A personal loan can be used for numerous reasons; this type of loan may help you pay for something special such as a holiday or a wedding.
Contact Jeff your local mortgage broker at Homeloans Plus to learn the difference between an unsecured personal loan or a secured personal loan.
Personal loans can also help you pay for home furnishings or renovations, funding your child’s education, debt consolidation or preparing your home for the growing family.
Unfortunately, from time to time you may have to apply for a personal loan to cover unexpected medical or dental expenses, vet bills or in some cases for a loved one’s funeral.
A personal loan is where you apply to borrow a specified amount of money from a bank for a personal expense.
The loan is then paid back to the lender with interest in equal payments over an agreed period.
There are two different types of personal loans, that being a secured personal loan and an unsecured personal loan.
A secured personal loan is when you use an asset such as a car to secure the loan. Sometimes secure loans offer a lower interest rate compared to that of an unsecured personal loan, as the lender will be able to sell your asset if you are unable to pay the debt.
An unsecured personal loan is where the lender doesn’t require a security to be held against the debt. You will need to show that you can repay the loan, validate your income and credit report. The interest rates on an unsecured personal loan are sometimes higher than that of a secured loan.
If you are looking a getting a personal loan, before you do anything contact Jeff your local mortgage broker at Homeloans Plus, he will be able to assist with your personal loan application and guide you through the process.
To help you see if a personal loan could be the right choice for you, visit Asic’s Money Smart website to use their personal loan calculator.
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All content is general in nature. Before undertaking any financial decision, please obtain personal financial advice that is tailored to your situation and is documented in our credit guide.
Jeffrey Parker is an authorised credit representative (Credit Representative Number 394045) of Custom Equity Group Pty Ltd (Australian Credit Licence Number 383666).
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