credit agency. Consider also obtaining your credit file prior to attempting to a obtain a loan (checkmyfile.com.au provides a service to view your credit history).
If you have any defaults or a poor credit history you should provide information and an explanation about these in Step 1 of the Borrowing Application. The more information you provide the greater confidence lenders will have in you.
Maximum Interest Rate
When you set the maximum interest rate on your loan listing consider your credit grade and your profile. The better your grade (e.g. AA or B) the lower your interest rate should be however setting a rate too low may be unrealistic.
Verification of Your Income and Bank Details
You should provide us with scanned or faxed copies of your last 2-months payslips so we can verify your income details and a copy of your bank account details. Upload any scanned documents (after you have completed your loan listing application) through the My Account tools.
Successful Loan Listings
A successful loan listing is when the loan has sufficient 'winning' bids to be fully funded when the bidding period closes.
Unsuccessful loan listings is when insufficient bids have been received at interest rates below the maximum rate set by the borrower.
You can of course relist your loan listing at no extra cost (within a certain time period) should your loan not complete successfully the first time.