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