Let's get personal.
What is a Personal Loan?
A Personal Loan is often an unsecured loan, repaid over a set period of up to 5 years. Loan amounts can vary, but generally they go up to a maximum of $50,000.
Personal loans are for personal purposes, big-ticket items, or something that will improve your lifestyle or circumstances – and no, that pair of awesome boots, or hang-gliding session does not count. But, there are plenty of purposes recognised by lenders for personal finance.
The top 5 reasons most people take out personal loans are:
1) Home Renovations
Painting, landscaping, driveways, pergola, new flooring.
2) Buying a Car
Vehicles for personal use - used or new, private sale or from a dealer.
3) Debt Consolidation
Credit card debt or multiple loans can be consolidated into one easy monthly payment.
4) Holidays
Booking a holiday with payments and booking due well in advance before you leave? There may be a loan option for this.
5) Wedding Expenses
Cover your costs, pay deposits, secure your bookings, car hire, receptions and all of those unexpected invoices.
Expect to get up close and personal with your lender.
While the loan type is ‘personal’, the purpose for the loan must be less personal. You can expect to be scrutinised by lenders about the reasons for your loan, so it’s important you have your loan purpose and funds needed thoroughly detailed i.e. current statements, quotes or invoices. Your loan purpose needs to be acceptable to the lender, provide as much information as you can to get this clarified –the most common contentions being loans for home renovations and vehicles.
There are other requirements for approval, including documentation of credit history; income; outgoings and employment –ensuring you can afford the repayments on the loan.
Do you want to submit a confident application?
Talk to us first, then use this link and who knows, that new kitchen, pergola or your dream wedding could be closer than think!
Link:
https://apply.myloanportal.com/applynow?p2=1107485
