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A secured personal loan is a loan that is granted with the borrower putting up some form of collateral. In many cases a person who has borrowed money to buy a new car or to buy a new boat will use that as their collateral.
An unsecured personal loan is the other personal loan lending option offered by banks and financial institutions. This type of requires no guarantees and no security on the borrowers part. However, you will have to meet all the usual lending requirements to have your loan application approved.
Whether you want to purchase some furniture, consolidate your debts, or maybe even go on a holiday, a personal loan is a simple way to assist.
Traditionally personal loans are the hardest loans to qualify, as the lender does not necessarily take an asset as security on the loan. Unsecured Loans are credit score assessed meaning each application is given a ‘score’ based on factors such as stability, asset position, and credit history.
In order to qualify for an unsecured personal loan the applicant must have clean credit history. The applicant must also have stability in their employment and within in their residence. Good payment history on any existing finance is also essential.
The minimum unsecured personal loan for 1-7 years is $5000 and the maximum is $50,000. MAKE AN ENQUIRY
Bad Credit Personal Loans (SECURED)
These loans are available to those who have made errors in the past with their finances but have taken steps to rectify previous problems.
To obtain a secured personal loan when you have previous credit impairments we will require either a vehicle, motor home, motor bike or home as security. These assets must be unencumbered or have sufficient equity to be able to take security over them.
Dependable on your current financial position you may need a family member or friend co-sign your personal loan as a guarantor to help you have your loan approved.
As this is a quick fix over a 12 month period maximum it will not only assist you with that extra cash you needed but will also assist in getting your credit rating back on track. With a proven record of repayments made on time over those 12 months it will assist you to obtain finance in the future and get you back on track to financial success
The minimum amount for a secured personal loan is $500-$5000 over a 12 month period. CONTACT US
Documents required for approval
- Proof of income
- Proof of identity
- Proof of residence
- Proof of ownership of asset used for security (secured only)
- 2 months bank statements (secured only)
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