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  1. #731
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    Yep gave that one a miss for the reasons stated above. Bit suss that it wasn't secured against the house as the car might only be worth $2k.

  2. #732
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    Quote Originally Posted by baldricknz View Post
    Yep gave that one a miss for the reasons stated above. Bit suss that it wasn't secured against the house as the car might only be worth $2k.
    I'm assuming when they take out security they ensure it's valuable enough to cover the loan in full?

  3. #733
    Advanced Member Entrep's Avatar
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    Quote Originally Posted by baldricknz View Post
    Anybody know how the tax is meant to work in regards to Flex i.e. is flex subtracted then tax is taken out to get net gains, or is the total taxed then flex taken out? From what I can see my current tax rate is effectively 36% when it should be 33%?
    Confirmed with LC that Tax is deducted from the full interest amount before Flex is deducted.

    So you need to then claim their fees as an expense in your tax return.

  4. #734
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    Quote Originally Posted by Entrep View Post
    I'm assuming when they take out security they ensure it's valuable enough to cover the loan in full?
    I'm told by LC that often where it states just Security = Vehicle(s) there can also be an amount of Cash \ Cash Flow taken into account too.

  5. #735
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    Quote Originally Posted by Saamee View Post
    I'm told by LC that often where it states just Security = Vehicle(s) there can also be an amount of Cash \ Cash Flow taken into account too.
    What do you mean? They consider income versus repayments and the amount of the loan? I'm curious to know if someone can take out a $30K loan with them, with a $2K car as the only security, for example.

  6. #736
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    Quote Originally Posted by Entrep View Post
    What do you mean? They consider income versus repayments and the amount of the loan? I'm curious to know if someone can take out a $30K loan with them, with a $2K car as the only security, for example.
    I'm curious too. I wish that LC were more transparent and displayed a range for the vehicle value like they do for Monthly income.
    Last edited by icyfire; 13-06-2017 at 08:27 PM.

  7. #737
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    Nice one. Emailed them as well and was waiting to hear back whether the fees could be claimed back.

    Cheers

  8. #738
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    Quote Originally Posted by Entrep View Post
    What do you mean? They consider income versus repayments and the amount of the loan? I'm curious to know if someone can take out a $30K loan with them, with a $2K car as the only security, for example.
    I don't think the loans are always covered in full by the security, but it's probably one of the factors that decides their final interest rate based on risk. From memory Squirrel only a third or so of loans which have security against them.

  9. #739
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    Quote Originally Posted by Entrep View Post
    What do you mean? They consider income versus repayments and the amount of the loan? I'm curious to know if someone can take out a $30K loan with them, with a $2K car as the only security, for example.
    Income is not security you cant repossess and sell that

  10. #740
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    Quote Originally Posted by Robuste View Post
    Income is not security you cant repossess and sell that
    I meant if someone earns $500K they might loan them $50K with a $10K car as security versus someone who earns $30K, they might need a $20K car as a security just to get a $10K loan.

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