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Non Secured Loans

Whether it’s to fund a holiday, pay for a wedding, buy a new car or for a multitude of other reasons, non secured loans can be an easy way to get fast access to extra funds. There are several other types of loans available too, so you’ll need to look at the advantages and disadvantages of secured and unsecured financing to help you decide which type of loan is best for you.

What are non secured loans?

Non secured loans—also known as unsecured loans—are loans that don’t require any assets such as a property, car or investments to be provided as collateral or security for the loan. Instead, unsecured financing such as personal loans and credit cards rely on a borrower’s creditworthiness. In contrast, with a secured loan you need to provide an asset as security, and then if you default on your repayments, the lender can take possession of your asset and sell it to help recoup the cost of the loan. Secured loans are commonly used for mortgages (where the property becomes the collateral) and car loans (where the lender will take ownership of the vehicle if you default on your loan).

One of the advantages of unsecured cash loans is that the borrower is not risking losing a house, car or other assets if they are unable to meet the loan repayments. Although if a borrower fails to meet repayments on an unsecured loan, even though the lender won’t have the right to take any possessions, they would still most likely try to recoup the money in other ways such as taking the borrower to court. Another advantage of non secured loans is that the funds can be used for a variety of purposes unlike a car loan or a home loan where you are limited to what you can spend your money on. In general, the application process for no collateral loans can be much quicker, and in some cases, you can get access to your funds on the same day you apply. With non secured loans, you’ll also often have more flexibility around your repayment terms than you would with a secured loan.

One disadvantage of unsecured lending is that because loan companies perceive it to be riskier, unsecured loan rates are usually slightly higher than the interest rates on secured loans. In most cases with unsecured personal loans, the borrower will need to have a higher credit score for the loan to be approved. The lender will also look closely at other factors such as income to determine whether the borrower can afford to make their repayments. Competitive interest rates are still possible with unsecured personal loans, especially if you have a good credit rating. If you make all your repayments on time, a personal loan can be an effective way of improving your credit score. On the flip side though, if you default on your payments, this will have a negative effect on your credit score.

You’ll need to weigh the pros and cons and look at your particular financial circumstances to decide what type of loan is best for you. If you are looking for unsecured last minute loans, MoneyMe offers fast loans up to $50,000 with low rates and flexible repayments.

How to qualify for a non secured loan?

The application criteria for non secured loans in Australia will vary between lenders. To qualify for a MoneyMe personal loan, you’ll need to be at least 18 years old, you must be working in Australia, and an Australian citizen or resident.

Aside from looking at your credit score when we are determining your eligibility and interest rate, we’ll also take into consideration your employment history, income and living expenses and offer interest rates tailored to your profile. You can use our free personal loan calculator to help you work out how much money you can comfortably afford to borrow before you apply. We also use an in-house MoneyMe credit rating, so if you meet all your repayments and have successfully repaid a loan with MoneyMe, we may be able to offer you lower rates on your next loan with us. 

Even if you qualify for an unsecured loan online, it’s important to get a complete picture of the cost of the loan including the interest rates and any associated fees before you sign the contract. At MoneyMe, we outline all our costs upfront and with our fixed interest rates you’ll know exactly what your repayments will be before you sign the contract. We don’t charge early exit fees and we align your loan repayments with your pay cycle, so you’ll be less likely to make late payments that have corresponding late fees. 

To apply for MoneyMe non secured loans, you’ll need to fill out our online application form which can usually be completed in a matter of minutes. We’ll need you to let us know the amount of money you want to borrow as well as your preferred loan term and provide some personal information including your estimated income, your email address, and your bank details. We can then access 90 days of your bank statements online in just seconds which saves you from needing to send us reams of paperwork. Security is important to us so we use SSL encryption to keep your details safe. Once you’ve submitted your application, you won’t have to wait long to see if your loan has been approved and then we can transfer the money to your account. Depending on your bank and when you submit your application, you could have the funds in your account the same day that you apply for it.

What can an unsecured personal loan be used for?

Non secured loans can be used for a range of purposes including taking holidays, buying a car, house renovations, consolidating debt, and paying for a wedding or medical bills. The possibilities for your unsecured personal loan are almost endless. So whatever you need your personal loan for, apply online at MoneyMe today and the funds could be in your account before you know it.  

MoneyMe holds an Australian Credit Licence and we take pride in being a responsible lender. Aside from offering non secured personal loans, we also provide a merchant payment solution. If you’re running a business, MoneyMe+ allows you to offer your customers a buy now pay later option on purchases.

For more information about our business payment solution and interest free payment plans for purchases, head to our website. Or if you have any questions about non secured loans or any other of our financial products, please get in touch. You can contact us via live chat or call us at 1300 329 037 (Mon to Fri 8am to 9pm or Sat & Sun 9am to 9pm AEST). You may also send us a message via our website and one of our team members will get back to you. We’d love for you to join our growing list of happy customers.

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