It can be expensive to borrow small amounts of money and borrowing may not solve your money problems. Check your options before you borrow:
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
If you do not have a significant asset to back a loan then unsecured loans are an option you can consider. All sorts of urgent personal requirements can be taken care of with these loans. The Loans Point will get you matched with a lender who offers you a deal that best suits your circumstances. We will collect your information and then forward it to the lenders in our network.
As these loans do not demand any security, lender will check your credit status to verify your creditworthiness. You should also have a fixed monthly income to confirm about your repayment capability. Due to absence of collateral, interest rates will be considerably higher for these loans. Therefore, you need to be aware of your repayment ability. Ahead of applying you should also decide if you want a fixed or variable interest rate.
Compared to secured loans, when applying for unsecured loans, you shall not be liable to lose any assets. Careful comparison through the terms and rates of the deals offered by different lenders will make it easy for you to choose a deal that fulfils your cash need. The amount of cash obtained upon approval against these loans can be utilised for any personal expenses.
Unsecured loans will let you borrow cash for almost any purpose. Lenders do not need any property or collateral to secure or guarantee the loan. Unlike secured loans, where lender has the right to sell the collateral if you are unable to repay back the loan, you do not face such risk with unsecured loans. This makes this loan a little less risky for you.
Many choose to apply for unsecured loans just because they do not require security. Absence of collateral makes this a safe loan. Although none of your assets needs to be put at risk, you will have to take the repayment obligations seriously. In case of default, lender has the right to file a lawsuit against you and once the court gives judgement, they will have the right to access your property and confiscate it.
The amount of cash that you can borrow on an unsecured loan will depend on your monthly income and bills. In order to determine the amount of cash that you qualify for use the personal loan calculator. Simply follow the steps to fill out the fields in the calculator to calculate how much you may be eligible to borrow and what the monthly repayment and interest will be.
Qualifying for unsecured loan is easy if you have a good or excellent credit score. Since you do not need to pledge any asset against unsecured loan, your credit score becomes one of the main deciding factor. Other factors that lenders will go through before they approve your loan request includes your income, employment, age and residency.