FAQs

Secured loans typically use the goods being purchased as collateral. Unsecured loans do not require collateral.

Applicants can commence their credit application with an online enquiry to a lender and by preparing the documents required by the lender. They should have details of the purchase or purpose for the funds and an indication of how much is required.

Casual workers can be eligible for personal financing, subject to meeting the other eligibility criteria. Payslips will be required to verify employment and income.

Yes. Self-employed individuals can apply for personal loans by providing details of their income through tax returns and other documents. Some lenders have minimum trading periods to approve loans to self-employed individuals.

Conditional approval is the initial approval given by a lender that the individual meets eligibility criteria. Approval is then conditional on the lender review and verification of the documents provided.

Not all lenders will require an in-person meeting or presentation at their offices. Most loans are approved via online systems. Some banks do require some individuals to present to a branch to verify their identity to settle the loan.

Yes. Applications can be submitted for loans based on the amount required and the reason for the funding.

Lenders do approve personal loans for solar panel installations.

When a loan offer is accepted, the lender proceeds to finalise the contract and disburses the funds into the applicant’s bank account. The time taken can vary with individual lender processes and systems.

A fixed term will be designated when a personal loan offer is made. The number of years will be dependent on individual lender guidelines and the amount of the loan.