Do you provide loans?
We provide a Line of Credit which clients can use as a loan – take a specific amount and pay it back in a specific time – we can tell you how much you need to pay each month, for whatever time you choose – plus you have the flexibility of access to additional funds should you need them in future.
Can a line of credit help with debt consolidation?
Approved applicants can use a line of credit for any purpose including debt consolidation.
Can businesses use a line of credit?
Sure. Directors can apply for a Line of Credit and use the funds for any purpose including their business.
Can you increase a line of credit?
When you apply, we set your maximum limit based on your circumstances at the time. If your circumstances change for the better you can re-apply and have your limit re-assessed.
Do you have minimum monthly payments?
The minimum monthly repayment is 2.5% of the closing balance on your line of credit each month. However you can pay as much as you like whenever you like, whatever best suits your budget.
How does a line of credit work?
On approval we set a level or limit which you can borrow up to at any time. Once you start to make repayments and your balance decreases, these funds become available for you to redraw at any time, back up to your limit. If your balance is zero then the funds remain available to you at zero cost indefinitely!
How is the line of credit limit calculated?
The credit limit is determined by your credit profile. This is a combination of your credit score, history, capacity to repay and other factors.
How to apply for a line of credit?
Click ‘Apply Now’ ‘ it’s that simple!
Is a line of credit tax deductible?
The interest may be deductible if the loan is used for income producing purposes. Please check with your tax professional.
What are Personal Lending Assessments
At &Solved, you are treated as an individual and not just another number. We look at your whole financial situation and your personal circumstances when assessing your application to provide you with personal lending assessments.
Everything is plain and simple. We agree everything between us up front. Interest rates and charges are agreed in writing prior to opening the Line of Credit. We will never charge anything which has not previously been agreed.
We’re a dedicated, enthusiastic group based in Brisbane who are committed to helping everyday Australians smooth out the financial bumps by offering a genuine alternative to the banks.
What happens if I have a bad credit history?
If your credit score is under 510 unfortunately you won’t qualify for an &Solved Line of Credit.
What is the difference between a line of credit and a loan?
A Loan is a set amount borrowed over a fixed term. Once the funds have been repaid the loan is completed. With a Line of Credit you can borrow funds at any time up to your approved limit, make low repayments of 2.5% of your balance each month, or more if you wish, with the repaid funds being available to you for redraw at any time. Funds remain available at zero cost indefinitely if the balance on your line of credit is zero If you think you’ll only need to borrow funds once in your life get a loan. If you think you’ll need funds available indefinitely get a Line of Credit.
Do you offer a credit card?
We offer a flexible, long-term Line of Credit, so no need for a credit-card. Less temptation, cash straight into the bank and no cash advance fees!
What if I can re-pay early or need more funds?
You can repay, or redraw funds up to your credit level, whenever you wish.
Is there any charge for keeping the Line of Credit open when I have not drawn against it?
Are there any other charges besides the interest?
- An account keeping fee of $10 a month only when the account is drawn, otherwise $0.
- A late payment fee of $35 if a minimum payment is not received by the due date. This fee may be avoided by contacting us prior to the due date, making a mutually agreeable alternative arrangement and complying with it.
And that’s it – not another cent, anywhere, anytime!
How do I know where I stand?
Whenever you have a balance on your account we’ll email you a monthly statement (like a credit-card statement) showing all transactions and exactly where you are.
Can the interest rate change?
If there are variations in any of the terms we must give you 90 days’ prior notice.
How do I make repayments?
By Direct Debit from your bank account. Repayments can be monthly, fortnightly or weekly and ‘one off’ if funds suddenly become available.
What if I have trouble repaying?
Contact us! We’re not called &Solved for nothing – we’re great at finding solutions.
What’s the catch?
Your credit profile has to demonstrate a responsible approach to your finances.
How do I know I can trust you?
We have been providing clients with credit since 1999 – you can see what they think of us on the ‘Testimonials’ page. Our credit documents are written simply, in everyday language with no loopholes, catches or anything left unsaid. We are a licensed credit provider with ASIC and comply with all lending regulations including the responsible lending obligations. We are a member of the Financial Ombudsman Service whose mediation we are obliged to respect in any instance where we can’t resolve a dispute by mutual agreement with a client directly. We are bound by the ACCC consumer laws which make it illegal to lie, misrepresent or make unfounded claims about our product or service. Everything on our website, our documentation and our office, are subject to inspection by the regulatory agencies.
All interest rates and charges are advised prior to opening the Line of Credit. We will never charge anything which has not previously been agreed.
We are everyday Australians who believe in ‘treating others as we’d like to be treated’ – the ‘fair go’ is still alive!