We have a range of lenders available to help you with your finance, for most circumstances, when looking to make a personal investment. They offer finance for an extensive list of reasons, which may include:
A personal loan is different to a home loan, as the interest rate will depend on your credit score. You must also take into consideration whether to select a secured loan or an unsecured loan. A secured loan means that the bank has an asset of yours, normally a car, that acts as security and guarantees that they will get their money back. Failing to make loan repayments will result in the lender taking the asset to pay off the debt, which as they are guaranteed money back, they may offer lower interest rates.
Don’t have anything to use as security? That’s no problem! The banks can still offer a personal loan but the interest rate may be higher and you will only be eligible for an unsecured loan.
Personal loan terms are a lot shorter than a home loan and they mainly are 3, 5, 7 or 10 years, however the terms do differ and change which each lender and product.
The lender will only look at your income and the expenses you have, including the liabilities already existing. This is where they will give you a credit score and based off this they will further decide on an interest rate available, loan term and maximum borrowing power. The turnaround time for personal loans is a lot quicker than a home loan, with some lenders being able to do next day funding!
If you want to use a personal loan broker, get in contact with us as we are here to help you along the journey!
