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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.
Secured personal loans (also known as a car loan) generally offer a way to finance a vehicle at a lower rate. If you’re planning on buying a car, check this page out.
Although you can generally find plenty of great unsecured loan deals, you may need to
So who can get an unsecured loan? Well, qualifying is pretty easy if you’re:
To get a loan you will need to:
If you take our quiz the Money Matchmaker™ will match you to all the available lenders.
After speaking with your chosen lender, you may also need to provide;
Why bank statements?
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.
Money Tip: Depending on the personal loan lender you choose to apply with, approving your application can take anywhere from a few minutes to a couple of days.
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.
Get matched with real loan offers from up to 11 lenders, all at once.
We show you the best interest rates and repayments from each lender you match with
The rates are based on who you are and where you are at in life
No obligations, just the facts, make an informed choice
There are no middlemen, marked up pricing or broker fees. (We get paid by the lender)
Just like when you use a dating app or go to a broker, we use your answers to show you real lenders, real rates and actual repayments across all our lenders that you’re eligible for; without any broker fees or marked up interest rates.