Unsecured Personal Loan
RateSetter Unsecured Personal Loan
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Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
$3k to $30k
monthly over undefined years
- No early repayment fees
- Can apply online
- Can apply in branch
- Monthly fee charged
- Application fee charged
- Has ongoing fees
Early Exit Penalty Fee
Missed Payment Penalty
Redraw Activation Fee
Available to 457 Visa Holders
Line Of Credit
$3k - $30k
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Bank of Us is Tasmania’s only customer-owned bank and has a history dating back as far as the 19th century.
With only eight branches serving members within Tasmania, Bank of Us is an online bank for the rest of Australia.
In addition to personal loans, Bank of Us also offers its customers everyday bank accounts, savings accounts, credit cards, home loans and insurance.
Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.