Personal loan

Knowing the difference

Secured vs unsecured loans

A secured loan is a type of finance where an asset is held as a collateral by the lender. In most instances, the asset being purchased is used to secure the debt. This type of finance bears lower interest rate than an unsecured loan. If a person fails to honour his/her commitment towards the debt, the lender can sell the asset to recover their funds.

An unsecured loan also referred to as a personal loan is a finance product which does not involve any collateral. In other words, a person does not need to provide an asset as security to obtain this loan. Personal loans bear higher interest rates, usually over 10%, as lenders have greater exposure towards the loan.

Eligibility:

  • Must be 18 years and over
  • Be a permanent Australian resident
  • Good credit history demonstrated in the last 5 years
  • Must be off probation
  • Main income must not be from Centrelink

Purpose of the loan:

  • Car
  • Renovations
  • Holiday
  • Medical
  • Other

What is on offer

  • Minimum lend is $5000
  • Loan term can be between 2 – 7 years
  • Fixed interest rates
  • Ability to pay weekly, fortnightly or monthly

We are Here to Help You

Our goal is to provide fast, reliable, and affordable car loans to the public.

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Looking to buy a car? then apply for loan now.

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Call us at

1300 616 901

info@centrelinefinance.com.au

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