Personal Loans are unsecured loans offered by a range of financial service providers and banks. Loans can vary in terms of loan amount, interest rate and repayment period.

Some of the more common features of personal loans are:

  • Unsecured – you don’t have to put up any collateral
  • Flexible – you can use the money for any purpose and the loan can be structured to fit your needs
  • Based on your ability to pay and credit profile
  • Repayable over a fixed period

Advantages of a Personal Loan

  • You don’t need to risk any assets as collateral, however if you default on the loan, the credit provider may obtain a judgement and attach and sell your assets.
  • Flexible in terms of loan amount and repayment period – you are also not restricted in terms of what you may use the loan for like a home loan or car finance.
  • Applying is simple and can be done online with minimal forms and documentation required.

Disadvantages of a Personal Loan

  • The interest rate is higher than that levied on a home loan or car loan, working out to be a more expensive form of finance.

How Do You Qualify for a Personal Loan?

  • You must be over 18 years
  • Be employed full-time
  • Be credit clear
  • Be able to afford the repayments

To see whether you qualify for personal loan – fill in the form below and one of our loan providers will contact you with an offer.

To see what your repayments on a personal loan would be – click here

To see how much you can afford – click here