Personal Loan Lenders

Personal Loan Lenders

Personal Loan Lenders


If you are after a personal loan you have found the right place to compare personal loan lenders Australia wide, and the secured personal loan plus unsecured personal loan products they have.

There are many personal loan lenders in the market today, and you should compare them, and the loan product so you can make an informed decision as to which personal loan lender is suited to your needs the best.

Below are some frequently asked questions asked of personal loan lenders in Australia

  1. What Interest Rate will you charge me?
  2. The interest rate charged will depend on a number of factors, and all personal loan lenders will make their decision on the interest rate based on the relative risk:

    • Whether the personal loan is secured or unsecured. secured personal loan applicants will have the lowest interest rate compared to unsecured personal loan applicants.
    • The credit history of the applicant. Personal loan lenders will want to check the applicants credit file, and see if there have been any defaults on past loans.
  3. What Amount can I borrow with your Personal Loan?
  4. The maximum amount personal loan lenders in Australia will lend to an applicant will vary from lender to lender, but as a general guide:

    • For unsecured personal loan applications, most lenders will have a maximum of around $40,000.
    • For secured personal loan applications, the maximum can be $80,000.
    • The amount lent will be decided on the strength of the application, and each lender will have their own lending criteria.

  5. How can I compare the Personal Loan Lenders products?
  6. Read the information on their website to see if the profile of person they can help matches you, with the description of the loan products they have on offer to see if they offer the type of personal loan that you are after.

  7. Which is better, a Secured Personal Loan or an Unsecured Personal Loan?
  8. The two different personal loan products have different features. The table below shows you a comparison of the two:

    Personal Loan Feature Secured Personal Loan Unsecured Personal Loan
    Lowest interest rate X  
    Able to borrow the largest amount   X
    Longest Loan term   X

     

    The two different personal loan products are also designed for different purposes. The table below shows you the personal loan product used for each purpose:

    Personal Loan Purpose Secured Personal Loan Unsecured Personal Loan
    Cars, Boats, Caravans, Jet Skis X X
    Debt Consolidation   X
    Holidays   X
    Houses X  
    Home Renovations X X
    Land X  
    Medical Proceedures X  
    Education Loans X X

     

    You will notice that some of the purposes can be both of the personal loan types, and the personal loan lenders will make their final decision in consultation with you, based on the strength of the application.