Some years back it was thought advantageous by some sectors of the lending industry to move to conducting solely computer driven credit checks. In the opinion of Cash Australia this was likely for two reasons. Firstly, that feeding into a computer a potential loan customers details and having a computer algorithm decides whether to approve a loan or not would take, bias and opinion out of the process, and provide a rationally arrived at decision. And secondly that these lending organisation’s would save on costs by doing this, computers don’t take lunch breaks, get paid super and they work 24 hours a day.
At Cash Australia we believe this has been a failure of the industry. People are not numbers. Each individual applying for a loan with us, no matter how large or small the amount, is an individual, with their own personal financial situation that needs to be understood by another individual, one of our staff members—not a computer.
This trend towards computer led decisions is one of the reasons so many of our customers feel the big banks, and lending institutions are ‘faceless’. If the algorithm determining their application success finds one minor indiscretion in their financial past it will often throw up a red flag and automatically reject the loan application? Often the client is totally unaware and will not be told what incident generated this red flag? It’s like applying for the police force when you’re twenty five but being rejected because you took some library books back late in when you were in primary school!
If you’ve personally been through this ringer, don’t worry, you now have a new champion in your corner—Cash Australia.
We have been providing much needed credit services to everyday Aussies like you for years, and one of the first things we learned, many years ago, was that if we were to reject a loan application based purely on a bad credit rating, often we would be burning a potentially long term loyal customer for absolutely no reason? That didn’t make much sense to us.
So, we have expert, experienced, empathetic staff make all the decisions on loan applications that come to us, not computers.
Sounds like a bit of a conflict in that our online loan application processes can take you from applying for a loan all the way through to finalising it at the end of the term. Sure, we use computers and the internet for all the good stuff we need them for, we just don’t rely on them as a way to make effective and correct decisions about when and what amount to loan to you.
Similarly, you might have felt you’ve been considered a bad credit risk by other lenders because you are a casual or part-time worker, or because part or all of your income is derived from a Centrelink benefit: or you’ve just turned 18: or you’re a pensioner: or a single mum? The list of circumstances where clients feel they might be assessed as credit risk can be endless and frankly it can be debilitating and stop them even applying for loans in the first place!
At Cash Australia we want to let you know now, loud and clear, that we don’t discriminate based on your past credit history and it will not affect your ability to achieve a loan with us. Not will any of a multitude of other elements that you imagine might be viewed negatively. We are 100% focused on being able to help you if at all possible and all our energy is directed towards this.
So, you’ve got absolutely nothing to lose in applying to us?
There’s also no time like the present, so jump on now if you like and fill out our simple online application. Conversely if you’d like to speak with one of our team one on one, just call us during business hours on (08) 8281 0383
Cash Australia – the champ in your lending corner, punching above our weight every single day!