Bank Loans Melbourne
05-Nov-2021 By - team

Even if you’re not sure if your credit is good enough to get a loan, it’s still worth checking out what options are available. You may be surprised by how easy it can be to get a loan. Some loans even require no credit check and offer flexible terms for borrowers with less than perfect credit histories like bankruptcy or past due accounts in collections. 

Personal loans Australia are unsecured loans available to Australian residents for any number of purposes that require quick access to funds. They are usually used for unexpected costs arising from bills, emergencies, repairs, or last-minute purchases. These types of short-term loans can be as small as a few hundred dollars and as large as $50,000.

There are many reasons for wanting to take out a personal loan and just as many options for choosing a loan and lender in Australia. That’s why it’s so important to be confident you’re getting the best personal loan deal you can.  

With over 70 lenders to choose from, like Perfect Payday, there will be a single best personal loan for every borrower, but there are definitely some key features that all great personal loans have in common. These are low-interest rates, minimal fees and the flexibility to make extra repayments.

Many personal loan lenders now use risk-based pricing, which means that your loan’s interest rate is based on your credit profile. Interest rates on personal loans start as low as 5.35% (6.14% comparison rate*), but go to comparison rates over 20% and to get the best rate, you’ll need for your credit score to be in top shape.

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Frequently Asked Questions About Loans 

What’s the best loan term for a personal loan? 

The best loan term for you will depend on several factors, such as how much you want to borrow and your income. If you select a loan term that is too short, you could get into financial stress and miss payments. But take out a loan over a long period, and the more money you’ll have to pay in interest and fees. 

The good news is that most lenders allow you to pay out loans early without penalty, so it is best to select a loan term that you can comfortably meet repayments and, whenever possible, make more than the minimum monthly payment so that you can pay it back as fast as possible.

What is a secured loan? 

A secured loan is a personal loan that is secured against an asset so that if you were unable to repay the loan, the lender could claim against that asset. For example, secured car loans are a common type of loan for new car loans in Australia, and generally, these loans will have lower interest rates than unsecured ones.  

What’s best, a fixed or variable rate personal loan? 

The type of interest rate that will be best for you will depend on your financial circumstances. Fixed interest rates are great for people who like to know exactly how much they have to pay each month. Variable interest rates can move over the loan term so they could go down, but they could also go up, so it is best to consider this when you are deciding on the loan term.

What can I use a personal loan for? 

There are many reasons why you might want to get a personal loan. Some of the common reasons for getting a loan include buying a car, consolidating debt, renovating your home or getting married. But there really is no limit to what you could use a personal loan for, so long as you’re prepared to pay the borrowed money back (with interest). 

Just be aware that some personal loans will come with conditions that need to be used for a specific purpose, such as a green loan where you’ll have to show proof of the purchase. 

Loan Company Melbourne

What is a small loan?

A small loan is an unsecured personal loan for an amount under $5,000. They may also be referenced as a “cash loan or “short term instant loan“. A small loan is no different from an unsecured personal loan; however, the market has developed its own name for them over the years due to the smaller amount. Sometimes is used instead of a credit card. There are several benefits in opting for a small loan rather than a credit card which include the following:

  • Interest and repayments are fixed and known upfront.
  • Interest rates can be similar.
  • It’s not a revolving credit line which at times can lead to ongoing unnecessary use of credit.
  • Significantly more flexible lending guidelines, unlike credit cards which major banks mainly issue, small loans come from non-banks. Non-banks are more open to diverse risks, so it’s a lot easier to get approved than a credit card from the bank.

What can a small loan be used for?

In Australia, a small personal loan can be used for a wide variety of reasons, and any worthwhile purpose is accepted, which can include:

  • Wedding
  • Engagement ring
  • Holiday
  • Emergency expenses
  • Debt consolidation
  • Bills
  • Cheap car

The list is endless, and it is important to note that your loan could be used for multiple purposes. Also, let’s say you took out $5,000. You could use $1,500 to buy a new fridge and washer, $2,000 for a weekend away and the remaining $1,500 for car repairs. All lenders will send approved funds into your selected bank account, and here you can use them at your discretion.

Best Loan Apps

Perfect Payday

Acquiring a loan from traditional lenders like banks and credit unions without providing account statements is virtually impossible. With online lending, however, it’s possible. 

With traditional lenders, you have to provide hard copies of your bank account statements to go over weeks or even months of transaction history in order to qualify for a loan.Perfect Payday is a privately owned company made up of a team that has a huge interest and knowledge base within the financial services sector. We decided to form the company on the basis of being able to provide a forward-thinking, easy to use facility for people who would like to obtain a loan; whilst at the same time offering a customer service which is second to none!

MyOzMoney

Personal loans Australia offered by MyOzMoney is fair, competitive and available to apply for online in just a matter of minutes. We offer quick cash loans of up to $50,000 and lines of credit at great rates. So whatever you have your eye on – whether it’s getting in front of your debt or finally buying that special purchase you have promised yourself – let us help you find fast cash loans that suit your circumstances and your needs.

MoneyMe

Do you need a personal loan – a fast personal loan? If you live in Australia, MoneyMe can help! In less than an hour, we can provide you with a hassle-free, easy personal loan of up to $50,000!

MoneyMe specialises in fast personal loans – without excessive paperwork or hidden fees.

We recognise that our customers often need personal loans quickly and don’t have time to complete extensive forms or copy multiple identity documents.

It only takes a few minutes to apply for one of our easy personal loans, and you can receive the money you need – in your bank account – in under an hour (this depends on your bank, of course!). Our small personal loans range from $2,100 to $50,000.

Please be aware that loan applications made outside of business hours will take a little longer.

Alex Bank Personal Loan

Australia’s newest bank, Alex Bank, impressed our judges with its competitive pricing and straightforward personal loan. With low fixed rates starting from 4.99% p.a. 4.99% p.a. comparison rate*), this loan rewards customers with excellent credit. There is the choice of making weekly, fortnightly and monthly repayments, as well as the option to make extra repayments whenever you like, with no ongoing early repayment fees. Just keep in mind, there are no redraws allowed on this loan. Alex Bank is also currently waiving the $295 establishment fee. So, if you apply by 3 November 2021, you may be able to avoid that extra cost.

Symple Personal Loan

Borrowers can earn 1 Qantas Point for every $1 borrowed up to $50,000 (T&Cs apply). There is a minimum loan amount of $5,000 and loan terms of 1 up to 7 years. Interest rates start at 5.75 % but will vary depending on your credit history. Repayments are every month, but you also have the flexibility to pay out the loan early at any time without penalty or to make extra repayments. There is a $10 monthly fee to consider, and if you don’t qualify for the lowest rate of 5.75%, you will need to pay an upfront loan application fee which can be up to 5% of the loan amount.

Personal Loans In Banking Melbourne

Plenti Personal Loan

Plenti’s simple online application means that you can get a response within minutes and funds the next business day following approval. Interest rates start at 6.39% (7.49% comparison) for borrowers with excellent credit. Loan terms range from 3 – 5 year terms with the maximum borrowed amount of $50,000. There is no establishment fee or ongoing fees. Extra repayments are allowed, and there is no penalty for paying out the loan early. To be eligible, you must be earning $25,000 or more per year from a regular source of income (other eligibility criteria apply).

NAB Personal Loan Variable

The lowest personal loan starting variable rate offered by a Big Four Bank, NAB personal loan rates start at 6.99% (7.91% comparison) for borrowers with excellent credit. The NAB Unsecured Personal Loan is all about flexibility, with loan terms ranging from 1-7 years on amounts between $5000 and $55,000. Repayments can be made weekly, fortnightly or monthly, and there is no early repayment penalty for paying off your balance early. It also has a redraw facility, so you can draw upon that cash if you need it later. However, keep in mind that there are also some fees associated with this loan, including a $150 establishment fee and a $10 monthly service charge.

Handypay Green Loan

Handypay is a specialist home improvement plan provider offering loans for borrowers with excellent credit, which you can use for a range of green home initiatives such as solar panels, batteries, rainwater tanks or energy-efficient renovations. There is a $250 application fee, but the loan doesn’t have any ongoing or monthly account fees. Borrow up to $75,000 and choose a loan term between 1 to 7 years.

 

If you are searching for an easy loan, there is one solution that will be quick and painless: a personal loan from your bank or credit union. Unlike other loans, which may have difficulty qualifying requirements such as income levels, employment status, or credit scores – banks only require applicants to meet certain criteria about their assets and liabilities in order to apply successfully. This makes it easier than ever before to receive a personal loan from your bank! 

Guest post by : team Form -

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