Unsecured personal loan

        Unsecured personal loan in Australia

When searching for the right personal loan for your needs, you might be faced with the choice between a secured loan or an unsecured loan. The loan amount may be the same but there are other differences and important information to consider when deciding which is the best option for you.

$1,900
Loan amount $500 - $1,900
Interest 4 %
Maturity 3 - 12 months

Fast information

Properties of this loan

  • Online loans up to $1 900
  • Term 3 - 12 months

Loan requirements

  • You must be over 18 years old
  • An Australian citizen or Australian permanent resident and have a regular income
  • You will also need your own email address and mobile phone number

About company

More information about the company Ferratum Australia Pty Ltd.

Borrow from $500 with interest from the 4 % Moread
$5,000
Loan amount $300 - $5,000
Interest 24 %
Maturity 1 - 24 months

Fast information

Properties of this loan

  • Online loans up to $5 000
  • Term 1 - 24 months

Loan requirements

  • Be a Permanent Resident
  • Be aged 18 years or over

About company

More information about the company Cash Stop Gold Pty Ltd

Borrow from $300 with interest from the 24 % Moread
$2,000
Loan amount $100 - $2,000
Interest 24 %
Maturity 1 - 3 months

Fast information

Properties of this loan

  • Online loans up to $2 000
  • Term 1 - 3 months
  • Easy online application

Loan requirements

  • You need to be at least 18 years old to apply for a loan
  • Valid mobile number and email address

About company

More information about the company Venture 5 Group Pty Ltd

Borrow from $100 with interest from the 24 % Moread
$50,000
Loan amount $2,000 - $50,000
Interest 6.99 %
Maturity 3 - 5 years

Fast information

Properties of this loan

  • Online loans up to $50 000
  • Term 3 - 5 years
  • Easy online application

Loan requirements

  • An Australian resident
  • Over 18
  • Employed

About company

More information about the company Harmoney Australia Limited

Borrow from $2,000 with interest from the 6.99 % Moread
$75,000
Loan amount $5,000 - $75,000
Interest 9.9 %
Maturity 1 - 7 years

Fast information

Properties of this loan

  • Online loans up to $75 000
  • Term 1 - 7 years

Loan requirements

  • Earn more than $40,000 a year
  • Be 18 years or older and a permanent Australian resident

About company

More information about the company Citigroup Pty Limited

Borrow from $5,000 with interest from the 9.9 % Moread
$15,000
Loan amount $500 - $15,000
Interest 4 %
Maturity 3 - 24 months

Fast information

Properties of this loan

  • Online loans up to $15 000
  • Term 3 - 24 months
  • Easy online application

Loan requirements

  • Cashify Personal Loans from $500.00 – $2,000.00: Maximum Monthly Interest Rate is 4%. Maximum Annual Percentage Rate (APR) is 48%. The Establishment Fee is 20% of the loan amount borrowed. Other fees may apply. Please refer to your loan contract for all fees, interest, and terms and conditions. Minimum loan contracts are generally 90 days with most loan contracts between 90 to 365 days. For example, a loan of $500.00 repaid over 3 months equates to a total amount payable of $702.00 comprised of $500.00 principal (amount borrowed), $100.00 Establishment Fee, $72.00 in interest and $30.00 in monthly account fees.

About company

More information about the company Cash Supply Pty Ltd

Borrow from $500 with interest from the 4 % Moread
$80,000
Loan amount $2,000 - $80,000
Interest 11.49 %
Maturity 1 - 7 years

Fast information

Properties of this loan

  • Personal loan up to $80 000
  • Term 1 - 7 years

Loan requirements

  • Be aged 18 years or over
  • Have a regular permanent income before tax of at least $35,000 p.a.
  • Be an Australian citizen or have a permanent residency visa
  • If you’re a non-resident, have confirmed employment in Australia

About company

More information about the company St.George Bank

Borrow from $2,000 with interest from the 11.49 % Moread

        Unsecured personal loan in Australia

What is the difference between secured and unsecured personal loans?

A secured personal loan is backed by an asset that you own, used as security for the lender. An asset such as a car, property, cash, term deposit or other high-value assets such as jewellery can be offered as security for the loan as a way to protect the lender against the risk of default. If the borrower doesn't make their loan repayments for whatever reason, the lender can sell the secured assets to recover the money they lent out. A secured personal loan is safer for the lender as they can simply sell the secured asset if the loan repayments aren't made. This added level of safety means that interest rates are usually lower than unsecured loans.

An unsecured loan is a loan given without the borrower offering an asset to use as a backup in the event that they can't repay their loan. An unsecured loan is less risky to the borrower in the sense that their personal property is not at stake if they fail to repay their loan. However, the lender may try to recover the funds via other methods and so, the borrower doesn't get off scot-free if they don't repay their debt. Because there is no asset as a safety net to fall back on, when considering an unsecured loan application, the lender may rely more heavily on aspects such as the borrower's credit history, credit rating and income consistency and amount. They want to be extra sure that the borrower is likely and able to repay the loan.

The loan term differs greatly between a secured personal loan and an unsecured personal loan with the range for unsecured being 1 to 7 years compared to up to 15 years for a secured personal loan.

Benefits of an unsecured loan

Despite higher interest rates than secured loans, unsecured loans can have lots of benefits:

How much can I borrow?

Generally, unsecured personal loans are for $2,000 up to $70,000, although it depends on which lender you go with as some will only lend up to $50,000 and others will go up to $100,000. For amounts higher than this, a secured personal loan may need to be considered.

Where can I get an unsecured loan?

Most lenders, from banks and credit unions through to non-bank lenders, will have their own version of an unsecured personal loan so you should be able to find a product to suit your needs. Traditional banks have rates sitting at approximately 8.99% to 12% while alternative lenders who consider applicants with bad credit have much higher rates for unsecured personal loans, with comparison rates in excess of 50% per annum.


Unsecured personal loan in Australia rating: 4.5/5 from 25 votes.
 

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