Sub-Prime Borrowing/Lending for Broker

A

ATracey

Registered User
Messages
33
Hi all...

I've a colleague who is a Finance Broker...

Mortgages/Car Loans/Personal Loans and so on...

They have access to sub-prime Lenders on Mortgages but not any on Car Loans/Personal Loans and such...

Anybody any ideas on any Financial Institutions that do these for Ireland...

Thanks
 
Re: Sub-Prime Borrowing/Leding for Broker

GE Money do car and personal finance and would be considered 'sub-prime' I guess as they rates they charge vary greatly depending on the borrower.
 
Sub-Prime Borrowing/Leding for Broker

Thanks CCOVICH,

They already use GE...and I think you are 100% correct in what you say!

However, this would be Loans for people who do not qualify for Traditional Banks....maybe Rental Tenants only or non-Nationals...

This is my first query and I'm really interested in seeing if the forum works for me....I don't think that there is an easy answer on this one..

someone please prove me wrong!
 
Re: Sub-Prime Borrowing/Leding for Broker

I'm not sure what you're asking, but as fas as I know, there are 2 companies that do 'high risk' loans (as opposed to mortgages)

GE Money
Blue Cube Loans (launched last few weeks)
 
Sub-Prime Borrowing/Lending Facilities for Broker

Bond 007

Not trying to be funny here.....but usually anything that is not accepted by the major financial institutions on the first pass is then defined as high risk..

Some of the more obvious reasons would include the fact that the applicant is a tenant rather than a house-owner....., the fact that they've been late with payments previously or any number of reasons why they are listed with the ICB, a service available to the major banks.

It is not just a random thing...usually there is good reason, though that is not always disclosed!

Hope that helps.
 
Re: Sub-Prime Borrowing/Leding for Broker

usually there is good reason, though that is not always disclosed!
Click to expand...
I love the way banks try to keep info from people. Section 4 of the Data Protection Act 1988 is your friend in such situations.
 
If it's not documented, the DPA isn't of much use.

An application could just be stamped 'declined'.

I don't think lenders are under any obligation to disclose reasons why, other than that you didn't meet their lending criteria.
 
Surely their decisions are noted somewhere with an application. Some even use codes on their decisions. Under the DPA they must explain the codes if you complain to the DP commisioner.
 
Re: Sub-Prime Borrowing/Leding for Broker

moneyhoney said:
I'm not sure what you're asking, but as fas as I know, there are 2 companies that do 'high risk' loans (as opposed to mortgages)
Click to expand...
moneyhoney said:

GE Money
Blue Cube Loans (launched last few weeks)
Click to expand...


I've got a rather poor credit history :( (due to be self employed) but been grand for the past year, all of the main stream banks all think that I've got leprosy & won't touch me with a barge pole, do Blue Cube Loans do car / personal loans for personal applicants?? :confused: (Rather not go near GE Money)

Any help thanks….:)
 
[broken link removed]

By the way I have no connection with this co. Just trying to be helpful! Loans from 5k it seems
 
Thanks all.....
Your posts have been both informative and helpful.....
Didn't really get an answer that I can use ...yet!
Hadn't planned on setting out a reason for an argument, either!
 
hi ATracey,

If you dont mind me asking, is it for a car loan?:confused:

If so, i know that there's a place in Limerick that do car sales / car loans for the so called "sub prime / high risk" market like us.. (i can't get a normal loan due to arrears..:eek: )

If so, i'll pass on the details to you, but i cannot reccommend them as yet, i'm still waiting to hear back from this company, but they do the underwritting themselves, and i called them up on sat, and told them that due to a turblent year last year, i wrecked my credit history, but he reckoned that since i'm back on track now, and upfront about it in the first place, that he'll be able to do business with me..:)

I'm still waiting to hear from them, but they jsut might be the ticket..

I'll let you know how i get on..


ps. i called Blue Cube, and she told me that there not sub-prime, that there apr is risk-based :confused: , and that they would still do a credit search etc. so i told em to forget it...
 
Jeepers,

It is for a broker who already has relationships with most major lenders..including Blue and GE

They do not have access to any sub-prime lenders for any Asset based finance (such as Cars), altough they have lots with Mortgage Finance..

Many people in the business believe there is an opening here!
Guess there is enough lower risk business around!

regards!
 
You must log in or register to reply here.
Back
Top