Who offers unsecured personal loans?

Unsecured personal loans are offered both by large, traditional banks such as NAB, and non-bank lenders like OMM or Harmoney. Non-banks are governed by the same regulations as banks, so both are safe and secure options for your borrowing needs. The key difference between a bank and a non-bank is that non-banks hold a credit licence and not a banking licence. This means that they cannot provide some banking services, such as taking deposits. If you prefer to do all your banking in the same place, you may want to stick to the banks. Typically, non-banks offer more competitive rates, with lower set-up and ongoing fees. However, they may have fewer loan options compared to traditional banks. Non-banks can also be more flexible and may provide better, personalised service when compared to traditional banks.

Is there a difference between unsecured loans from banks and online lenders?

Once you have the loan approved, there isn't all that much difference between a personal loan from a big or an online lender. Here are some points to consider: Online lenders may have lower rates. But the difference is smaller than you think because many banks now have quite competitive rates. Convenience. The big banks have smartphone apps that make managing your loan easy. If you already bank with one, you could get approved quickly and manage all your savings, cards and loan accounts in one place. But online lenders often have well-designed apps too. Eligibility. If you have a weak credit score or a history of bad credit then online lenders specialising in personal loans are more likely to have products for you. A bank may decide you're not worth the risk.

Can I get an unsecured personal loan for my business?

Some lenders have no problem with how you use the loan. But some offer specific unsecured business loans and you might be better off getting one of those instead. If you want to use your business performance in place of proof of income the lender may insist you get a business loan.

Can I get an unsecured personal loan if I am self-employed?

Some lenders will happily offer unsecured personal loans to self-employed borrowers, especially if your are able to demonstrate stable income via your business. If this is harder to prove then you could look at a low doc personal loan. These have higher rates but more flexible application criteria.

Is it hard to get an unsecured personal loan?

Unsecured personal loans are relatively easy to get. There's no asset being offered as security, so there's one less thing for the lender to assess. Plus, rates are personalised to your creditworthiness. But you still need to meet the lender's borrowing requirements.

How long does it take to get an unsecured personal loan?

Most lenders can approve an unsecured personal loan within 24 hours if you meet the lending criteria and have all the identification documents and proof of income.

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