A personal loan is an act of borrowing money from banks, credit
unions, building societies and private lenders. Usually you
can borrow from $5,000 to $80,000 for unsecured personal loans.over
a period of 1 to 7 years. When borrowing money for secured
loans, the maximum amount does not have a limit, but it is
limited by your income.
The loan amount you can borrow will depend on your income,
your current liabilities and your credit rating The more
you borrow, the lower the interest rate and vice versa.
The interest rate for secured loans are lower as the item
purchased act as a security against your loan. Unsecured
loans generally have higher interest rates as there is no
security required to obtain this type of loan.
Examples of unsecured personal loans are: holiday loans,
wedding loans, medical bills loans, etc. Examples of secured
loans are: car loans, truck loans, equipment loans, machinery
We offer unsecured and secured loans Australia wide. Including
hire purchase, leasing, and personal finance for cars, trucks,
vans, boats, office equipment, machinery, tractors, medical
equipment, caravans, motorcycles, shop fitouts and more.
Car loan is an example for a secured loan. The finance
will be secured on your purchase at a fixed interest rate
that will not go up. Minimum loan for a car is $10,000.00.
Motor vehicles preferably no more than 8 yrs old. Secured
personal loans are available for any purpose.
Business finance (hire purchase or lease) is available
to both company & individuals, providing the goods are
to be used predominantly for business use (ie more than
50% business usage).
Now for Personal Loans