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Deborah B.
Deborah B.
Maida Vale, WA

My 22 y.o. son wants a personal loan of $25000 to help me with my mortgage debt and do some car repairs. He has a credit score of 489 and has been declined 3 times. Does he have any options?

5 years ago


First step is to get a copy of his credit file which will reveal the reasons for the decline. You can get a free copy from www.mycreditfile.com.au that takes 2 weeks and a paid copy for $70 that is sent instantly or close to it.

Credit score and credit file are different.

5 years ago

Hi the reason would be that he had a gym membership when he did not have stable work and often missed payments. He has an internet account for which he has been late paying at times. He had a fine which he paid off last week. So has a poor repayment history.
I am very behind in mortgage payments and the bank are at my throat. I don't expect to secure work for at least another month.
Any suggestions?

Hi Deborah,
Firstly, I'm sorry to hear you're in a tough spot, I've been in a few myself so hang in there...

Realistically, if your son has three declines in the recent past plus a couple of defaults, he's unlikely to be able to 'easily' get a loan (though he may still have options open to him).

I can probably point you in the right direction and if it's okay, can I ask you a few quick questions before you call me later for a chat...

Have you tried to access your super to get you out of trouble?
Have you explained your curent situation to your lender?
If yes, did they offer you hardship?
Have they issued you with any notices yet? If so, which ones?
You may have already addresed these few initial items and I'm not going to lie to you, your options are limited, but you still have options.
If you'd like to have a quick chat, please call me for a one on one (free) discussion.
I'm happy to help if i can. Call 1300 667 218 and ask for Graham.

After a quick chat, you'll better understand your options.

5 years ago

Hi Graham
This site will not reveal your phone number. It just comes up with a box saying that you the professional will contact me. Can you call me and I'll call you back 0429 056 803


Hi Deborah - thank you for using simplyaskit.

If you click the contact me button on Graham's profile page and let him know how you would like to be contacted, your contact details will then be confidentially emailed to him.

I hope this helps - all the best

Paul Ryan

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