Secured & Unsecured Personal Loans

Featured Personal Loan

A GE Money Personal Loan is a very secure way to fund what you want to enjoy now while staying on complete control of your finances. This is because GE Money Personal Loans feature fixed interest rate and repayment amounts for the entire life of the loan so there are no surprises each time you make a repayment.

Features:

• Fixed interest rate and fixed repayments.
• Loans starting from $3000 for most personal loan purposes including – debt consolidation, renovations, holidays or new & used cars.
• Easy application – should take less than 15 minutes to complete.
• Flexibility to choose your own repayments – weekly, fortnightly, monthly or yearly.
• Easy repayment options – Direct Debit, Australia Post, EFTPOS, BPAY
• Low personal loan service fees – $10 per month
• Fast approval – apply now and your funds could be in your account the next working day.

Click here to find out more about this offer

When it comes to most finance, they either come unsecured or secured. Personal loans are no exceptions.

A secured personal loan is one that is backed by your own collateral in case of the situation where you’re unavailable to pay back the loan. They are typically leased to people who the bank does not completely trust with an unsecured loan, most likely due to some poor credit history. Even with a decent credit score, a very large loan sum may still be secured.

An unsecured personal loan is basically credit that has no direct liability to your own personal assets. As it’s not backed by your own collateral, interest rates are typically higher as there is more risk involved with lending to you.

While there’s no clear-cut winner of the two loan types, there are some significant differences you should be acquainted with unsecured personal loans as opposed to secure.

The Position of your Credit Rating

Since an unsecured loan is leased without backing collateral, you will generally need a relatively positive credit history.

Different Interest Rates

Secured personal loans will fetch lower interest rates than their unsecured counterparts. However, if your credit score is practically flawless, you may be in a position to negotiate for a secured loan rate on your unsecured personal loan.

The Secured Process is Longer

One of the prime reasons unsecured loans are sought after is the lengthier process involved with applying for a secured loan. With secured finance, your assets will all have to be valuated and recorded, along with other factors such as the depreciation value of your collateral over the life of the loan. Unsecured loans are also known as ’signature loans’ as all they basically require is your signature on a one-page application form.

Visit some of the best secured and unsecured personal loans on offer in Australia available for safe and secure online application.

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HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
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