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Secured personal loans Australia
If you’re thinking about a big purchase like a used car, motorbike, boat, covering major expenses, or even an engagement ring a secured personal loan could help you get a better interest rate.
At Monzi, we may help match you with lenders who may offer secured personal loans from $2,100 up to $15,000. A personal loan might provide flexible funding that aligns with your circumstances whether it’s for covering unexpected costs or handling something planned.
🔍 Important: Monzi is not a lender currently. We’re a lender-finder service that may connect you with licensed lenders who may offer secured personal loans based on your requirements and profile.
Why choose a secured personal loan?
Using a car or other asset as loan security may reduce the lender’s risk, which might work in your favour. Depending on the lender, a secured loan may offer:
- ✅ Lower interest rates than an unsecured loan
- ✅ Access to larger loan amounts
- ✅ Flexible loan terms
- ✅ Some lenders may consider applicants with bad credit.
If you’re exploring secured personal loans in Australia, you may consider comparing available features to see what might align with your situation.
When you apply for a secured personal loan, you might need to offer something valuable, often a vehicle or something else. If your loan gets approved, the lender may hold a legal claim over the asset while the loan is active. It means you’re using something valuable like your car as backing for the loan. This might make it easier to get a bigger loan or a more competitive rate than if you applied without any security
Note: repayment terms may differ according to lenders.
You may use a secured personal loan to:
- Buy a used or secondhand vehicle
- Fund for home repairs or renovations
- Pay off higher-interest debts with one structured loan
- Cover major life expenses
- Finance other personal loan purposes
💰 Secured Personal Loans: What Monzi Offers?
Need a little or a lot? Monzi may help connect you with lenders offering secured personal loans from $2,100 to $15,000.
- Medium secured personal loans: $2,100 – $4,600
- Large secured personal loans: $15,000
If you’re applying for a loan over $2,000, you’ll typically need to provide an asset such as a car as security. This might lower the lender’s risk and may increase your chances of loan approval. It might help you access:
- Larger loan amounts
- Lower interest rates
- Secured personal loans – bad credit
Note: repayment terms may differ according to lenders.
Looking for something smaller? You might consider an unsecured personal loan instead.
👉 Learn more about boat loans or explore bad credit loans with instant approval.
What can I use as security?
Most lenders might require the asset to meet specific criteria, such as being:
- ✅ Registered in your name
- ✅ In good working condition
- ✅ Owned outright or with enough equity
- ✅ Within a certain age limit
Acceptable Assets (May Include) May Not Be Accepted ✅ Cars (owned outright) ❌ Vehicles under finance ✅ Motorbikes ❌ Unregistered vehicles ✅ Caravans or trailers ❌ Property or jewellery ✅ Boats (some lenders) ❌ Unverifiable assets
Finally, if you’d like to use your super to secure a loan, unfortunately, this might not be possible.
Here’s what you do:
- Submit a quick application that may only take minutes.
- We scan our lender network.
- You may be matched with a lender who may contact you directly.
There’s no paperwork and no hidden fees to use our service
Compare secured vs unsecured personal loans
| Feature | Secured Personal Loan | Unsecured Personal Loan |
|---|---|---|
| Requires an asset? | Yes | No |
| Interest rates | May be lower due to collateral | Typically higher due to increased risk |
| Loan amounts | May be higher, backed by asset value | Generally lower |
| Approval likelihood | May be easier with security | May be stricter, depends heavily on credit |
| Risk to borrower | Asset may be repossessed if repayments are missed | No asset might be at risk, but credit score may be affected |
How to Get a Personal Loan Secured Against Your Car in Australia?
Looking to use your car as collateral? Here’s what lenders may look for:
- The car is owned by you (not under finance)
- It’s under a certain age (usually less than 5 years)
- The vehicle’s value supports the loan amount
Loan eligibility may differ between lenders, but if your car meets the requirements, you might be able to get a secured personal loan. Take a look at all costs and risks before applying. The application process typically includes submitting personal documents, proof that you own the vehicle, and possibly going through a credit check.
How to compare Secured Personal Loans?
If you are not familiar with financial products, comparing loan products from different lenders might be confusing. Mostly, lenders might include a comparison rate comparing secured loans with different comparison rates, which may reflect the total cost including interest and fees. This might help you understand personal loan repayments through the loan term.
When you begin your loan application, you may typically need to submit personal details,
- personal and employment details
- recent bank statements
- Details about your security asset
This information may help the lender evaluate your credit criteria and lending eligibility before issuing a loan offer.
What is a secured personal loan calculator?
A secured personal loan calculator is a useful tool that may help you estimate your loan repayments and total amount based on key factors such as:
- Loan amount
- Interest rate
- Loan term
You can use it to estimate:
- Weekly repayments
- Fortnightly repayments
- Monthly repayments.
Things to keep in mind:
- Results might be a rough idea, and actual repayments may differ depending on your loan agreement.
- Some lenders may apply early repayment fees.
- Always review loan terms before agreeing
Can Monzi help find bad credit secured personal loans?
We may match you with lenders who consider more than just your credit score and bad credit score. They might consider your income, expenses, and asset value.
Read more about bad credit loans Australia guaranteed approval here.
Is using car as Security for a Loan possible?
It might be. Most secured personal loans use cars as security. The car usually needs to be:
- Owned outright or largely paid off
- In good working order
- Below a certain age
Because of these criteria, secured car loans might be a preferred option if you’re comparing car loan options in Australia. Whether you’re looking for car loans Australia or specifically interested in used car loan rates, secured car loans might offer lower interest rates compared to personal loans unsecured or unsecured car loans, which may lead to cost savings over the life of the loan.
Many lenders may offer online car loans, and they might provide a convenient and fast application process. Deciding between a secured car loan and an unsecured loan may depend on your individual situation, including whether you have an asset to use as collateral.
Are Instant secured personal loans Australia possible?
They may be. If you apply during business hours and provide all documents, a lender might offer a quick outcome but timing may vary.
Learn more about Moneysmart here.
Can I get the money the same day I apply?
Possibly, but it’s not guaranteed. Secured personal loans may require extra steps in asset checks. Applying early with complete documentation may assist in speeding up the process.
How much could I borrow?
Through Monzi, lenders may offer secured personal loans from $2,100 to $15,000. Loans under $2,100 are typically unsecured personal loans.
Secured personal loans bad credit Australia
They might be an option. Some lenders may feel comfortable offering a loan when an asset is provided, even if your credit history isn’t perfect. There are options for very bad credit history loans with guaranteed approval, these usually come with high interest rates. Such offers from your chosen lender may differ, and your credit history might impact the loan terms and conditions as they relate to your financial situation.
Loan features that may be available
Depending on your match, you may be access:
- Fixed or variable interest rates
- Flexible repayment terms
- Early payout options
- Same-day loan outcomes
Responsible lending you can trust
Monzi may usually connect with lenders who aim to follow Australian consumer credit laws, including:
- National Consumer Credit Protection Act (NCCP)
- ASIC’s Responsible Lending Guidelines (RG 209)
Lenders may take a look at your finances to see if you’re in a position to repay the loan before making an offer. You might be able to review the full loan terms before committing.
Apply for a secured personal loan through Monzi
We make it simple to get started:
- No face-to-face interviews
- 100% online and secure
- Get matched in minutes
Monzi may help you find a lender offering secured personal loans tailored to your needs.
💬 Frequently Asked Questions
What happens if I miss a payment?
If repayments are missed and no alternative arrangement is made, the lender may take steps to recover the secured asset. Always speak to your lender early if you’re having difficulties.
Can I pay my loan off early?
Depending on the lender, you may be able to repay your loan early. Some lenders charge early exit or break fees and make sure to check before accepting the offer.
Does Monzi charge any fees?
No. Monzi is completely free to use. If matched, your lender will outline any fees or charges involved in the loan.
Start your application today
Apply Now Let Monzi help you find a lender offering a secured loan that may suit your situation.