Learn how finance brokers operate, what lender panels mean and which questions to ask about fees and credit checks. No Credit Check publishes general information and resources; it does not accept loan enquiries or applications, assess eligibility, or match or refer visitors to brokers or lenders.
What does a finance broker do?
A finance broker acts as an intermediary between borrowers and lenders. Depending on their services, brokers may explain loan features, compare products available through their lender panel and assist with applications. Brokers may specialise in areas such as personal loans, home loans, car loans or business and commercial finance. The lender decides whether to approve a loan.
Understanding lender panels and comparisons
A lender panel is the group of lenders a broker works with. It does not necessarily cover the whole market. Applying directly to a lender is another pathway, but that lender generally offers its own products. When considering loan comparisons, look beyond the advertised interest rate to fees, repayment terms, security requirements and the total cost of borrowing.
Credit checks and loan approval
Using a broker does not guarantee approval or mean that a lender will avoid checking your credit file. The phrase 'no credit check loans' does not mean that no assessment takes place: lenders may consider income, expenses, existing debts and other information. Personal and business lending criteria can differ. Ask what checks will occur, when they will occur and whether an enquiry will be recorded on your credit file before authorising an application.
Broker fees, commissions and questions to ask
Brokers may receive commissions from lenders, charge borrowers fees, or both. Payment arrangements vary. Before engaging a broker, useful questions include:
Which lenders and types of loans do you consider, and what is outside your panel?
What fees could I pay, when are they payable, and how are you remunerated?
What credit checks will be made, and will applications be sent to more than one lender?
What licence or authorisation covers the services you provide?
Relevant licensing or authorisation details can be checked through ASIC. Requirements can differ according to the service and type of lending.
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