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Personal Loans

Access efficient loan options for the everyday Australian

Personal Loans

Access efficient loan options for the everyday Australian

In partnership with LendConnect, you can find the best personal loan options to achieve your needs. For any further questions, our team is always available here to guide you on what you’re looking for.

Get an obligation free quote

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To find out if you qualify for a loan then contact Sqale Partner, LendConnect for an obligation free, no cost assessment. This will not affect your credit rating.

    What is a Personal Loan?

    A personal loan is a type of loan that is typically unsecured, meaning it doesn’t require any collateral or security to be put up by the borrower.
    Personal loans are often used to finance a variety of expenses, such as home renovations, travel, or other personal expenses. They are typically repaid over a set period of time, with fixed repayments and interest rates.

    How do you apply?

    Apply for a loan

    Leave your details here to start the process in applying for a loan. These details will give us a good understanding of what you are after and provide us with the contact details to be in touch. Let us know when you want a call and one of our friendly LendConnect Team will be in touch to start the process with you within one business day.

    Complete application

    When we make contact with you via a phone call, we will complete an application with you. This is your opportunity to tell us about your circumstances which will enable us to see how we can best help you with your loan needs. We will then request some supporting documents like ID, Income details and statements.

    Discuss loan options /
    Obligation free quote

    Once documents are received, we will complete some internal checks. Note – these checks do not affect your credit rating. This allows us to check eligibility prior to you applying for a loan with the lender of choice. We will then go through and discuss loan options and it’s completely obligation free..

    Loan decision

    When you are happy with what we have provided to you as a quote, we will assist by submitting your application to the lender of choice and obtain a decision for you. If your loan is approved, we will guide you through the process to accept with the funds being made available shortly afterwards.
    With a secured personal loan, you can get:

    Lower Interest Rates

    Because the loan is backed by collateral, lenders are often willing to offer lower interest rates compared to unsecured loans.

    Easier to Qualify

    Secured loans may be easier to qualify for since the collateral reduces the lender’s risk.

    Larger Loan Amounts

    Lenders may be willing to offer higher loan amounts for secured loans since the collateral reduces their risk.

    Longer Repayment Terms

    Secured loans may offer longer repayment terms than unsecured loans, which can lower the monthly repayment amount and make it easier to manage finances.

    Potential to Improve
    Credit Score

    Making timely repayments on a secured loan can help improve a borrower’s credit score.

    More Flexible
    Repayment Options

    Lenders may offer more flexible repayment options for secured loans, such as allowing borrowers to make extra repayments or repay the loan early without penalty.

    The type of loan that is best for an individual will depend on their financial situation and needs.

    It’s important to carefully compare loan options before applying.

    Secured Personal Loan versus Unsecured Personal Loan
    Secured Personal Loan
    A secured personal loan is a type of loan that is backed by collateral, such as a car or a home, which can be seized by the lender if the borrower defaults on the loan. These loans typically offer lower interest rates and higher loan amounts than unsecured loans because the collateral reduces the lender’s risk.
    Unsecured Personal Loan
    An unsecured personal loan, on the other hand, does not require collateral and is based solely on the borrower’s creditworthiness and ability to repay the loan. Unsecured loans typically have higher interest rates and lower loan amounts than secured loans, as the lender’s risk is higher.
    Frequently Asked Questions
    Why pick a personal loan?

    You may want to choose a personal loan if you need to borrow a specific amount of money and want to pay it back over a fixed period of time. Unlike credit cards, personal loans typically have a fixed interest rate and a set repayment schedule, which can make it easier to budget and plan for the future.

    Additionally, personal loans can be used for a variety of purposes, such as consolidating debt, financing a large purchase, or covering unexpected expenses.

    What are the other main types of personal loans?
    • Fixed-rate personal loans: These loans have a fixed interest rate and fixed repayment amount throughout the loan term, providing predictability and stability in repayments.

    • Variable-rate personal loans: These loans have an interest rate that can fluctuate over the loan term, which can impact the amount of the repayments.

    • Debt consolidation loans: These loans are used to consolidate multiple debts into a single loan with a lower interest rate, making it easier for borrowers to manage their debt.

    • Line of credit loans: These loans are a type of revolving credit that allows borrowers to access funds up to a certain limit as needed, with interest only charged on the amount borrowed.

    How much can I borrow?

    The amount you can borrow on a personal loan depends on a variety of factors, such as your credit score, income, and debt-to-income ratio. Generally, personal loans range from a few thousand dollars to $100,000 or more. However, the specific amount you can borrow will vary depending on the lender and your individual financial circumstances.

    What documents do I need to apply?

    The documents required to apply for a personal loan can vary depending on the lender and the type of loan you are applying for. However, most lenders typically require you to provide proof of identity, such as a driver’s license or passport, proof of income, such as recent pay stubs or tax returns, and bank statements to verify your financial history. You may also need to provide information about the purpose of the loan, such as a bill of sale or estimate for home improvements.

    It’s a good idea to check with your lender before applying to make sure you have all the necessary documents and information to complete the application process.

    Who can certify a document?

    The specific requirements for who can certify documents for a personal loan may vary depending on the lender’s policies and the laws in your country or state. In general, certification is usually done by a notary public, a lawyer, a Justice of the Peace, or a commissioner for oaths. Some lenders may also accept certification from certain professionals, such as accountants or teachers.

    It’s important to check with your lender before having documents certified to make sure they will accept the certification and to confirm any specific requirements they may have.

    How does the loan repayment work?

    Loan repayment for personal loans typically works by making regular payments of a fixed amount over a set period of time, which is known as the loan term. The payment amount will depend on the interest rate, the loan amount, and the length of the loan term.

    Most lenders require borrowers to make monthly payments, although some may allow for biweekly or weekly payments. When you make a payment, a portion of the money goes toward paying off the principal amount borrowed, while the rest covers the interest charges.

    As you make payments over time, the balance of the loan decreases until it is paid off in full. It’s important to make all payments on time and in full to avoid late fees and negative impacts on your credit score.

    How is the rate of interest calculated?

    The interest on a personal loan is typically calculated as a percentage of the principal amount borrowed. The interest rate can be fixed, which means it stays the same throughout the life of the loan, or variable, which means it can change over time based on market conditions.

    The interest is calculated based on the loan balance at the end of each billing period, and the amount of interest charged is added to the principal balance to determine the total amount owed.

    How long does approval take for a personal loan?

    In some cases, you may be able to get pre-approved for a loan online in just a few minutes, with a more detailed application process following. Generally, the approval process for a personal loan can take anywhere from a few hours to several days, depending on the lender’s policies and the information provided in the application.

    Some lenders may require additional documentation or verification of income or employment, which can add time to the approval process. If you need the funds quickly, it’s important to check with the lender to confirm their estimated timeline for approval and funding.

    What credit score do I need for a personal loan?

    The credit score required to qualify for a personal loan can vary depending on the lender and the loan product. In general, a credit score of 650 or higher is considered good and may increase your chances of being approved for a personal loan with favourable terms and interest rates.

    However, some lenders may be willing to work with borrowers who have lower credit scores, although they may require additional documentation or higher interest rates to offset the perceived risk.

    What should I consider when choosing a loan?

    When choosing a personal loan term, there are a few factors to consider. First, you’ll want to consider your budget and the monthly payment amount you can comfortably afford.

    A longer loan term will result in lower monthly payments but may ultimately cost more in interest charges over the life of the loan. Conversely, a shorter loan term will result in higher monthly payments but may save you money on interest charges in the long run.

    You’ll also want to consider your financial goals and whether you plan to pay off the loan early or take the full loan term to repay it.

    What are the personal loan fees to watch out for?

    When taking out a personal loan, there are several fees to watch out for that can add to the total cost of the loan. These fees can vary depending on the lender, but common ones to watch out for include origination fees, late payment fees, prepayment penalties, and early repayment fees.

    Origination fees are a one-time fee charged by the lender to cover the costs of processing the loan. Late payment fees are charged if you miss a payment or make a payment after the due date. Prepayment penalties are fees charged if you pay off the loan early, while early repayment fees are charged if you make extra payments or pay off the loan early to avoid interest charges.

    It’s important to read the loan agreement carefully and understand all fees associated with the loan before signing to avoid any surprises later on.

    What happens if I fail to repay the loan?

    The lender may take a variety of actions to recover the debt. Initially, the lender may contact you to discuss your options and work out a repayment plan or modify the loan terms to make it more affordable. If you continue to miss payments, the lender may report the delinquency to credit bureaus, which can have a negative impact on your credit score and make it more difficult to obtain credit in the future.

    • “Excellent Experience”

      First time using a service like this and will be recommending to all. I dealt with Albert who was incredible the whole time. He gave me daily updates and was always striving to get the best deal for me. I will definitely be using them again in future if needed.
    • “Patient”

      Being new to personal loan with no prior knowledge. Can’t thank Albert enough! Easy going, patient with all my questions and importantly honest. Very knowledgeable and shared some insightful things about loans as well. Will definitely recommend LendConnect.
    • “Highly Recommend”

      Mark and Antonia are amazing, they are great at what they do. They made the process to get me a personal loan very easy and stress free. They are very professional and also quick at getting great results. Highly recommend them.
    • “Awesome”

      Can’t thank Mark enough for all his guidance, transparency, honesty. Best finance guy I have ever used. Approved my loan within 2 days. Not mention returns call within 10 mins. I would defiantly be using him in the future and would highly recommend him to everyone I know. Mark you are a legend !!!!
    • “Phenomenal”

      Turnaround time was phenomenal. Application submission and credit approval was done same day. My partner and I are very please with the service. Albert has gone above and beyond – he has taken his time to explain everything. Very professional and knowledgeable. We will definitely go to Albert again for future lending.
    • “Understanding”

      Highly recommend LendConnect, Paul and Albert were fantastic. From the very beginning, they took the time to understand my financial situation and provided me with a range of loan options that were tailored to my needs, ensuring that I was well-informed and able to make an informed decision. Thank you for the great service.