Getting a personal loan with Ausloans is easy. Simply fill out the form and we'll take care of the rest.
In general, we'll need your;
✅Name and Phone Number
✅Amount you want to borrow
Secured - This is the type of personal loan where you use either a car or your home as collateral or guarantee. The loan is secured by the asset and the lender can take it and sell it to recoup their losses should you default on the loan.
Unsecured - A loan that is mostly based on your credit worthiness. No collateral is required. In general, interest rates are higher in an unsecured personal loan.
Lender will take anything of high value but generally financers will take;
Vehicles - Cars, boats, motorcycles, trucks, equipment, etc...
Property - You can use your house, building, or land as security for the loan.
Jewellery, paintings, and other art pieces of high value may also be considered as collateral.
Not all personal loans are created equal that is why you need to be vigilant in comparing them, otherwise, the loan could do you more harm than help you financially.
This is where we come in. Our job is to make sure you get the best personal loan available. Here are some tips to help you compare loan products.
Check the interest rates - Interest rates vary from lender to lender and you'll be surprised on how big the difference can be. Never agree on the first quote you get. Compare, compare, and compare.
Flexibility - You may want the option to pay more than your monthly repayments or pay off the loan early. Ask about this option if this is in your plan.
Fees - Make sure you know how much you'll pay for the application fee, set-up fee, monthly and annual fees, and other charges. Fees can add up so read the fine print so as not to be surprised by these charges.
It is a type of financing taken by individuals in order to meet an immediate financial need.
Banks and other financial institutions offer a personal loan on the basis of the person's credit history, income, and repayment ability.
What is a personal loan used for?
Personal loans can be used for various purposes like debt consolidation, home renovation, medical bills, travel, wedding, to buy a car, etc...
The purpose of your personal loan is important since lenders take that into account when deciding to grant or deny your loan.
Although very few lenders will deny a personal loan in Australia if the individual is qualified, some lenders will grant you a personal loan for a house renovation but not for travel or leisure purposes.
It is also a very good idea to take into account your repayment abilities and your income especially if you're taking out a loan that takes a few years to repay.
This is where a finance broker is of great help. He can help you assess your situation and choose the best personal loan rate that won't get you in trouble.
There are various types of personal loans in Australia and knowing the difference could mean paying less on interest and fees.
Secured Personal Loan - A loan guaranteed by an asset like a car, property, or other high value items. Usually has a lower interest rate since the lender can seize your asset if you fail to make repayments.
Unsecured Personal Loan - A loan based on your creditworthiness. The amount granted will also be based on your credit history, income, and other factors.
Low doc personal loan - This is perfect for tradies and self-employed. Instead of the usual number of documents required, your application will be assessed based on your credit history and cash flow.
If you think this is a great option for you, fill out the form and we will help you get started real fast.
Interest rates can either be fixed or variable. You choose which one you want the loan to have based on your income and plans on how to repay the loan.
Fixed Rate – Means that you will be paying a fixed amount during the term of the loan. This is perfect for those who work on a set budget since you know exactly what you need to pay month after month. The only downside is that you won’t be able to take advantage of rate cuts when interest rates are down. Similarly, your monthly repayments will not increase either when interest rates shoot up.
Variable Rate – Means that your monthly repayments could vary depending on the prevailing interest rates. If interest rates are down, your monthly payment goes down as well. If interest rates are up, payments go up as well. This is perfect if you want to take advantage of the fluctuations in the market.
It is advisable to speak with a finance broker about these options so you don’t make the wrong choice. Both options have their pros and cons so it really depends on your plans and financial capacity.
Fees –Fees may vary from lender to lender. One may have lots of fees and hidden charges while others have a few. This is why comparing quotes and reading the fine print is important. In general, fees include upfront or application fees, monthly or annual fees, and charges when you miss a payment.
In general, feed include upfront or application fees, monthly or annual fees, and charges when you miss a payment
The “Advertised rate” only shows you the interest rate but not the fees and other charges involved. When comparing personal loans, look for the comparison rate.
There are lenders who cater to bad credit clients so it is still possible to get a loan despite having a bad credit. You may need to settle with a higher interest rate though because lenders will consider the transaction as “high risk”.
Centrelink income, although not all, can be considered as part of your monthly income so getting approved for a loan is possible. Talk with us and we will help you determine if your pension qualifies for a personal loan.
Did you know that you can guarantee your approval for a personal loan or any type of loan for that matter?
Lenders use data and a criteria to qualify each and every applicant. They rely on the information that they get from you and from outside sources like credit reporting agencies. What these reports will contain depends on how well you manage your finances.
Before even applying for a personal loan, assess yourself and know where you stand. A good finance broker can help you with this. By the time you’re done with your self-assessment, you’ll have an idea whether you will get approved or not.
Fix your credit or maintain a good rating – Never miss or default on credit card payments, utility bills, rent payments, mortgage, etc… Simple late payments could damage your credit so make sure that you are able to track due dates.
Save some money in the bank – Savings show that you are healthy financially and, most likely, be able to make repayments. Save some money every month to show the lenders that you have extra money to spare.
Applying for a personal loan is exciting especially if you will be using it for home renovation, to buy a car, to go on vacation, or to pay off your debts. Having extra money at your disposal is something everybody is hoping for but you have to be careful because you may be putting yourself in trouble by borrowing money you can’t pay for.
Determine what you can afford – Getting approved for a $20,000 loan sounds great but can you afford the monthly repayments?
We will do our best to help you determine what you can afford but it really goes down to your spending habits and discipline.
Check your credit report – Reviewing your credit report once a year is advisable so you catch any inconsistencies and repair them immediately. Common mistakes that you can find are;
equifax.com.au - 13 83 32
Dun and Bradstreet
dnb.com.au - 13 23 33
Tasmanian Collection Service
tascol.com.au - (03) 6213 5555
experian.com.au - 1300 783 684
Fill out the form or call 180027768 – Navigating through finance terms and numbers can be confusing if you are not familiar with them.
Computations and sample quotes you will find online are… well, sample quotes so you really should not rely on them alone.
Personal loan advisers here at 1800Approved will help you assess your finances and choose the best quote that suits your needs.