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A large personal loan offers a great solution to those seeking a larger bump to their finances. With so many options available, it can be hard to know what type of loan is best for your circumstances. With the help of Nifty, you could secure a large personal loan completely online! Before we get into what we offer, though, let us give you a quick rundown on the different types of personal loans and what they can be used for.
For fair loans for Centrelink customers, check out our dedicated page.
Large personal loans usually come in the form of a lump-sum payment or line of credit. They are used to cover a variety of larger personal expenses ranging anywhere from $5,000 to $100,000, depending on the provider. With a personal loan, it is common for these to be repaid over a period of two to seven years through regular instalments. Repayments will include a portion of the principal loan amount alongside incurred interest and other fees and charges.
Specific interest rates and fees will differ from provider to provider, so it is important you conduct a little research before applying for a personal loan. One factor that can help when comparing different personal loans is the comparison rate. Shown as a percentage, a comparison rate includes both the fees and interest rate that are charged on a specific loan. If the comparison rate is the same as the interest rate, this is an indicator that the loan does not charge any servicing fees; though it is always important to check with the provider.
With so many different options for large personal loans, it can be a little daunting when deciding which is the best option for your circumstances. Well, fear no longer! We have compiled a brief list of the most common types of personal loans. Have a look below to see which you may be interested in.
Fixed-rate large personal loans are some of the most common products offered by traditional lenders. As the name suggests, fixed-rate personal loans have a set interest rate that will remain the same for the life of the loan. This is helpful as the repayments to the loan will not fluctuate due to changes in the market; perfect for those looking to keep a consistent budget.
With this, though, fixed-rate personal loans will usually only have a maximum repayment term of five years. It is also possible that you could be charged extra if you are looking to make extra payments or pay out the loan early.
Variable-rate personal loans have an interest rate that can fluctuate with changes in the market. This can work in your favour as when they are low, you will enjoy the benefits of lower repayments. Along with this, they will also usually sport lower fees and offer fewer restrictions on both extra payments and early payouts.
Though there are also some obvious trade-offs. If interest rates rise, the repayments of your loan will increase and may cost you more in the long run. Some may also find it difficult to budget if the repayment is constantly changing.
When applying for a secured large personal loan, you will need to borrow the money against an asset that you own. In most cases, you will need to place an asset that you own down as security. Now, depending on the lender, you could put down a property, car, boat, trailer or other assets that you own.
In other cases, the asset you purchased through the loan will then be used for security. Being as it is, the lender then becomes the technical owner of the asset. Whether this is a vehicle or otherwise, it does not mean that you can no longer possess the asset; It just means that if anything were to happen, the lender would become the first entitled entity. Some expenses you may use a secured large personal loan could be as follows:
Unsecured large personal loans are a little different. As with any loan, money borrowed still needs to be repaid at an extra cost. The difference with an unsecured loan is that you do not need to produce an asset to be used as security. There are some downsides to this, however. It is common for the lender to have stricter lending criteria and higher costs for unsecured loans as opposed to secured. This really boils down the risk incurred by the lender. Listed below are a few examples for expenses you may cover using an unsecured personal loan:
For more general information on personal loans, you can visit the Moneysmart website.
This is a difficult question, as it really depends both on the loan provider and your current financial position. One of the most important things to be aware of when applying for a personal loan is your credit score. Depending on where this falls, your borrowing capacity will be affected greatly.
If you find that your credit score is a little low, Nifty may still be able to help. We pride ourselves on being different. We take a fresh approach to lending. This means we can still look to approving a loan for you even if you have a less than average credit score. How might you ask? Well, rather than base our assessment solely on your credit fill, we will also look at your recent bank statements and payment history. This enables us to look at your current relationship with money and get a full picture of your current financial situation. Nifty, right!?
At Nifty, we’re proud of the fact that we’re customer-focused. Being an online lender within the internet age means that you need to go above and beyond in order to stand out. This is why Nifty has made it a focus to provide a stellar experience for our customers. From applying to managing an account, you will find that the Nifty process is fast, effective and convenient.
Now, onto what we do offer. We provide small to large personal loans from $300 – $5,000. The repayment terms for these products vary depending on the loan amount, though, they generally fall between 6 and 24 months. Depending on your situation, we can offer either secured or unsecured loans. For greater comparison, the table below outlines the specifics for each loan product.
|Loan Type||Amount||Term (Months)|
|Small Personal Loan||$300 – $2,000||6 – 9|
|Medium Personal Loan||$2,100 – $4,600||9 – 24|
|Large Personal Loan||$5,000||9 – 24|
So, if you’re after a large personal loan… Apply today! If you’re interested in our other loan products, or just have a question, feel free to hit us up from our Contact Us page.Apply Now
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.Read More
$5,000 - $10,000
$2,001 - $4,600
$300 - $2,000
* 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.