Personal Loan Broker: One Application, Many Lenders
Applying for a personal loan at three banks to see who says yes leaves three enquiries on your credit file, and each one can make the next lender more cautious. A finance broker does it the other way round. We look at your situation first, work out which lenders are likely to approve you on good terms, and apply once.
Secured or unsecured?
- Secured personal loans use an asset, usually a car, as security. Because the lender can recover the asset, rates are usually lower.
- Unsecured personal loans have no security. They’re more flexible about what you use the money for, but generally cost more.
If you’re buying a car, a secured loan is often the cheaper choice. We’ll show you both so you can compare the comparison rates directly.
What people use them for
Debt consolidation, cars, home renovations, weddings, medical or dental bills, solar panels, and moving costs. Some lenders have special rates for specific purposes, like green loans for solar.
Who we help
- Employees wanting a faster, simpler route than shopping around themselves
- Self-employed borrowers, whose income banks sometimes struggle to assess
- Visa holders, who are turned away by lenders that only accept citizens and permanent residents. See personal loans for visa holders
- People rebuilding their credit, where we’ll be honest about what’s realistic
Understanding the real cost
The advertised interest rate is only part of the story. The comparison rate includes most fees, so it’s the better number to compare. Also check for establishment fees, monthly account fees, and early repayment fees if you might pay it off sooner.
How we work
- Tell us how much, what for, and a little about your income and expenses.
- We match you to suitable lenders and explain your options.
- You choose; we lodge one application and chase it.
- Funds are paid to you, or directly to the seller or the debts being paid off.
Personal Loan: frequently asked questions
Do you charge a fee?
Brokers are usually paid a commission by the lender when your loan settles. We’ll explain exactly how we’re paid, and any fees, in our credit guide before we help you apply.
Will checking my options affect my credit score?
Talking through your options with us doesn’t affect your credit score. A credit enquiry is only recorded when a formal application is lodged with a lender, and we’ll tell you before that happens.
How fast can I get the money?
Once you’ve picked a lender and supplied your documents, many personal loans are approved within one to two business days and paid soon after. It can take longer if the lender needs extra checks.
Can I repay early?
Many lenders allow it, though some charge an early repayment fee on fixed-rate loans. We’ll point out which.
Related finance options
Not quite the right fit? These pages cover options that often suit people in a similar position:
Prefer to talk it through? Book a free consultation or call +61 405 142 021.