Personal Loan Brokers

Personal Loan Brokers Match Your Application with the Lender of Best Fit...

Personal Loan Broker Online Questions and Answers

Personal loan brokers have access to a wide variety of personal loan lenders that loan money for personal loans.
They are there to assist you to be matched with lenders that can assist you, taking your own unique circumstances into account.

  • Why should I use a Personal Loan Broker?

    Personal loan brokers experience and knowledge of financial products and lenders is an invaluable resource in getting you personal loans online, whether unsecured personal loans or secured personal loans; or a car loan.

    Many people have applied for a personal loan and been declined with the answer 'you don't meet the lending criteria'. Often this is the right answer because all lenders have different criteria which are put in place to select the exact customers they want.

    This is one of the many advantages of dealing with personal loans brokers. They are aware of the lenders criteria and place your details with the personal loan lenders that best suits your individual circumstances.

    In addition, sometimes you may not meet one of the lending criteria by only a small margin, but in other areas you may be very strong. Knowing your individual circumstances and the lenders criteria, enables them to "match" you; on your behalf with the lender of best fit, turning a potential decline into an approval.

    Using personal loan brokers to find the right personal loan increases the chances of you getting your loan approved.

  • What is the process for getting a loan; What 'Supporting Documentation' do I have to supply?

    1/ Find a personal loan broker or lender and complete their online assessment form.

    2/ You will be matched to personal loan lenders that specialises in organising loans with your individual circumstances, and secure a loan specifically for you.

    3/ The personal loan broker will advise you of exactly what is required in your circumstances, but as a guide:

    * If you are consolidating an existing Personal Loan, 6 months most recent statements
    * If you are consolidating a store/credit card, 3 months most recent and complete statements
    * A Home owner/Mortgage will need to supply current council rates notice
    * If you are employed; 2 most current pay slips
    * If you are self employed, most recent tax assessment notice
    * If living in N.S.W. the signed Financing Broking Contract
    * If living in Vic. the signed Finance Broking Appointment

    ( The last 2 can be printed off of the personal loan broker's web site; or they can email/fax them to you)
  • How long will it take a Personal Loan Broker to get an approval?

    Once the personal loan broker has ALL of the 'supporting documentation' and other information needed, they analyse the information and select the best outcome for you.

    The time from having all the information to a 'conditional approval' is generally less than 2 hours. Plus, as a special service, if you get ALL the information they require, within 24 hours, they will often give your application "PRIORITY" status.

    So make sure you send everything needed as fast as possible ..... helping them get the money to you much faster..........

    Click here to find a personal loan

  • Will Personal Loan Brokers do a Credit Check?

    Many personal loan brokers don't care about your credit file, all they care about is getting paid, so they apply a "shotgun" approach to getting you a loan, hoping that someone, anyone, will give you a personal loan.

    In this process, many enquiries are made on your Credit File, leaving long lasting problems that can take years to correct.

    To stop this from happening allow the personal loan broker to submit your details to one lender only.

    Click here to find a personal loan

  • What repayment terms can I have?

    With regards to your repayment frequency, you can choose weekly, fortnightly or monthly repayments which ever works best for you. Let your personal loan broker know what suits you the best.

    With regards to the length of the loan, your personal loan broker will be able to let you know what options are available to you once they have a completed application for the loan purpose. Lenders have different criteria, and it will also depend on your score.

    Click here to find a personal loan

  • What will the interest rate be on my loan?

    A Personal loan broker does not lend you the money, therefore they do not determine the rate.

    The role of a personal loan broker is to find which Bank, Credit Union or Finance Company will be lending you their money. As such, the lenders determine the interest rate themselves and let the personal loan broker know what it will be when they give "unconditional" approval for your loan.

    It is fair to say however, that most personal loan broker's have access to the most competitive rates in the market place and can and do negotiate with personal loan lenders on your behalf to get the best deal possible...

    Click here to find a personal loan

  • How do lenders determine what interest rate to charge me?

    All lenders operate the same way, lending money based on the assessment of risk.

    The rate will be determined by the strength of your application.

    Every piece of information earns points giving a total score at the end. For example if you are a home owner you will score more points than someone who is renting, although the person renting will score extra points if they have been at the same address for a long period. The same applies to employment, credit defaults and the list goes on.

    All of the information can be verified by the lender, or you may be asked to provide verification, so it is vitally important to provide accurate information.

    Conflicting information can result in your loan being declined.

    Your personal loan broker is there to help as they check all the information before they submit it to the lender, so help your personal loan broker help you, by supplying honest, complete, and accurate information.

    Click here to find a personal loan

  • What are the repayments going to be?

    Repayments will be determined once the personal loan has been 'unconditionally approved', and your personal loan broker has negotiated the best possible deal for you.

    As a very rough guide, loan repayments are approximately $6 per week per $1,000 borrowed. You can use our personal loan calculator for a more accurate indication.

    Many factors have an impact on the repayment amount, amount borrowed, term of the loan, strength of the applicant and finally the interest rate.

    This estimate is an indication only, and will vary depending on your specific circumstances...

    Click here to find a personal loan

  • What are the Finance Brokers Contract / Finance Brokers Appointments?

    These two documents are legal requirements for a Personal Loan Broker in several states of Australia.

    They are designed specifically to disclose the maximum limits for the credit you are seeking. The information contained in them, describes the upper limits on loans from the panel of lenders, and not an indication of what your actual loan terms will be.

    One of the advantages of personal loans online is the many contacts with brokers lenders. This means you are able to get the best fit for your situation.

    In states where these documents are required, a personal loan broker CAN NOT get a consumer loan for you without completing them as they are a legal requirement.

    They are also required BEFORE your application can be passed on by a personal loan broker to any lender...

    Click here to find a personal loan

  • Can I make additional repayments?

    Many lenders offer this option on their loans, and is often available without penalty. Your personal loan broker will be able to let you know what is possible once the loan is unconditionally approved.

  • What are the fees and charges?
    Each lender has a different scale of fees and charges, including different fees, depending on the type of loan you apply for. Once your personal loan broker has all of the information and reaches the final 'Unconditional' approval stage they, and therefore you will know all of the fees and charges for your particular loan. As a general indication however, application fees are commonly around the $150 to $250 mark.

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  • Are there any hidden or other charges?

    Once your personal loan broker has provided you with the loan repayment amount, it is inclusive of ALL fees and charges. "Drive away no more to pay"

    Click here to find a personal loan

  • Excellent National Online Brokers

    There are finance brokers that take Applications for personal loans online below. A personal loan broker there will be able to assist you with any enquiry about personal loans online.