FAQs

The two main types of personal finance are secured and unsecured credit products.

Secured loans use the goods being purchased as collateral. With that assurance, lenders can offer lower rates than on loans without collateral.

Secured personal finance typically has a fixed rate. Unsecured loans may have fixed or variable rates. Variations occur with different lenders.

Unsecured personal credit may be obtained for a holiday, subject to lender approval.

Finance offers can vary from estimates derived using an online calculator. Calculators do not have the functionality to check credit scores and individual applications. Calculators do not allow for lender fees and charges which vary with different lenders.

Unsecured credit may be approved without collateral, subject to the strength of the individual application and the lender.

Secured financing is used to acquire goods which are deemed suitable collateral. These can include motor vehicles, watercraft, motorbikes, caravans and similar goods.

To apply for personal finance, applicants must be over 18 and provide documentation on their income and financial status, residency, ID, expenses and similar personal information.

Used vehicles may be financed with a secure loan where the lender accepts the car as suitable collateral for the credit.

Borrowing limits are established by lenders following an assessment of the individual application. The limit can depend on the earnings capacity, debts and expenses, and credit score.