Loans
Casual Employed Workers Personal Loans
Personal Loans come in basically 3 different categories, or Personal Loan Types.
There are Secured Personal Loans, Unsecured Personal Loans, and Payday Loans.
All of these Personal Loan Types, have one thing in common, and that is the user, and the use.
Read on below to better understand what each type of personal Loan Type is for, and the personal Loan Lending Criteria that Personal Loan Lenders use to decide whether to aprove your personal loan application.
Personal Loans Definition
So What is a Personal Loan?
A Personal Loan must be predominantly for personal, or household use, and be applied for in the names of a person or people.
That means that the purpose of the loan is greater than 50% for personal use.
Examples of Personal Loans are:
- Personal Loans for a Car, Boat, Motorbike, Caravan
- Personal Loans for home renovation, or a swimming pool
- Personal Loans for a wedding, or a holiday
- Personal Loans to consolidate several loans, or credit card amounts.
Read below about the different Personal Loan Types, and then decide which is going to suit you the best. You will also be able to compare many Personal Loan Lenders as well.
Secured Personal Loan
What is a Secured Personal Loan?
A Secured Personal Loan is where the lender takes security over the item that they are lending the money for. Like a house mortgage, they will have a mortgage over the item, and own the item, until all the money has been paid, plus interest. The item must be registered, and the personal loan applicant must be licensed to use it.
Examples of Secured Personal Loans are:
- Secured Personal Loans for a Car
- Secured Personal Loans for a Motorbike
- Secured Personal Loans for a Boat
- Secured Personal Loans for a Caravan
Unsecured Personal Loan
What is an Unsecured Personal Loan?
An Unsecured Personal Loan is where the lender agrees to lend money to a person for a purpose. The loan purpose is not to buy an item; although it could be, it's generally when the money lent by the borrower is spent. There is a greater risk to the lender, so they generally lend to people employed and with a good credit history.
Examples of purposes for Unsecured Personal Loans are:
- Unsecured Personal Loans for a holiday
- Unsecured Personal Loans for a wedding
- Unsecured Personal Loans for debt consolidation
- Unsecured Personal Loans for study / education
Payday Loan
What is a Payday Loan?
A Payday Loan is where a Payday lender advances small amounts of money, typically in the region of $500 to $2,000, over a short loan term of weeks or months. Payday Loans are often called Cash Advance Loans, or Instant Cash Loans, and these Payday Lenders try to help people with a bad credit rating and people on a pension.
Examples of Payday Loan purposes include:
- Payday Loan for Paying Bils
- Payday Loan for Buying Whitegoods
- Payday Loan for Presants
- Payday Loan for Clothes
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