Secured Personal Loans
Personal Loans
If you need a personal loan, you need to know that there are a couple of different types of personal loans that you can choose from. The two loan types include secured and unsecured loans. If you were to walk into your local lending institution to ask for a loan, you would have to choose between these two types. So you need to know whether secured personal loans or unsecured loans are best for you.
Featured Secured Personal Loan
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
Westpac Car Loan |
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle. | 10.99% | 12.02% | $10000 | 1 year | $250 |   |
Bank of Melbourne Secured Personal Loan |
Apply for the Bank of Melbourne secured personal loan and enjoy the competitive rates and fees with the flexible repayment options. | 10.99% | 11.88% | $3000 | 1 year | $195 | |
St.George Secured Personal Loan |
Get a competitive interest rate on secured personal loan from St.George. | 12.74% | 13.62% | $3000 | 1 year | $195 | |
Secured Loans
Before you get a personal loan, you need to know the difference between secured personal loans and unsecured ones, as that is the only way you can make an educated decision as to what will suit your needs the best. Secured loans are used to secure funds for home renovations and equity. They can also be used for business loans and for major purchases such as a boat, a caravan or a car.
When you get a secured loan, you are required to give something of value to the lending institution that will be used as collateral until you’ve able to pay the loan off in full.
The most common items people usually put up for collateral include:
- Property deed
- Car or boat
- Jewelry
- Art
If you can’t pay the loan back in full, the institution that issued the loan will be able to sell whatever item you put up for collateral so that the loan can be repaid. In the event that the loan isn’t fully covered by the item, you will have lost that collateral property and you’ll still owe the institution money.
Unsecured Loans
Now that you know what secured personal loans are, it’s important to learn about unsecured loans, too. With unsecured loans, you aren’t required to put anything up for collateral. If you can’t pay, your credit will suffer but you won’t lose out on any property. This sounds like the better option, but you should know that unsecured loans are often harder to get.
Now you know the difference between secured personal loans and unsecured loans. Hopefully this will help you decide which type of loan is best for you.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 | |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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