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Personal Loan

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I want to borrow $1,000

Paid back over 9Months

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Cash in your bank within 60 seconds of approval*

*Only available for NPP enabled bank accounts

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Cash in your bank within 60 seconds of approval*

Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*

*During normal business hours.

How Much Money Can I Borrow

How Much Money Can You Borrow On A Personal Loan

Personal loans are designed to fill the gap when you don’t have enough savings to pay for a significant expense. But, before you apply for a personal loan, it is good to know how much money you can take out. It will help you make an informed decision when applying for a loan. So, if you’ve ever been thinking ‘how much money can I borrow?‘, leave it to us!

At Nifty Personal Loans, we help you get a personal loan with ease. We also help you get the most accurate estimate of the money you could borrow with us.

How Much Money Can I Borrow - Nifty Loans

How much can I borrow for a personal loan?

There are certain things lenders consider when determining how much money you can borrow with a personal loan. These considerations vary from one lender to another and can largely depend on the type of loan you apply for. 

For instance, Nifty offers three different types of personal loans, each come with its own eligibility criteria and costs. Before you submit an application, it is important that you determine which loan is right for your circumstance. For reference, here is a quick look at our loan types:

Small LoansUnsecured$300 – $2,000
Medium LoansSecured$2,100 – $4,600
Large LoansSecured$5,000

If you’re looking for an in-depth look at the different costs for each loan, take a squiz at our costs page. When you’re satisfied, simply choose the loan amount and the term that you desire using the loan calculator at the top of the page, this will give you a rough idea of the repayments. Once that’s done, click on the ‘Apply Now’ button to continue with the rest of the application. 

What about eligibility?

It is important to know the amount you need before you apply for a loan so you do not apply for too much or too little. At Nifty, we endeavour to help every Aussie in need of a personal loan, however, we do have our limits. Here are a few requirements that need to be met before applying:

  • Be over 18 years old
  • Be an Australian Citizen or Permanent Resident
  • Have a regular income for a minimum of 3 months
  • Have an active mobile number and email address
  • Have internet banking

Just tick off these requirements and you’ll be good to apply for our Small Loans! It should be noted that applicants looking to apply for Medium, Large or Car loans will need to meet a few extra criteria. This is expanded upon below.

Secured Loans

Along with the above criteria, clients looking to apply for either Medium or Large loans will often be required to put down a vehicle to be used as security against the loan. This vehicle will both need to be owned and registered by the applicant. The types of vehicles that can be accepted include; cars, motorcycles, trucks, caravans, boats and jet skis.

Car Loans

With Nifty in your back pocket, we can become your one-stop-shop for car loan finance! Looking for a new set of wheels? Well, using our broker-finding service, Nifty can help put you in touch with a top-notch broker that can help find car loans from $10,000 to $50,000!

Interested? Well, here’s the low-down. We’ve teamed up with the Diversifi Broker Team, a highly awarded broker that has extensive knowledge and experience in the financial sector. With the help of a top-notch broker, you could have the chance to compare different products from a multitude of lenders, ensuring you find the right product for your circumstances.

Applying is simple, all you gotta do is meet the eligibility criteria and fill out some personal and contact information. Wondering what the criteria may be? Listed below is everything you need to meet before you can get started:

  • Be over the age of 18
  • Employed and working for the past 3 months
  • Receiving income into a personal bank account
  • Hold a current drivers license
  • Have a credit score above 300 (it’s cool if you’re unsure)

If you check all of the boxes and are interested in applying, scroll up to start the application. Once in touch with Diversifi, they will continue with your application. It is important to note that Nifty does not finance or assess car loan applications, we’re simply the middle man. Credit checks may be conducted by both the broker and the end lender.

How much money can I borrow on Centrelink?

Looking to confirm ‘how much money can I borrow‘ on Centrelink? Well, we have some good news! Nifty is an online provider of secured and unsecured personal loans. We provide the loan amount quickly while eliminating the need for unnecessary paperwork. Regardless of the loan purpose and whether you get your income from Centrelink. As long as you’re receiving a minimum of $800 per fortnight, we can take a look at your application!

A Lenders point of view:

Want a little insight into the assessment process? Listed below are a few things that lenders take a look at when assessing a loan application:

  • Purpose of applying for the loan: It is important that you have a specific reason when you’re applying for a new loan. This can help you gauge the amount you need to borrow so you don’t apply for more than you need. It also helps the lender offer you a loan uniquely suited to your circumstances.
  • Your financial position: The lender determines your ability to pay off the loan by evaluating your earning and current outgoings, including expenses and debt commitments. You will normally be required to provide a minimum of 3 months of bank statements so that the lender may accurately assess your financial position. Along with this, lenders will often conduct a credit check to ensure any offer they have is suitable.
  • Debt-to-income ratio: If you already owe a large amount of debt and are struggling to keep up, the lender may find that a new loan is not suitable for your current position. It is advised that you get on top of your existing debts before applying for another loan.

How much money can I borrow? 

At Nifty Personal Loans, we provide borrowers with three types of loans – Small, Medium, and Large loans. If you choose small loans to accommodate your short term financial needs, you can get between $300 and $2,000. This amount is payable between 6 and 9 months. 

With medium loans, you can secure between $2,100 and $4,600, which should be paid off between 9 and 24 months. If you choose large loans to cover a big expense, you can get $5,000 that is payable between 13 and 24 months.

The process to apply for a personal loan is very easy for us. Enter details like the purpose of the loan, desired loan term, etc. And, you will get the loan amount transferred to your bank account within a day. 

We lend loans for varying needs such as dental treatment, car registration, home renovation, medical procedures, buying white goods, and even for a holiday. 

How much money can I borrow on my salary?

The higher your income, the more will be the amount of your borrowing. There is not a standard parameter to judge your loan amount based on your income. Lenders may consider your credit score, any existing loan, or whether you’ve defaulted in the past.

At Nifty Personal Loans, we look at the following essential things in the borrower:

  • You must be at least 18 years old.
  • You are an Australian citizen or Permanent Resident.
  • You receive a regular income into your bank account for at least three months.
  • You’ve had an active email address and a contact number. 

If you meet these eligibility criteria, you can apply online on our website. We send the loan amount in your bank account within 60 minutes during normal business hours.

Do personal loans hurt credit?

Taking out a personal loan has a very little effect on your credit score. It may make it difficult to obtain additional credit before you pay back your loan. In simpler words, you may not get another loan or open another credit card until you pay your personal loan. 

Once you have paid off your personal loan on time, banks consider it as a good sign that you will pay off any future loans. Therefore, it adds credibility to your loan application. Thus, if you properly manage your personal loan and repay it without falling behind the repayment dates, then this type of loan certainly helps improve your credit score. Overdue bills or payment defaults no personal loan can lower your credit score. 

At Nifty Personal Loans, we allow flexibility when it comes to loan repayment. Our flexible and easy loan repayment policies, you don’t have to worry about late payments or overdue bills. It is because, depending on the amount you borrow, we provide reasonably sufficient time to repay the loan.

With us, you can stay confident as we make everything transparent upfront. We also keep you updated on your loan status all the time. We take pride in our unmatched standards of services and deliver fast outcomes

So visit our website, choose the loan amount you need, and apply now to get conditional instant approval on your loan application.


Andy Andy

AUTHORITATIVE SOURCE

Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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Loan Costs

Large Loans

Large Loans

Large Loan Example

$5,000

Loan amount:
$5,000
Terms:
9 - 24 months
Establishment fee:
Variable
Monthly Fee:
$0
APR:
21.24%
Comparison Rate:
48%**
View Example
Loan amounts:
$5,000
Terms:
18 months, (78 weekly repayments)
EEstablishment fee and Total Interest:
$1,897.54
Total payable:
$6,897.54
Weekly installments:
$88.43
View Loan Details
Medium Loans

Medium Loans

Medium Loan Example

$5,000

Loan amounts:
$2,001 - $4,600
Terms:
9 - 24 months
Establishment fee:
$400
Monthly Fee:
$0
APR:
47.8%
Comparison Rate:
65.86%**
View Example
Loan amounts:
$2,500
Terms:
24 Months, (104 weekly repayments)
EEstablishment fee:
$400
Total other fees:
$1,609.44 (reducing interest)
Total payable:
$4,509.44
Weekly installments:
$43.36
View Loan Details
Small Loans

Small Loans

Small Loan Example

$300 - $2,000

Loan amounts:
$300 - $2,000
Terms:
6 - 9 months
Establishment fee:
20%
Monthly Fee:
4%
APR:
N / A *
Comparison Rate:
138.37%**
View Example
Loan amount:
$1,000
Terms:
6 Months, (24 weekly repayments
EEstablishment fee:
$200
Total other fees:
$240
Total payable:
$1,440
Weekly installments:
$60
View Loan Details

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.