Personal loans are a popular financial service that can help you handle all sorts of expenses, whether you’re looking to pay off debt or splurge on something big like a holiday or a car.
Unlike credit cards that usually hit you with sky-high interest rates, personal loans generally come with lower interest rates and steady monthly payments.
This makes them a great choice for anyone wanting to keep their finances in check!
However, not all loans are created equal. Some lenders charge higher personal loan rates, while others offer a one-size-fits-all approach that doesn’t reward you for having good credit.
Don’t worry, we’re here to clear up the confusion and give you the lowdown on how to find the best personal loans.
Keep reading to learn more about the different types of personal loans, what to look for in a lender, and how to choose the best personal loan for you.
Types of Personal Loans
Unsecured Personal Loans
Unsecured personal loans are perhaps the most popular type of loan. As the name implies, these loans do not require collateral, meaning your personal belongings aren’t at risk if you fail to repay the loan. Unsecured loans can be used for various purposes, such as consolidating debt, house renovations, or even funding a holiday.
Lenders vary in the amount they’ll lend unsecured. Auckland Loans offers unsecured loans up to $75,000, a huge increase over many lenders’ $30,000 caps.
Secured Personal Loans
In contrast to unsecured loans, secured personal loans require you to provide collateral, such as your home or car. Because these loans are backed by an asset, they often come with a lower loan interest rate. However, if you don’t make your payments, the lender can seize the collateral. Secured loans can be a good choice for those who may not qualify for an unsecured loan due to lower credit scores, or for people who want larger loan amounts. In addition, lenders usually charge lower interest rates for secured loans because they pose less risk to them.
Debt Consolidation Loans
If you’re juggling multiple debts, a debt consolidation loan can help you manage your financial situation more easily. When you take out a debt consolidation loan, you combine all your existing loans, credit cards, and other payments into one new loan. You can stretch out your repayments over a longer time, making them much easier on the wallet. Plus, there’s usually a chance to add a little extra cash to your loan if you need it!
Small Cash Loans
Sometimes life throws you a curveball and you just need a bit of extra cash to cover an unexpected bill. Random bills pop up, your car breaks down, the dog needs a vet visit, your teeth might need some work – whatever it is, a small personal loan can help. However, be honest about how much you really need to borrow, as many people don’t borrow enough and then have to take out multiple small loans to cover their costs, which ends up costing more in the long run.
Fast Loans
When something unexpected arises and you need to take care of something quickly, a fast loan is a popular option. It could be to repair something that’s broken, medical expenses, or other living expenses. At Auckland Loans, we understand the need for speed, that’s why we work super fast to get you the cash you need. Just apply using out 2-minute loan application form and we can usually get approval within 1-2 hours* with same day payout*.
Other types of personal loans include:
- Wedding loans
- Home renovation loans
- Business loans
- Medical loans
- Same day loans
- Vehicle loans
*Subject to responsible lending criteria.
Best Personal Loans for Bad Credit
If you have a bad credit history, don’t be discouraged – you can still get access to the best personal loans. It all depends on your lender.
Some lenders shy away from lending to people with poor credit history, but not Auckland Loans.
We believe in second chances, and that even if you’ve made financial mistakes in the past, you deserve the opportunity to redeem yourself!
Plus, if you make your loan payments on time, this will be reflected in your credit report, giving your credit score a boost.
If you’ve got regular income and can make your monthly repayments, there’s a good chance we can find a positive outcome for you. Just get in touch with our friendly team for a chat about your situation – we listen and we care!
Finding the Right Lender
Not all personal loan lenders are the same. Traditional lenders, like banks, tend to offer a one-size-fits-all approach, which means even if you have a good credit score, you might not get a better loan interest rate.
At Auckland Loans, we have a tailored approach where we give you the lowest rate depending on your personal circumstances. As a loan broker, we use our network of low-cost lenders to get the best rates on the most favourable loan terms. More lenders means more chances of approval!
We can also structure your loan with favourable repayment terms to make your monthly repayments more affordable. With loan terms from 6 months to 7 years, you can be sure you’ll have plenty of disposable income left to do what you want.
How to Apply for a Personal Loan
Applying for a loan with Auckland Loans couldn’t be easier with our fast online loan process.
Simply complete our 2-minute online application form and we’ll be in touch to get some more details from you. Then we’ll get straight to work finding you a great deal on the best personal loan.
We work 100% online so there are no pesky paper forms to fill out or appointments to attend.
You don’t even have to send in your bank statements – you just give us access through our secure online portal.
All you have to do is apply and then sit back while we do the hard work on finding you the best loan at the lowest rate.
We’ll keep you in the loop every step of the way until the money is in account.
With our expertise, we’re all about finding the perfect fit for you and making sure the payments won’t break the bank.
How Much Can I Borrow?
The amount you can borrow depends on the type of loan you take out.
Our limit for unsecured loans is $75,000*, while with a secured loan you can borrow up to $150,000*, maybe even more if the financial circumstances are right.
Use our personal loan calculator to find out what your payments would be.
*Subject to responsible lending criteria.
Why Choose Auckland Loans
- Better local lending
- Lowest rates from just 9.95%
- Loan terms tailored to you – flexible repayment options
- Super easy application process
- High approval rates
- 100% online process
