Personal Secured Loans
Looking to book a once-in-a-lifetime holiday?
Or perhaps you want to pay for a wedding, car or house renovation? You could borrow the money you need with a secured personal loan.
Get the money you need, whatever you need it for – with a secured personal loan.
Unlike other types of finance, secured personal loans can be used for almost any purpose.
Secured personal loans can be used for:.
- Covering unexpected expenses
- Financing home repairs
- Consolidating debt
- Paying for a big-ticket item
We apply our extensive knowledge to find a solution that is right for you and guide you throughout the loan application process.
So how do they work?
With a secured personal loan, a lender uses an asset such as your car as security (or collateral) for the money you borrow. So if you default on your repayments, the lender can take possession of the asset and sell it to recoup some of their money.
As a result, secured personal loans are seen as less risky for the lender than unsecured loans. This is good news for borrowers as it means secured personal loans can come with
- Low interest rates
- Flexible repayment terms
- Higher borrowing amounts
That said, not every secured personal loan will be the right one for your individual situation. So you need to compare:
- Interest rates
- Interest rate type (i.e. fixed or variable)
- Loan term
- Features (i.e. redraw facility or extra repayments option)
- Fees – both upfront and ongoing
What’s more, different lenders have different eligibility criteria. So you also need to apply with the right lender; otherwise, you could get rejected – potentially damaging your credit score.
Don’t worry if this sounds like a lot of work and stress.
Our experienced Finance Brokers will take the time to understand your unique situation before doing all the legwork for you. The broker will then hold your hand through the application process, increasing your chances of approval.