Joseph has started a business in which he restores and sells vintage bicycles. He has 30 years of experience repairing, restoring, and painting vintage cars where the quality of the paintwork required far exceeds the quality required on bicycles. Joseph believes this auto-body repair experience equips him with the ability to produce an excellent product when restoring vintage bicycles. Joseph had to stop working on cars when he injured his ankle and couldn’t do much of the physical work required. Joseph is hoping to take advantage of a demand for vintage bikes in Victoria and has been approved for a loan of $2,730 to purchase the tools and supplies he will need.
Joseph had challenges with alcohol addiction in the past and has been sober for more than a year. Two references who know Joseph well and have helped him with his recovery say he is ‘definitely on the right path’ and is ‘extremely committed to recovery’. Joseph has ‘made some tough choices to stay in recovery and he hasn’t had any slips’. ‘If he goofs up he takes responsibility and tries to improve himself.’ He is also described as someone who is ‘astute, takes direction and asks for advice’.
Joseph’s credit file indicates that he has had some challenges with his credit in the past and has a relatively small amount of outstanding debt. Joseph has also shown a commitment to repairing his credit and paying off his existing debt.
Joseph is clearly talented and takes considerable pride in the work that he does. As he says, ‘it’s a passion for me. They’re vintage, but they’re more than that. They’re really works of art.’ This loan will provide Joseph the opportunity to turn that passion into a business.
Loan term: 2 years
Loan star rating: