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  • Profile photo of PropertyPaulPropertyPaul
    Member
    @propertypaul
    Join Date: 2009
    Post Count: 25

    Hi,

    Just wondering if any of the brokers could recommend the easiest/best place to get a personal loan?

    Thanks,

    PP

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Paul

    To be honest an unsecured personal loan would have to be the hardest type of loan to obtain in the current climate and i think unless you have a good asset base, job security and squeeky clean credit you will struggle to get anything.

    These loans are solely credit scored with little human credit intervention so other than the big 4 try one of the smaller credit unions or building societies as they maybe finding business a bit slow.

    Richard Taylor | Australia's leading private lender

    Profile photo of PropertyPaulPropertyPaul
    Member
    @propertypaul
    Join Date: 2009
    Post Count: 25

    Thanks Richard

    Might try for an increase to my CC limit instead…

    Profile photo of KailynKailyn
    Member
    @kailyn
    Join Date: 2009
    Post Count: 18

    You might try prosper.com or a local credit union.

    high interest savings

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    PropertyPaul wrote:
    Thanks Richard

    Might try for an increase to my CC limit instead…

    Only if you have a low interest rate (don't do it if you will be charged 16% etc – find a cheaper card or roll the debt over onto a cheaper card

    Profile photo of Brett1964Brett1964
    Participant
    @brett1964
    Join Date: 2009
    Post Count: 1

    Hi Paul

    I agree with the sentiment stated by Richard (above). Unsecured PL's are very hard to obtain now.

    I have had some success with obtaining Personal loans for clients, but only when those clients have a pre existing relationship with that lender,  have strong asset backing, stable income and no adverse credit. All the majors advise they still provide PL's but if you are "new to bank" your likelihood of success with that bank is very slim.

    Interest rates vary from 12- 16% for unsecured personal loans but would normally be at the higher end of the scale now.

    If you do seek an increase by CC – review the actual cost of cash advances with that CC as the rates for cash advances can be different from purchases.

    Please also be aware if transferring CC balance to a new lender, be aware of honeymoon offers (such as Citibank offering now – 0% for 6 months on balance transfer but rate converts to19%). Other providers at around 12%pa may be a better option.

    Kind regards
    Brett Tayler
    Finance Manager
    Visionary Lending Solutions
    ph 07 3226 9064

    [email protected]

    Profile photo of KailynKailyn
    Member
    @kailyn
    Join Date: 2009
    Post Count: 18

    I want to know how do I get get a personal loan of a decent amount of money. Repayement of loan should be in EMIs. I have newly made PAN card, so haven't any IT return at all. Everybody is asking for 1-2-3 years IT returns…

    high interest savings

    Profile photo of bettyallenbettyallen
    Participant
    @bettyallen
    Join Date: 2009
    Post Count: 2
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Credit unions are usually pretty good for personal loans. You may be able to use an existing vehicle as security and get a lower rate too.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 9 posts - 1 through 9 (of 9 total)

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