Personal Loan in Australia – Application Process

Personal Loan in Australia

Personal Loan in Australia – from $1,000 up to $50,000 to repay from 1 to 7 years. Borrowers who need financing to cover some expenses including buying a car, consolidating debt, improving home, going on a holiday, etc.

Applying for a secured or unsecured personal loan offered by the banks, credit unions or private lenders.

Secured/Unsecured Loans in Australia

If the lender finds you eligible, you get chance to receive a personal loan to repay from 1 to 7 years. Unsecured personal loans generally lead you to receive a loan from $1,000 up to $50,000 with an interest rate.

But, if you need to borrow a bigger amount of money and want to decrease the interest rate you will be charged, you should consider applying for a secured personal loan or. To get a secured personal loan, you should pledge an asset as security and reduce the risk for the lender. You may get from $1,000 up to $80,000 with a more affordable interest rate. If you do not want to lose the possession of your property, you should complete your repayments timely.

How To Get A Personal Loan In Australia?

If you need to get a personal loan, you should meet the criteria below:

  • Must be 18 years old or older.
  • You must have an Australian or New Zealand citizenship.
  • Should live in Australia.
  • A good credit score or you have to think about loans for Blacklisted
  • You should have a regular income and meet minimum income requirements.
  • Should be employed.
  • There should not be a process of bankruptcy.

How To Increase The Chance Of Being Approved For A Personal Loan In Australia?

If you want to make sure that your application will be approved, there are some tips below:

1. Meet the eligibility criteria.
2. Improve your credit score. (The higher your credit score is, the more chance you will get to be approved. You can start with paying your bills regularly and paying off your previous debts.)
3. Apply for the amount you need. (Consider your repayment ability and choose the most reasonable loan amount. If you borrow more than you need, you may be unable to repay.)
4. One loan at a time. (You should not apply for a new loan if you are already paying off the previous ones.)
5. Prove that you can save. (The lender may want to see if you can save some money every week or month.)