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Personal Loans

Personal Loans, Secured Personal Loans or Unsecured Personal Loans,
& Payday Loans. Compare the Best Personal Loan for you from Lenders
on Loans - Australia. Learn from the Personal Loan Advice & Expert Tips.

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. For example a person on a pension is only going to damage their credit file by applying for more than $500 for a personal loan, because affordability will not be met.

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 employed and 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

Read about the 6 'C' of Credit Assessment, to see if you meet the Lenders criteria.

Secured Personal Loans Info

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

Read about the 6 'C' of Credit Assessment, to see if you meet the Lenders criteria.

Unsecured Personal Loans Info

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 $100 to $1,000, over a short loan term from 30 to 90 days; depending on the state laws. 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. Pensioners are often able to be approved for loans up to $500, and if you are employed up to $1,000.

Examples of Payday Loan purposes include:

Payday Loan for Paying Bils
Payday Loan for Buying Whitegoods
Payday Loan for Presants
Payday Loan for Clothes

While Payday Loans don't have the same lending criteria, especially with regards to credit history, a Payday Lender will not approve a Payday Loan Application to someone with multiple Unpaid Defaults, or anymore than $500 for people on a Pension because affordability will not be met under Government Laws.

Apply for a Payday Loan Today