Secured or Unsecured Loans
Personal loans can be secured or unsecured loans and used for a wide range of purchases and purposes.
Use Our Specialist Services when Applying for a Personal Loan
Applying for personal credit can be a major undertaking, with many options available across the vast consumer lending market. Applicants need to understand the terminology, the features and conditions of the credit product, the documentation needed to apply and any downsides, in order to make informed decisions around their personal financial situation.
Why Jade Finance?
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Personal Loan Specialist
With over 25 years of experience in finance, we have a reputation for negotiating great rates with same-day approvals.
Expert Assistance for Personal Loan Applications Across 80+ Lenders
We provide experts to assist applicants with all the steps to secure a personal loan. Across the large lending market there are variations in eligibility criteria, application requirements, loan amounts and in lending products. With our vast coverage of the market, we have the resources to source the lender that is best suited to the profile and we handle the personal financing application by liaising with our lenders.
Personal loans can be a convenient and flexible way to meet commitments and realise aspirations. Speak with us about how we can assist you with applying for a personal loan to achieve your life objectives.
Pre-Application Introduction to Personal Loans
Personal loans are available through many banks, finance companies and other non-bank lenders.
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Secured Loans
Secured credit is typically used to purchase goods where the goods can be used for collateral against the loan. These goods can include cars, boats, caravans, motorbikes and similar items which a lender accepts as suitable collateral.
Unsecured Loans
Unsecured personal loans are not secured by the purpose of the loan and can be used to cover many expenses. These can include travel and holidays, weddings, baby arrivals, milestone celebrations, solar panels, household goods, medical expenses, education and training, to consolidate a number of debts, and other personal investments.
Flexible Repayment Options
The interest rate may be fixed or variable, depending on the lender. Terms are typically fixed, and repayments scheduled on a monthly basis. Some lenders do offer weekly and fortnightly payments. Extra repayments are permitted to allow borrowers to repay the commitment earlier.
Find the Best Personal Loan Option to Suit Your Needs
Speak with us about which option will best suit your requirements.
- Secured and Unsecured Personal Loans available.
- Use for many purchases and purposes.
- Variable and fixed rate personal loans.
Personal finance guides and resources
Our guides offer quick comparisons and simple explainers to help you work through the financing process with confidence.
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Enjoy the Benefits of Securing Personal Credit Through Jade Finance
We offer many benefits when assisting customers with their personal financing application. With our accreditation with more than 80 lenders, we have the resources to find the right lender, the right product and the most competitive interest rates from across the market – without impacting our customer’s credit score!
When an individual applies to multiple lenders for the same loan, in an attempt to find the best option, it can negatively impact their credit score . When we cover the market on your behalf, there is no impact on your credit score. Plus, you have experts in consumer lending looking after your best interests at all the loan application steps. We know the criteria used by our lenders to approve applications and we know which lenders approve applications for different purposes.
Our brokers will explain the terminology, the terms and conditions and handle discussions and negotiations with lenders on your behalf. We save you time, save your credit score and deliver the most suitable, lowest rate financing solution. Let’s get started.
- Experts to guide and advise through the application process.
- Competitive rates sourced for you from 80+ lenders.
- No impact on your credit score.
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Know Your Eligibility Criteria for the Personal Financing Application
Personal loans come under the Consumer Credit sector of the lending market and this sector is regulated by ASIC. This means that lenders must adhere to the responsible lender guidelines. Beyond these essential requirements and regulations, lenders also have their own criteria for approving applications.
The essential requirements are:
- Over the age of 18 years.
- Permanent Australian/NZ resident or hold the required VISA.
- Have regular and verifiable taxable income in Australia.
- Have a verifiable and fixed Australian residential address.
- Have a credit history which can be reviewed.
Lenders will have their own criteria on minimum income requirements, minimum credit score required, creditworthiness and eligibility for loans for different purposes. Lenders also have their own guidelines in regard to how much they will approve for personal credit – both minimum and maximum amounts.
Your Jade broker will be working to match your profile – income, score, financial position and loan purpose, with the right lender. Contact us to discuss your eligibility.
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Prepare Documents and Information for Applying for Personal Loans
The steps to secure a personal loan include providing the lender with a range of documents and information. These are quite extensive but are required under Consumer Credit Laws. Failure to provide all the necessary information may result in the application not being approved or conditions placed on approval.
- Identification proof with Australian driving licence, Medicare card, passport, birth certificate, photo ID. Some or all may be requested.
- Details of all the debts that are in your name. That includes loans as well as credit cards and outstanding instalments on buy now pay later purchases.
- Proof of income with payslips from the employer or other sources of income such as Government allowances and payments, shares, rental income etc.
- Self-employed individuals need to verify income with documents such as tax returns.
- Details of regular monthly expenses such as rent, utilities, insurance and other outgoings.
- Bank statements to verify financials.
Applicants should provide details of their assets, that is, goods that they own. Details will also need to be provided on the purchase or purpose for the financing. If a secured loan is required, details of the goods will be required so the lender can assess the goods as suitable security.
If an unsecured loan is required, the purpose for the funding needs to be detailed with the total amount required for the loan. Lenders may also request additional documents to meet their individual guidelines.
Your Jade broker will be guiding you through these loan application steps to ensure you provide all the details required to get your loan approved.
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Step-by-Step Guide – How to Apply for a Personal Loan
The application process can vary with individual lenders. Using Jade to handle your application ensures a smooth and streamlined process. Applicants can first submit their enquiry online or by phone with one of our brokers. Conditional approval is received based on meeting eligibility criteria.
Documents and information are then provided to us to complete the application form and allow for the review and verification process. This includes our broker selecting the right lender to suit your profile and sourcing a quote or offer with the most competitive interest rate and conditions.
Quotes and offers are provided with no obligation. Your Jade broker will present you with the best offer we have sourced from across our lender panel for you to consider. When the offer is accepted, we work with our lender to move to the final step – settlement and disbursement of funds.
On settlement, the funds are disbursed into the designated bank account for unsecured loans or to the seller or dealer for secured loans for goods such as cars and boats. Our process is fast, simple and many applicants can receive their approval in 24 hours.
Talk to a Jade broker for more details.
- Fast, smooth personal application process.
- Experts to assist with application.
- Approvals in 24 hours.
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Understand the Personal Financing Application – Loan Terms and Conditions
It is important that when applying for personal loans, individuals understand the terms and conditions associated with consumer credit in general and with the specific credit product they are applying for.
Some of the important elements to understand include:
- Annual Percentage Rate (APR) or interest rate. This is the interest charged on the funds without allowing for fees and charges.
- Comparison Rate – the interest rate when fees and charges are included. This is shown in lender ads based on a specific loan example.
- Term – the number of months or years over which the loan is to be repaid.
- Repayment – the amount that is required to be paid each month, week or fortnight, depending on the loan product.
- Fees and charges – these may include loan establishment fee, monthly account fee and others.
- Break fees – a fee charged by a lender when a loan is finalised prior to the end of the term.
Your Jade broker will explain the details of the quote/offer we source for you to ensure you understand every aspect of the loan.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, NEW GOODS, EFFECTIVE 20/12/2024 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
We work harder to secure the best rates.
Personal Loan Application FAQs
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Secured loans typically use the goods being purchased as collateral. Unsecured loans do not require collateral.
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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.
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Casual workers can be eligible for personal financing, subject to meeting the other eligibility criteria. Payslips will be required to verify employment and income.
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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.
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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.
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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.
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Yes. Applications can be submitted for loans based on the amount required and the reason for the funding.
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Lenders do approve personal loans for solar panel installations.
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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.
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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.