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Written byShaun McGowan
If you’re wanting to take a loan out to buy anything other than a new car, you’re going to be getting an unsecured personal loan.
Essentially, it’s just a personal loan. It’s referred to as unsecured because it’s not attached to anything that a lender could repossess (like a car for example).
Let’s take a look at unsecured personal loans in more detail.
Typically, an unsecured personal loan is going to be more expensive than a secured personal loan (the type you use when buying a car).
You can literally use this type of loan for any purpose (well, not gambling or anything like that). But say a holiday, or dental work, all of these options are available.
It’s all possible.
Pretty much all lending is based on risk - basically, what chance (if any) there is of you not being able to make repayments on the loan.
Secured loans remove a lot of this risk by just offering up something valuable to the lender in case things go wrong.
Although you can generally find plenty of great unsecured loan deals, you may need to
It’s all possible.
So who can get an unsecured loan? Well, qualifying is pretty easy if you’re:
To get a loan you will need to:
After speaking with your chosen lender, you may also need to provide;
When you give a lender read-only access to your bank statements, they can use financial technology to quickly assess your application.
There are hundreds of tiny factors and indicators within your bank statements, from how often you get paid, to whether you have any dishonours or direct debit fails and any other commitments you may have.
Each lender looks at bank statements differently, but with one common goal:
To ensure you can meet the repayments.
Usually, lenders have loan minimums of $2,000 and maximum amounts between $50,000 and $75,000.
Yes, you can. Cars over 7 years old are generally only able to be financed this way.
Yes, most banks offer unsecured personal loans, including the big four — Commbank, Westpac, NAB and ANZ. However, you should definitely shop around, it can literally save you thousands of dollars.
"Hey I’m Money Matchmaker®, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.