Personal Loan Comparison

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Not all lenders are the same especially if you are doing a personal loan comparison to source the best secured or unsecured personal loan.

Knowing some simple tricks from your local mortgage broker and being smart about how you enquire about a personal loan whether it be for debt consolidation, buying that next car, taking a holiday or finance for your dream wedding. Our tips can save you a lot of time and money and most of all, protect your credit score along the way.

With the power of the internet, we are one click away from making an enquiry about that next purchase. But be aware that one click could affect your credit score and make it harder for you to get a loan in the future or even worse a higher interest rate on your loan.

Many people looking for a loan will often go straight to their bank which offer no other lending comparisons, or they go to the lenders online who are showing flashy adds for the lowest interest rate on Facebook or Google, but did you know that the displayed rate may only be available for a secured personal loan or to someone that has a perfect credit score. 

These advertisements do not taking into account your personal position to ensure that what you are borrowing meets your needs and objectives.

Smart shoppers will use companies that offer a personal loan comparison using multiple lenders that will not show as an enquiry on the credit file until an application has been submitted.

With the innovation of smart technology you can now submit a loan enquiry online that will not affect your credit score. With the use of this technology you can search for the best personal loan rates with over 60 lenders for secured personal or unsecured personal loans. 

There are also lenders available for applicants that have bad credit or only Centrelink payments as income. 

Its all about getting the lenders to work for you!

How would it feel that you can be in control when choosing the lender that offers the interest rate, the term of the loan and the repayments that suits you on one easy to use comparison site?

With a personal loan or car loan the term and interest rate offered will often come down to your overall profile and for car loans the age of the car.

• Secured car loan options – there are still restrictions with regards to the term      of the loan with the loan term ending when the car is up to 12 years of age. Lending is also restricted to applicants over the age of 18.

• Maximum secured personal loan amounts – up to $135,000 

• Maximum unsecured personal loan amounts for homeowners and renters - up to $70,000  

• Bad credit car loan or personal loans for bad credit options - Lending for secured or unsecured are available Including for: 1 day Bankrupt discharged, Part 9 Debt agreement, Paid or Unpaid Defaults

It helps if you know your comprehensive credit score.

Lenders will look at credit scores down to 250 or 300, however don’t expect the same interest rate that someone with a credit score with 900+ would get.

If your credit score is below 250 you can still enquire as lenders are changing all the time. Just ensure that you can show a banking history and be able to show that your profile is improving, there may still be a lender for you.

Your current employment is a major part of any application.

Lenders will look at employment history. If you are casual or permanent part time the current length of employment required is at least 6 months with your current employer.

The exception is if you have a strong credit score, credit profile and history of long-term employment in the same or similar field then the lenders may except 3 to 4 months casual employment.

If that’s you then build your case before applying by gathering more information about previous work history to supply to the loan assessor.

To help your mortgage broker speed up the process to assist in getting your loan approved you will need to get a few things in order.

• Income verification - this is usually achieved by using the most recent 90 days bank statements from the account your pay goes into. Most lenders can also supply a link to a product called bankstatements that can access this information. The link is secure and one of the quickest ways to gather the information.

• Self employed - you will need your 2 most recent tax returns and notice of assessments.

• Proof of address - have a least 1 document that shows your current living address like your driver’s licence, bank statement, utility bill or rates notice.

•  Identification - Minimum verification will be your Medicare card and either your driver’s licence, passport, or birth certificate.

• Selfie Photo - do your hair and look good as they will also require a selfie picture with at least one of your photo identifications.

• Consolidating debts - Your most recent loan statements showing your name, account details and preferably with the lenders logo showing. If it is for a secured loan and the security is being taken by the new lender, then a payout letter will assist.

• For secured car loans - You will need the dealer invoice, any pay out letters for existing loan and for private sales they always usually use a system called Verimoto to identify the vehicle and current owner to confirm that the security is acceptable.

• For personal loans for bad credit - it is best to prepare your information before applying with your information about any paid or unpaid defaults, any Part 9 debt agreements or discharge out of bankruptcy. This way it helps the loan assessor work through the available lenders to give you options before taking out another loan.