Unsecured Personal Loans Online

Personal Loans Unsecured for any worthwhile purpose.

Unsecured personal loans is where the personal loan lenders; more often Banks than a finance company, agrees to advance the money to a customer for the 'worthwhile purpose' but takes no security over any item.

Examples of where unsecured personal loans could be useful are purchasing home theatre stereo equipment, taking a holiday, weddings, jewelry, and debt consolidation (i.e. non tangible items).

Cars can be funded with secured personal loans, or with unsecured personal loans, depending on the profile of the Customer.

With an unsecured personal loan, the money can be used to make several purchases, or for several reasons. An example could be consolidating 2 credit cards; which total $10,000, a car for $20,000 and a holiday for $5,000. The total loan amount would in this example be $35,000, and no security would be taken if the loan was approved as an unsecured personal loan.

With unsecured personal loans, generally as there is no security taken, the personal loan lenders will hand you a cheque for the amount of money approved.

Because of this greater risk, personal loan lenders do not like to see an adverse credit history, and if the unsecured personal loans is for debt consolidation, say consolidating existing personal loans with credit cards, which is often referred to as a debt consolidation loan the lender will want to see statements of the credit cards, and the personal loan statements, to see if the credit history has been good.

Banks seldom take on another Banks bad debt. Many people are unsure of exactly what their credit file says about their credit rating, and how it will impact on their chance of getting an unsecured personal loan.

To get a copy of your credit file, your credit score, and your credit report detailing your credit health you can go to "My Credit File Report".

Personal loan lenders can guide you to what is, and what is not going to be possible, and the best way to go about applying for unsecured personal loans.


An unsecured personal loan can be for:

  • Many people borrow money to go on holiday, and look for personal loan lenders who are prepared to offer an unsecured personal loan for this type of purpose. there may also be changes to credit cards to allow for unexpected expenses while away.

  • Most medical procedures that are done as part of elective surgery are paid with an unsecured personal loan. Common examples are breast enlargement procedures, and liposuction.

  • Debt Consolidation - Combining Credit Cards & Personal Loans.

    The FIRST decision that needs to be made when deciding to apply for a debt consolidation loan is will you be in a better financial position.

    That is to say, when you have combined for example a personal loan and a few credit / store cards, will the repayments be less, giving you a better cash flow position?

    We have included a calculator for you that will give you a repayment figure after a debt consolidation loan.

    Lenders in general set the minimum monthly repayment on a credit card at 3% of its outstanding balance. So generally speaking the consolidation of a card will get you to pay off the debt faster; and the repayments will be generally lower by consolidating if the amount of the new loan is over $15,000 because the term can be over 7 years.

    Many people have 'collected' credit cards, and store cards over the years, and are now in a position where they want one manageable payment for them all, before they end up in unmanageable debt, so only one payment is made, at a frequency that suits; weekly, fortnightly or monthly.

    In many cases 7 year options are used to consolidate cards and loan contracts originally structured over a 5 year term, making the overall repayment lower with a debt consolidation loan. more...

  • Weddings can be an expensive proposition, and many people take out an unsecured personal loan to cover the costs of the day and also the 'honeymoon'.

  • Home renovations can be secured against the mortgage, but many people choose an unsecured personal loan to do additions around the home, such as landscaping, adding a pool etc.