Looking for personal finance? We cover a range of personal finance options to help you with your loan requirements, such as:
We have a range of personal loan providers that should cover most circumstances when looking at purchasing for personal investments.
It is important to consider whether to get a secured or unsecured personal loan. A loan is secured when they use the value of a car or another asset, to act as security for the loan, so failure to make repayments results in the lender taking the asset to pay off the debt. As the lender can guarantee they will receive the loan amount back in the future, they may offer lower interest rates for a secured loan.
But if you don’t have anything to use as security, don’t stress! You may still be able to get an unsecured loan, where no asset acts as security, however, the interest rates are slightly higher.
The personal loan criteria differ from a residential loan, as the lenders only want to see your income, expenses, and liabilities, which they use along with your credit score to determine the maximum borrowing amount, interest rate, and loan term. There are also age limits when purchasing an asset such as a car, for example, they don’t want to use a 20-year-old car to support your loan!
Loan terms usually for personal loans are 3, 5, 7, or 10 years, but vary for each lender and your individual circumstances.
Using a Personal loan broker like us can help you to understand the costs associated but also compare loan terms and secured or unsecured loans. There is generally a quick turnaround time from when the application commences until the loan is funded, with some lenders being relatively quick in comparison to a home loan.
If you want to find out more, get in contact with us as we are happy to help!