Question 1

I have bad credit, can I still apply for a car loan?

Accepted Answer

Yes! Even with some previous or current credit defaults, you may still be eligible for a car loan with Ume Loans. Our Lending Specialists are experts in bad credit car loans, and we take the time to personally understand and assess your financial situation to make sure any car loan we offer you is suitable.

Question 2

Terms and Conditions (including Interest Rate charged) Statement

Accepted Answer

Most of our customers are simply unable to obtain a low interest rate loan due to something unfortunate in their individual circumstances meaning they can’t meet the terms and conditions required for a traditional loan. It could be bad credit from a business or marriage failure, it could be loss of employment or a health issue that caused a financial problem in the past. At Ume Loans we take the time to assess your current circumstances and just because you don’t qualify for a low interest rate bank loan doesn’t mean you can’t get a loan with us. But, please understand that giving people a financial second chance means we take more customer risk and therefore need to charge higher interest rates. This disclaimer explains this to you.
As you are contemplating entering into a loan contract with Ume Loans, we ask that you read the following very carefully. Should you sign a credit contract with Ume Loans after reading this Statement, Ume Loans will presume that you have read every word, understand the meaning and accept the following:
Ume Loans was established as a lender to help good people who find it challenging to obtain loans from traditional banks and finance companies because of their unique circumstances and as such Ume Loans charges higher interest rates due to this higher customer risk.
Ume Loans operates in a very competitive environment, where numerous lenders offer various loans that are different in their approval criteria, terms and conditions, including interest rates charged.
It is possible that some, but not all, of these various loans may be available to you.
For that reason, Ume Loans encourages you to compare what our competitors are prepared to offer you, with our loan terms and conditions.
You are encouraged to take your time making these comparisons and Ume Loans will never pressure you to rush into signing a loan contract with the company.
While we would like your business and make every reasonable effort to offer terms and conditions that are competitive, including interest rates, we may not offer some terms and conditions that at least some of our competitors offer, or the lowest interest rate in the market at the time.
Our terms and conditions, including interest rates charged, are determined according to company policy, company costs, company customer service levels, turnover, consumer risk analysis and what is legally required by law.
We will always attempt to be competitive, we will always attempt to offer fair terms and conditions, but we may not be offering the cheapest interest rate available at any particular time.
Finally, please be aware that a competitor may offer a different term or condition more advantageous to you, or a lower interest rate, but before you attempt the comparison, enquire whether or not that competitor would accept you as a borrower of that particular loan. Your unique circumstances may prevent you from being able to qualify for these other competitor loans. Interest rates are often, at least in part, calculated according to the assessed risk of lending to a particular consumer or class of consumers, and often only certain consumers will be considered by the competitor as suitable for that particular loan. You personally may not meet their lending criteria, or not be considered in that class of consumer to which they are prepared to lend.
Thank you for reading this important Statement.
If you have any questions and/or require further explanation, please ask one of the Ume Loans team.

Question 3

Where can I see customer testimonials?

Accepted Answer

Our team just love helping our customers buy the cars they love and want, whether it’s a new car, used car, business vehicle, ute, van, or classic car, we are very happy to share our Ume Loans reviews from every day Australians, just like you who successfully applied for a bad credit car loan.

Question 4

What if you can't give me a car loan?

Accepted Answer

It’s not a NO, it’s a not now
If Ume Loans is unable to approve your car loan application, we will explain to you why, and what you can do to improve your financial situation so that you may be approved for a car loan in the future. In fact, we have put together an article that details the 5 Steps you should take to improve your chances of getting a loan and we will share this with you if appropriate.

Question 5

Can I email you my last 3 months bank statements when applying for my car loan?

Accepted Answer

No. We use a secure, electronic link to obtain your last 3 months bank statements. This is by far the fastest way to get your bad credit car loan application assessed ready for approval.

Question 6

What do I need to supply with my car loan application?

Accepted Answer

After applying online, you will receive a text message and email with our secure, electronic bank statement link for you to complete. Soon after completing that, one of our Lending Specialists will call you to obtain any further information we need, and to better understand your unique circumstances. Our goal is to get you driving your new car as quickly as you want.

Question 7

I'm self-employed, can I apply for a car loan?

Accepted Answer

Yes. On most occasions we simply verify your income for a car loan application from your last 3 months bank statements.

Question 8

How do I make my car loan repayments?

Accepted Answer

Your weekly, fortnightly or monthly car loan repayments will be direct debited out of your nominated bank account on the days that coincide with your income payments. If you want to pay off your bad credit car loan sooner, we can also arrange flexible repayment options.

Question 9

Can I apply for a car loan if my only income is Centrelink benefits?

Accepted Answer

No. Ume Loans company policy is that someone applying for a car loan must be working.

Question 10

Are there any fees to pay out my car loan?

Accepted Answer

No. We have no early payout fees to encourage our customers to save money by paying off their car loan as soon as they can.

Question 11

Must I have car insurance with my car loan?

Accepted Answer

Yes. If you are buying a car, we would always recommend an appropriate car insurance policy to protect you in the case of an accident or theft of your car. As an authorised agent for Suncorp Car Insurance, we can assist with a quote for this and include the insurance in your car loan. Alternatively, you can choose any car Insurance company, just provide us with a copy of the car insurance policy noting Ume Loans as the financier.

Question 12

What if my bank or other lender has already declined my car loan application?

Accepted Answer

If you believe you can afford the car loan, then we would encourage you to apply. Our company policies have all been written to enable us to help customers who need a second financial chance. We do approve many customers who have been declined by their bank or other lenders, so let us see how we can help you. If you’re unsure if a bad credit loan is right for you, feel free to speak with one of our lending specialists

Question 13

Can I finance any type of car?

Accepted Answer

Yes. If the car is yours, or going to be yours, we will be happy to finance it. We are happy to finance cars bought both privately or through a licensed motor dealer. Many other lenders have a whole bunch of rules around the age and type of car, but you won’t find that at Ume Loans.

Question 14

What are your car loan interest rates and fees?

Accepted Answer

As your Lender of choice, we want to ensure that you get the car loan approval that you want. We take the time to fully understand your situation and put together the best loan package we can for your individual circumstances. As we give many customers car loans who do not qualify for a traditional bank car loan, we do charge higher Interest Rates. Please read our Interest Rate Statement below.
Interest Rate Statement
If you’re not happy with what we are able to offer you, you can simply let us know that you don’t wish to proceed with the loan offer. It will not have cost you anything for us to do the assessment, nor will it have affected your credit file.

Question 15

Do you perform credit checks on all car loan applications?

Accepted Answer

No. We don’t perform credit checks on every car loan application.
Having said that, remember, we are bad credit car loan experts, and we love giving people a financial Second Chance. So, even if there is something nasty on your credit file, that alone won’t necessarily stop you getting a car loan with us, as we will take the time to understand and assess your circumstances.

Question 16

How long does it take to get my loan pre approval?

Accepted Answer

We have a fast online car loan process. Using the latest technologies to help you, we can have a car loan pre-approval in place within hours. In some cases, we do have to workshop your application a little further. This can take a few business days before we have an official outcome for you.

Question 17

What happens after I apply for a car loan?

Accepted Answer

Relax, we’ve got this!
You will receive our secure, electronic bank statement link to complete
We will phone you to fully understand your car loan needs
We will assess your bad credit car loan for fast pre-approval
Once pre-approved, your car loan settlement can happen the same day
As part of our process, we make sure that we protect your credit file and credit score. To get your second chance car loan with us, it’s important that you don’t apply for any other loans right now. If you make other car loan applications elsewhere, this will reduce your credit rating and could hurt your chances of obtaining the best car loan approval.

Question 18

How do I apply for a car loan?

Accepted Answer

It’s Simple to apply for a car loan and will take less than 2 minutes to get started.
You simply Click the green APPLY NOW button at the top right of our website.
Lets get you that car!

Question 19

How do I pay off my car loan faster?

Accepted Answer

We love guiding and helping our customers to pay their car loans off faster. We have put together a great article with our top 6 ways to pay off your bad credit car loan faster.

Question 20

What is financial hardship?

Accepted Answer

Financial hardship means a situation where you are unable, reasonably because of illness, unemployment, or other reasonable cause, to pay your financial obligations under your contract with Ume Loans.

Question 21

What is the process to apply for financial hardship?

Accepted Answer

We have tried hard to make our financial hardship application process as simple as possible. Please follow the link below and complete this first step. Your account manager will then review this information and call you to discuss your individual circumstances and how we can best help you through this difficult time.
Visit our Financial Hardship page.

Question 22

What happens after I apply for financial hardship

Accepted Answer

Normally, within 2 business days, your account manager will call you to discuss your individual circumstances and how we can best help you through this difficult time.

Question 23

Will someone actually help me with my financial hardship application?

Accepted Answer

Yes, your account manager will call you to better understand your current financial situation and advise you what financial hardship assistance we can offer you.

Question 24

How long is financial hardship benefits available for?

Accepted Answer

Our financial hardship assistance programs are for both short and long term financial hardship, and we customise a program to suit your individual needs.

Question 25

I'm self-employed, can I still apply for financial hardship?

Accepted Answer

Yes, we can offer financial hardship assistance to all our customers.

Question 26

What types of financial assistance could I get if I am approved for financial hardship?

Accepted Answer

Some of the ways we can help our customers who are experiencing financial hardship are:
Reduce or pause your Interest
Postpone or reduce your repayments
Consolidate your debts
Extend the time you have to pay back your debt
Pause any pending legal or enforcement actions
Be a friendly ear to listen to you and guide you through these tough times
The Government Website Money Smart – there are some great resources on this website, its well worth the time to check it out Smart Money
Financial Counsellors – there are different financial counselling services available in each State. Details about these services can be found at: Smart Money – Financial Counselling Information
 
Of course, all of these are options and we customise a financial hardship program to suit your current needs.

Question 27

What is a Lite Doc Car Loan, and how does it work?

Accepted Answer

A Lite Doc car loan allows you to purchase a vehicle for your business without needing to supply full financials normally required by lenders, such as Tax Returns and Notices of Assessment. Instead, we utilise the income evident in your business bank statements to assess your application.

Question 28

Am I eligible for a Lite Doc Car Loan?

Accepted Answer

Provided your business is currently generating income, you have an ABN that’s been active for a minimum of 6 months, or 3 months if you have previously worked in the same industry, and you are an Australian Citizen, permanent resident, or hold a valid working visa.

Question 29

What documents are required for a Lite Doc Car Loan?

Accepted Answer

The only documents we require to assess and approve your application are your current Australian Driver’s License & your Medicare card or other government-issued ID to confirm your identity, and three months of business bank statements showing your business income which we help you organise through our secure link.

Question 30

What are the interest rates and costs for Lite Doc Car Loans?

Accepted Answer

There are many factors which impact the interest rate you may qualify for, these include but are not limited to length of ABN, your banking conduct and your credit file. As your credit score is not everything to us here at Ume Loans, we apply a common-sense approach when assessing your application to work toward an approval. Our rates range from 22.99% to 29.99% and our dedicated team of lending specialists are here to help you navigate the application process to see where you qualify.
Our Lite Doc car loans have no upfront costs, all fees are included within your loan and all quoted repayments from your Lending Specialist will include any fees. Our process is fully transparent, and any fees included within the loan will be disclosed to you by your Lending Specialist when you are approved, to make sure you are fully aware and happy before proceeding.

Question 31

Can I use a Lite Doc Car Loan to buy a vehicle for business use?

Accepted Answer

Yes, you can! A Lite Doc car loan is specifically designed so you can finance a vehicle for your business without the hassles of supplying complicated financials and documents.

Question 32

What is a Personal Loan?

Accepted Answer

A personal loan is a flexible type of finance, where you can use the loan funds for any worthwhile purpose. Common personal loan purposes are:
Weddings
Holidays
Debt consolidation
Large one off bills (medical, vet etc.)
Home renovations

Question 33

What is a secured Personal Loan?

Accepted Answer

A secured personal loan has all the benefits of a normal personal loan where you can use the loan proceeds for any worthwhile purpose, but in this case the customer offers the lender an asset as security on the loan. This is a type of personal loan that Ume Loans can offer to its customers.

Question 34

Can I get an unsecured Personal Loan?

Accepted Answer

No. All personal loans transacted by Ume Loans are secured personal loans. This means you would offer an asset, like your car as security for Ume Loans to lend to you.

Question 35

Can I get a Personal Loan with a bad credit rating?

Accepted Answer

Yes. Our Lending Specialist at Ume Loans are experts at helping customers with bad credit ratings obtain the personal loans they need and want. We believe in financial second chances.

Question 36

How do I apply for a Personal Loan?

Accepted Answer

It’s simple to apply for a personal loan and will take you less than 2 minutes to get started.
You simply click the green APPLY NOW button on our website, you will be asked let us know what worthwhile purpose you will use the loan funds for.

Question 37

How long does it take to get my loan pre approval?

Accepted Answer

We have a fast online personal loan process. Using the latest technologies to help you, we can have a personal loan pre-approval in place within hours. Sometimes, it takes a little longer to workshop your application. This can mean it may take a few business days for you to get an approval outcome.

Question 38

What is a secured business car loan?

Accepted Answer

A business car loan is a type of finance that is used to purchase vehicles primarily for business (commercial) purposes. The vehicle itself acts as the security for the loan.

Question 39

Can I apply for a secured business car loan?

Accepted Answer

You can apply for a business car loan if you are a small business owner, a self-employed individual, a sole trader, a company or a partnership. We will need to verify your ABN as proof.

Question 40

Can I get a business car loan with bad credit?

Accepted Answer

Yes, we provide loans for applicants with bad credit. They may focus on your current financial situation and ability to repay the loan rather than just your credit score. Our Lending Specialists are experts in bad credit car loans, and we take the time to personally understand and assess your financial situation to make sure any car loan we offer you is suitable.

Question 41

What types of vehicles can I finance with a business car loan?

Accepted Answer

You can finance a range of vehicles: cars, delivery vans, utes, trucks, and other commercial vehicles. New and used vehicles are both eligible, and can be purchased from a dealer or privately.

Question 42

Do you offer payday (SACC) loans?

Accepted Answer

No, our minimum loan is $5000.

Question 43

What are your loan interest rates and fees?

Accepted Answer

As your Lender of choice, we want to ensure that you get the loan approval that you want. We take the time to fully understand your situation and put together the best loan package we can for your individual circumstances. As we give many customers loans who do not qualify for a traditional bank loan, we do charge higher Interest Rates. Please read our Interest Rate Statement below.
Interest Rate Statement
 
If you are not happy with what we can offer you, you can simply let us know that you don’t wish to proceed with the loan offer, and it will cost you nothing nor affect your credit file.

Question 44

Do you perform credit checks on all loan applications?

Accepted Answer

No. We do not perform credit checks on every loan application.
Having said that, remember, we are Bad Credit experts, and we love giving people a financial Second Chance. So, even if there is something nasty on your credit file, that alone, will not necessarily stop you getting a loan with us, as we will take the time to understand and assess your circumstances.

Question 45

How long does it take to get my loan pre approval?

Accepted Answer

We have a fast online loan process. Using the latest technologies to help you, we can have a loan pre-approval in place within hours. Some deals, however, require workshopping, which means it can take a certain amount of business days before we can give you an official outcome.

Question 46

What happens after I apply for a loan?

Accepted Answer

Relax, we’ve got this!
You will receive our secure, electronic bank statement link to complete.
We’ll need a little more information to find the best loan for your unique situation. You can continue online, or if it’s easier, our team is happy to walk you through it over the phone 07 5443 3863.
We will assess your loan for fast pre-approval.
Once pre-approved, your loan settlement can happen the same day if all paperwork we require is supplied.
As part of our process, we make sure that we protect your credit file and credit score. To get your second chance loan with us, it’s important that you do not apply for any other loans right now. If you make other loan applications elsewhere, this will reduce your credit rating and could hurt your chances of obtaining the best car loan approval.

Question 47

What if you can't give me a Loan?

Accepted Answer

Its not a NO, it’s a not yet
If Ume Loans is unable to approve your application, we will explain to you why and what you can do to improve your financial situation so that you may be approved in the future. In fact, we have put together an article that details the 5 Steps you should take to improve your chances of getting a loan.

Question 48

Can I email you my bank Statements?

Accepted Answer

NO
We use a secure, electronic link to obtain your last 3 months bank statements. This is by far the fastest way to get your application assessed ready for approval.

Question 49

What do I need to supply with my application?

Accepted Answer

After applying online, you will need to make yourself available to talk to one of our Lending Specialists for around 20 minutes. During this call we will be asking lots of questions to better understand your current financial circumstances so we can offer you the most suitable loan. We will also need supporting documents such as:
Latest payslip (or proof of income)
Selfie ID (selfie photo of yourself holding up your drivers’ licence, front and back and Medicare card)
Latest 3 months bank statements (using our secure, electronic link)

Question 50

I'm self employed, can I apply?

Accepted Answer

Yes
On most occasions we simply verify your income from your last 3 months bank statements.

Question 51

Is Ume Loans a licensed Lender?

Accepted Answer

Yes. We take our obligation to be a responsible lender seriously and are very focused on compliance and treating every customer fairly.
Consumers are well protected when using Australian licenced lenders.
Our Australian Credit Licence number is 383502

Question 52

How do I make loan repayments?

Accepted Answer

Your weekly, fortnightly or monthly repayments will be direct debited out of your nominated bank account on the days that coincide with your income payments.

Question 53

Can I apply for a loan if my only income is Centrelink benefits?

Accepted Answer

No
Ume Loans company policy is that someone on the loan must be working.

Question 54

I have bad credit, can I still apply?

Accepted Answer

Yes!
Even with some previous or current credit concerns, you may still be eligible for a loan with Ume Loans. Our Lending Specialists are experts in bad credit loans and we take the time to personally understand and assess your financial situation to make sure any loan we offer you is suitable.

Question 55

Where can I see customer reviews?

Accepted Answer

Our team just love helping our customers finance the things they love and want, whether it’s brand new or used car, boat, caravan, camper trailer, Jet Ski, motorcycle, or something bought with a personal loan, we are very happy to share our Ume Loans reviews.

Question 56

Can I get a loan with a guarantor?

Accepted Answer

Yes. Often a guarantor is not actually required by Ume Loans. However, in certain circumstances it may be appropriate, and, in these cases, your Lending Specialist will discuss this with you.

Question 57

Can I get a loan with a 400 Credit Score?

Accepted Answer

Yes. Ume Loans have no minimum credit score requirement. We are more interested in your future and your ability to repay a loan, than what has happened in the past.

Question 58

What are the types of loans Ume Loans help with?

Accepted Answer

Ume Loans can finance for a whole range of worthwhile purposes, including:
Cars (brand new, used, classic, private seller, or dealership)
Boats
Jet Skis
Caravans
Camper Trailers
Motorcycles
Personal Loans
Secured Business Car Loans 
Lite Doc Car Loans (also known as low doc car loans)

Question 59

Why Ume Loans?

Accepted Answer

We give financial second chances
Loans from $5000 to $50000
Loans for any worthwhile purpose
Fast, online application process
We are a solutions focused team, finding ways to help you

Frequently Asked Questions & Answers

Car Loans Frequently AskedQuestions

Hardship Frequently AskedQuestions

Lite Doc Car Loans Frequently Asked Questions

Personal Loans Frequently AskedQuestions

Secured Business Car Loans Frequently AskedQuestions

Ume Loans Frequently AskedQuestions