Unsecured Personal loans

A small personal loan can be perfect for getting you out of a tight spot or when you're having an emergency. With most loans approved quickly and the funds being available in less than a day, you can rely on our team to help you out when you need it the most. At Ozzie Loans, we understand that life has its little ups and downs and that you can't plan for everything. Even if you have everything sorted out and your budget planned for the month, sometimes things can happen (car accidents, medical bills, etc.) that were totally unplanned! In these times, it is good knowing that loans are available and they can be approved fast.

You can quickly see how much your repayments are based on how much money you need using our online loan calculator. You can adjust the amount and the loan terms to find a repayment schedule that fits in with your lifestyle. Provided you have a regular income (including pensioners), you’re an Australian resident, and you're happy with our interest rates, then you can apply today.

What is an unsecured personal loan?

Unsecured personal loans are when you're looking for cash loans because you're not buying anything of substantial value that can be used as security. These loans can also be offered when you are only looking for a small loan. At Ozzie Loans, our unsecured personal loans will cover you for any amount from $5,000 to $50,000. While we can't speak for other lenders, we offer these loans based on your employment history and your capability of making regular repayments. You can use the funds from your loan for any reason that you may have.

However, it is best to have a single reason at the time you apply. One of the most common reasons people will request a personal loan is when something unexpected happens. For example, if your budget is going strong and you have everything under control, but then your refrigerator breaks down. Most people do not budget to replace a major appliance, and with something like a refrigerator, these can be expensive to replace. By applying for a small personal loan, it can get you back up and running fast. 

At Ozzie Loans, we are focused on you being able to repay the loan and not affecting your monthly budget. As our personal loans are approved on your ability to repay them, we are less concerned about what the money will be used for. On our website, we have a personal loan calculator available for use, and that can provide you with an example of what your repayments will be each month, and it'll show you how much you'll repay over the lifetime of the loan. Using this calculator, you can easily judge what repayments are easier to add to your monthly budget. 

Another excellent advantage of unsecured personal loans is that you don't need to borrow the entire amount to cover your purchase. For example, if your car is broken down and you need to replace the engine, but you only have enough cash saved to pay for half the bill, you can take out a small personal loan to cover the remainder. Often with things like car repairs, you're not fully aware of the final costs until after the repair has been completed, so it is great knowing that with Ozzie Loans, we can approve your loan and have the funds ready within a day.

What is a secured personal loan vs an unsecured personal loan?

The main difference between secured and unsecured personal loans is that a secured loan is tied to an asset, and an unsecured loan is not. In addition to being connected to purchased or existing assets, secured loans often have a lower interest rate, as there is less risk from the financial institution. Secured loans will commonly have a longer loan term, and they are generally easier to obtain for people without any credit history. However, if you do not have any assets greater than your loan value, then it is unlikely you'll be approved. In addition, secured loans can take additional time (approximately two weeks) for approval as there are more components for the lender to examine. 

With unsecured personal loans, approval can be very fast (usually no more than a few minutes), so it is ideal when you need cash fast. While the interest rates may be a little higher, your loan is not tied to existing assets. Instead, the loan is approved based on your capability to make the repayments. For an unsecured loan to be approved, you'll need to prove your regular income; this can be completed using your bank statements. Unsecured loans are also considered low doc loans as there is not much paperwork that needs to be completed. If you need cash for reasons other than purchasing a substantial asset (car, house, etc.), then an unsecured loan is an excellent choice. In most cases, a lender will not ask what the funds will be used for; instead, they'll focus on your ability to make regular repayments.

How to get an unsecured personal loan?

At Ozzie Loans, you can apply for unsecured personal loans and cash loans online. On our website, you'll find all the tools needed to apply for a loan. Before you get started, it is highly recommended to use our personal loan calculator to work out your repayments and the loan length best suited to your circumstances. When you look at our individual loan interest rates, you'll find that these are very competitive compared to the big four banks. After you've decided on how much you'd like to borrow and the loan term, then you can get started with the application. 

The first thing you'll need to do is enter how much you need to borrow and how long you'd like to pay it all back. In most cases, the longer you have the loan, the more interest you'll pay, but the repayments will be smaller and therefore more manageable. Most people find that a longer loan term is easier to manage, as often higher repayment amounts can put additional stress on your income. But you should consider what is best for you and then fill out the other details.

The online application form is reasonably easy to fill out, but you can contact one of our team members for assistance if you have any issues. If you're not sure about your monthly expenses, you can look through your banking details and add up the bills you paid over the year. After you enter all your details and submit the application, we'll check your personal loan eligibility and offer you a response. Most unsecured personal loans are approved within a few minutes during our business hours. However, for some complicated loans (self-employed, etc.), we may need additional time to assess the application properly.