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What is a secured personal loan?
It is a loan secured by an asset, such as a car, motorbike, caravan or boat. A secured personal loan typically starts at $2,100 and goes up to $15,000. The repayment period depends on the amount you choose to borrow.
Secured loans may be a convenient way to cover a big-ticket expense, like an engagement ring for example.
There are two types of secured loans: medium and large:
- Medium personal loan: secured loan from $2,100 to $4,600 and can be repaid over 13 to 24 months
- Large personal loan: secured loan from $5,000 to $15,000 and can be repaid over 13 to 24 months
If you apply for any loan over $2,000, then you’ll need to attach security and we’ll do our best to find you a lender in a jiffy! However, you may not be looking for a large boost to your funds. If something smaller is to your taste, then consider an unsecured personal loan. Finally, be aware that the repayment terms of a secured personal loan may vary between lenders. Learn more about boat loans here. Learn more about personal loans bad credit instant approval here.
Why secured personal loan?
Attaching an asset as security against the loan reduces the level of risk posed to the lender. This is because, in the event of default, lenders may repossess and sell the asset used as security. Therefore, a lender is able to recoup some of the losses they incurred on the defaulted loan.
As a result, lenders may be willing to offer more significant cash amounts with a secured personal loan, as opposed to an unsecured loan. In addition, lenders may be able to offer lower rates with a secured personal loan. Finally, bad credit secured personal loans online may be accessible for borrowers with a few past credit mistakes.
Secured personal loan Australia: what can I use as security?
In short, Monzi works with lenders that may be able to accept a car, motorbike, caravan or boat as security. However, it is important to remember that consumers must be the registered owner of the vehicle they wish to use as security.
Therefore, if you own a car, motorbike, caravan or boat, you may be able to apply for a secured personal loan of $2,100 to $15,000!
In addition, some lenders may be willing to accept other assets too. This may include art or jewellery. However, not all lenders will offer this option.
Finally, if you’d like to use your super to secure a loan, unfortunately, this won’t be possible.
Cash loans secured against my car: what are the requirements?
The amount you can potentially borrow may be tied to the value of your car. Moreover, your vehicle may need to meet certain criteria if you would like to get a cash loan secured against your car.
Ultimately, lenders may vary in their exact requirements. In most cases, your car must be less than a specified age (e.g. five years). Moreover, you must be the registered owner of the vehicle. Finally, the vehicle must have sufficient value to match the amount you are looking to borrow.
Given this, if you can check the boxes listed above, then you might be eligible for a secured personal loan using your car as collateral. Just remember that lenders may vary in their criteria. In addition to this, consider the risks and costs before applying.
Secured personal loan comparison made easy
Comparing loan products from different lenders can be confusing if you don’t have a lot of experience. Luckily, however, lenders make it easier for consumers to compare secured loans with a comparison rate.
What is a secured personal loan calculator?
Are you looking to apply for a secured personal loan but not sure how much it may cost?
In these situations, personal loan calculators can often come in handy. In short, these easy-to-use online resources are a quick way to get an estimate of your repayments and total secured loan costs.
Do we find lenders that can provide a bad credit secured personal loan?
Yes! At Monzi, we believe that all Aussies should have a chance to apply for the finance they need, bad credit and all. As a result, we try and find lenders that may offer secured bad credit loans. In short, we aim to find lenders that can look at more than just your credit score. In other words, they can look at your income, expenses and other relevant information to determine if you should be offered secured finance with bad credit.
As a result, these lenders don’t believe that one or two past financial mishaps should dictate your financial future. So, if you have bad credit, then apply today and we’ll do our best to find you a lender that can offer a secured bad credit personal loan for you. In most cases, these are bad credit loans with your car as security.
Can I get a personal loan secured by my car?
Without a doubt, loans secured against a vehicle are the most common form of secured loans. After all, more people own a car than a boat, caravan or motorbike.
However, if you are looking to secure your loan with a vehicle, you must be aware of a few requirements. Firstly, in some cases, the car must be below a certain age (e.g. ten years). Moreover, the value of the car will typically need to be greater than or equal to the loan amount.
Having said this, requirements may vary between lenders. As a result, you may need to contact them to determine if your vehicle is eligible. A loan against your car may be one secured personal loan option to help you borrow the cash you need today.
Fast secured loans when you’ve got no time to waste
If applying for fast secured loans is on your agenda, you want things to happen quickly. You don’t want to spend hours applying and waiting for an outcome. You want lenders who are fast, efficient and effective. At Monzi, we know a few lenders like that.
If you apply during business hours today, we could match you with a lender in no time. From there, your lender will get in touch to conduct your loan assessment. If you have provided all the necessary details, then your lender might provide you with an outcome in a hurry. If everything goes to plan, Monzi could help make it easy for you to access the fast secured loans you need now.
Are secured loans paid out on the same day?
Secured same day loans may be possible, however, given the additional steps required to include security on your loan, you may need to wait until the following business day to access your cash.
To give yourself the best chance of accessing cash the same day, you must apply during business hours and provide all the necessary details. If you do this, then you may be able to receive an outcome ASAP.
However, Monzi still cannot guarantee if you will receive your money on the day that you apply. After all, lenders must conduct an assessment. Moreover, each lender has different requirements and processes, meaning times may vary. Read more about bad credit loans Australia guaranteed approval here.
How much can you borrow with a secured personal loan?
At Monzi, we work with lenders offering secured loans from $2,100 to $15,000. Loans under $2,000 are available too, however, they will always be unsecured cash loans.
If you need to borrow more than a $2,1000 secured loan, then Monzi will be unable to help. Some lenders may offer these products, however, you will need to do your own research to find one that suits you.
Are secured loans with bad credit history easier to get?
In many cases, lenders prefer to offer bad credit secured loans rather than unsecured loans, given the additional security that they provide. As a result, they could be an accessible online credit option if you are a bad credit borrower.
Having said this, just because they may be easier does not mean that approval is certain. Your lender will assess your application to ensure that you can afford your repayments without facing hardship.