Unsecured Personal Loan vs. Secured personal loan.
An Unsecured Personal Loan is where money is loaned to a qualified borrower without a form of security attached to the loan, this means the criteria for an Unsecured Personal Loan can seem tougher due to the risk involved. Unsecured Personal Loans can be seen as more of a risk to lenders therefor they tend to come with higher rates however have a quicker turnaround time as well as shorter loan terms and all round convenience.
On the other hand a secured personal loan such as a car loan is where the loan is secured to the asset being purchased with the loan. As Unsecured Personal loans do not have this, secured lenders have more peace of mind whereby in the situation loan repayments cannot be met the asset can be sold to cover or reduce most of the outstanding loan and costs. Secured loans generally have lower interest rates than Unsecured Personal Loans as they are seen as less of a risk. Secured personal loans normally have a longer turnaround as we as a longer loan term than that of an Unsecured Personal Loan.
At Nifty Personal Loans we offer quick Unsecured Personal Loans, we have a highly experienced team who assess every application individually focusing on your financial circumstances in particular commitment levels and affordability.
At Nifty Personal Loans we do not charge interest on our Unsecured Personal Loans, we have fixed fee’s and flexible terms, we pride ourselves on being very transparent and understanding to each applicants individual circumstances, once your Unsecured Personal Loan has been approved and your online contract has accepted the latest you will receive the funds will be overnight providing your application has been approved before 4.30pm AEST.
At Nifty we also welcome applications from individuals receiving Centrelink
We will not conduct a credit check through a credit bureau.
WARNING: Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, call 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
- If you are on government benefits, ask if you can receive an advance from Centrelink: www.humanservices.gov.au/advancepayments
The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009
To be eligible for a Nifty loan you must:
- receive a regular income which is paid into your bank account for at least 3 months;
- receive at least $400 per week or $800 per fortnight from an employer or Centrelink;
- you must not have received a Centrelink Emergency payment within the last 3 months;
- not be in financial hardship, dealing with a financial councillor or be considering entering any form of bankruptcy;
- you must show evidence of being able to handle financial commitments on your bank statements (regular payments, direct debits, etc.).