What bank statement issues can impact approval for consumer car loans?
For consumer car loans, certain patterns identified in bank statements may result in a decline.
Wage advance usage
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We allow up to 4 wage advance transactions (e.g. Beforepay, MyPayNow, Wagepay) within the last 90 days.
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More than 4 transactions within this period is considered a strong indicator of financial stress and will typically result in a declined application.
Gambling spend
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If total gambling-related spend exceeds 15% of the applicant’s income, the application will be declined.
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Gambling spend includes:
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Transfers to betting accounts
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Online casinos
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TAB transactions
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ATM withdrawals at licensed gambling venues
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Bank statements are reviewed to ensure applicants can comfortably service the loan without ongoing financial stress.