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Click here to fill out our Personal Loans Application Form
PERSONAL LOANS
As the name suggests, personal loans are for personal use and can be for various purposes, such as;
- Purchasing household or other goods
- Travel
- Legal expenses or tuition fees
- Medical/dental expenses
- Wedding expenses
- Funeral expenses
- Debt Consolidation (see further)
Personal loans are usually secured or unsecured, with the latter being the most requested.
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UNSECURED LOANS
Many of the above purposes would indicate the need for an unsecured loan, which may be from $5000 to, usually, $15000 or $20000, depending on the lender.
The acceptability of your loan will depend on several factors, the most important being as follows;
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Your capacity to repay the loan.
Obviously, you must be earning sufficient income to be able to repay a loan. In this instance, you should be sure that you believe that the loan repayments will be manageable and affordable.
You must be able to prove your income, by way of any or all of the following means;
- Recent computerised payslips
- Tax returns/ Tax Assessment Notices/recent Group Certificates
- Bank statements, showing regular deposits from your employer
If you are self employed, specific requirements for proof of income will prevail, but generally two years tax returns/Tax Assessment Notices will suffice.
Some lenders will simply accept a letter from your Accountant.
Your stability of residence.
Most lenders will require 3 years history of residence. The more stable you have been, the better "score" you will obtain and hence, the better chance of approval of the proposed loan.
Your stability of employment.
Similarly, lenders look for 3 years history of employment. A similar criteria applies to your stability.
Unfortunately, most lenders do not entertain applications from pensioners (unless you have another source of income) however will accept a permanent part-time (min. 6 months) or a permanent casual (min. 12 months) status.
Your credit history.
You should be able to demonstrate a clear credit history, without defaults, judgments or bankruptcies listed on your credit file. Some lenders will accept a minor default(s), however these applications then fall into the category of Credit Impaired loans.
It is also beneficial if you can provide a good repayment history in having finalised a previous loan.
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SECURED LOANS
These loans are available from $5000 to $80000, for all of the purposes listed for unsecured loans, as well as;
- Purchase of a motor vehicle or boat
- Purchase of a motorcycle
- Home renovations or repairs
- Landscaping expenses
- Home loan deposit
- Land purchase
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HOCK YOUR CAR
If your current motor vehicle is < 10 years old or less, you can use it as security to obtain a personal loan.
The vehicle must be worth more than the amount of the loan you are seeking.
Our lenders will also consider lending up to 80% of the value of :
- Quality Boats
- Quality motor cycles
- Trucks
The same lending criteria exist as with unsecured loans, however there is a little more latitude given, especially in relation to Credit Impaired loans.
Click here for other options on HOW TO APPLY
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