Loans

We operate differently from a traditional bank loan as we are entirely online. Before deciding on any bank loan, it is good to check the interest rates and any fees and charges that may apply. Then, consider which loan best suits your circumstances, then you can apply to see if you're approved. 

If you need cash now, then an unsecured loan is often your best choice. At Ozzie Loans, you can apply for a loan from $5,000 to $50,000 and be approved fast (usually within a few minutes, during business hours). To apply for a personal loan with Ozzie Loans, you can complete this all online. We'll ask you some questions relating to your employment, home life, and any expenses you currently have. If you have additional loans and need some fast cash, then consolidating these can be an excellent idea, and it'll reduce your overall repayments. One of the main benefits of applying online is that you can do it at any time and from the comfort of your own home. Applying for a loan online is one of the easiest ways to obtain funding for anything you need.

What is an unsecured loan?

An unsecured loan is offered by looking at your work history and expenses and then providing you with a loan that is comfortable for you to pay back. The main difference between an unsecured loan and a secured loan is that with an unsecured loan, we do not require you to have assets that are linked to the loan. Secured loans are often used to purchase a vehicle or home, and that asset is held in trust if you cannot repay the loan in full. 

Unsecured loans offer you greater flexibility in that they can be used for anything you like. For example, if you're heading out on holiday and want to upgrade to better accommodation, then you can use an unsecured loan for that. In most cases, an unsecured loan is a better choice when you need fast cash. While unsecured loans can be used for anything you like, they may include a higher interest rate than a secured loan. This higher rate of interest is usually because there is a greater risk on behalf of the lender. All unsecured loans have higher interest rates regardless of which lender you choose when you compare interest rates. At Ozzie Loans, our interest rate compares very well against the big four banks of Australia, and with our online calculator, you can easily see what your repayments will be for the life of the loan. 

As a general guide, an unsecured loan is usually much faster to apply for because there isn't any asset that needs to be tied to the loan. With a secured loan, the item you purchase will be recovered and sold if you cannot make the repayments. An unsecured loan is offered based on your ability to pay it back over time. It is often made by looking at your employment history and monthly income. People that have had stable employment for a certain amount of time are seen as more capable of making payments. With Ozzie Loans, you can make additional payments at any time, and you can even pay the loan out early without incurring any fees and charges.

How do you calculate loan repayment?

Calculating a loan repayment by yourself can be very challenging. Firstly, you'll need to work out the interest prepayments for the year while incorporating your repayments. If you want to work out your repayments yourself, then you need to know how much you're borrowing and the interest rate you'll be charged. If you take your borrowing amount and time it by your interest rate as a decimal, then that will give you the total amount of interest you'll pay in a year. After you have your interest amount added to your initial borrowing amount and then divide this number by twelve, you'll have how much your repayment will be over a year. It can become very complicated if you want to work out the repayments over more than a year. 

At Ozzie Loans, we have a calculator available to help our customers work out their repayments based on the length of their loan. Using this calculator can show you precisely what you'll repay throughout the loan, and it includes any fees or application charges that will apply. Knowing what you'll repay each month is an excellent way of making sure you can afford the loan before you apply.

How much can I loan?

The amount you can borrow is dependent mainly on your financial circumstances. Ideally, all loans should have a specific purpose, and the amount you borrow can be used for that purpose. The best loans are ones that you can comfortably pay back over a certain amount of time. By using the loan calculator available from Ozzie Loans, you can easily see how much your repayments are and the total amount of interest you'll repay. Knowing your repayments can help you plan out what amount you can borrow without causing any personal hardship. 

When it comes to personal loans, it is better to have one large loan over several smaller ones. If you have a few small debts, it is better to have them rolled in together, as you'll save on your total amount of repayments. When you're working out how much you should borrow, consider what you're planning on purchasing and applying for enough to cover any other loans. For example, if you need $5,000 for some landscaping at your home, but you still have $2,000 owing on your car, it may be better for you to apply for a single loan of $7,000. While everyone's circumstances are different, considering your options is always best when you take out a new loan. 

When you know how much money you need to loan, you can start looking at all the different products Ozzie Loans offers. The most popular product we offer is our unsecured loan. At Ozzie Loans, we can offer our customers unsecured loans from $5,000 to $50,000, and they can be used for anything you need. You can apply for any of our online loans, and if you apply during business hours, you'll receive an answer in a few minutes. After you receive approval, your funds will be available, usually within a day. Borrowing money through the Ozzie Loans personal loan is ideal for when you need cash today, thanks to our easy finance application process and fast approval. 

Applying for a fast cash online loan is a great way to make a purchase for anything you need. With some other loans, you can get tied down with finding documents and then you still may not have an answer within a reasonable amount of time. Ozzie Loans has taken away much of the standard oversight that comes with borrowing cash. We operate fast as we know that most of the time, people need money quickly and don't want to be held up in finding out every detail possible.