Why Personal Loans Are a Smart, Flexible Option
At MortgageBuzz, we’re always looking for ways to be able to assist our customers and support their financial goals. One of our newest expansions has been into Personal Loan lending.
Whether you’re buying your first car, planning a holiday, completing small home upgrades, or even need help consolidating debt, personal loans offer a flexible and efficient solution.
And with our expert guidance, the process is even easier.
Simple
Personal loans are a straightforward, four-step process:
- Get a quote — We get quotes from various lenders to compare interest rates and repayments that suit your budget.
- Submit an application — We prepare and lodge the application on your behalf, confidently submitting your application with the right lender that suits your needs.
- Get assessed — The lender reviews your application.
- Get funding — Once approved, the funds are disbursed usually within 24 hours.
At MortgageBuzz, we streamline this process by using direct lender tools and relationship manager network. This allows us to pre-check your eligibility and catch and handle any potential issues that may arise before we submit an application, saving you time and avoiding any unnecessary declines.
Fast
Many of our clients receive personal loan approvals within hours, and some have even received same-day funding. We often identify the fastest lender for your situation upfront, depending on your situation and loan purpose.
You can help speed up the process by:
- Maintaining a clean credit history.
- Being fully transparent with any financial concerns.
- Keeping a balanced budget
- Minimising the usage of Buy Now, Pay Later (BNPL) and Payday Loan accounts
Even if you don’t tick all these boxes, we’ll still work with you to find the best possible solution.
Versatile
Personal loans generally cannot be used for business purposes or investments, but almost all personal expenses are eligible. Such eligibilities include:
- Vehicles, boats, or caravans
- Travel and holidays
- Home upgrades or renovations
- Weddings
- Education expenses
- Solar installation
- Medical or dental procedures
- Debt consolidation
- And more
If applicable, you can even secure the loan against a vehicle, which may lower your interest rate and fees.
Cost
Personal loan interest rates vary based on your individual profile and lender policies. Factors that may influence your rate include:
- Employment history
- Residential stability
- Credit score
- Whether you’re a homeowner
- Whether the loan is secured or unsecured
We also help clients understand comparison rates, which include fees and provide a clearer picture of the true cost of a loan.
Generally, the more stable and established your financial history, the better the rate you may receive. But even if your situation isn’t perfect, there are still lenders and products available—we’ll help you find the right fit.
Secured vs. Unsecured
Secured loans use an asset (usually a vehicle) as security for the application. These usually come with cheaper rates, lower fees, and higher borrowing capacities as we provide the lender with more confidence for your scenario.
Unsecured loans don’t require a security and have a faster application process, but may come with slightly higher interest rates.
Proceeding with a secured loan is dependant on the security’s value against the borrowing amount, which is very lender-dependant. In either scenario, MortgageBuzz can help you compare both and determine which option best suits your needs.
Why use a broker?
Most people think personal loans are “easy enough” to apply for directly, but going through a broker offers major advantages:
- We compare multiple lenders to find the most competitive rate tailored to your profile.
- We pre-check your eligibility to avoid any unnecessary declines that could damage your credit score.
- We know which lenders are more flexible when it comes to credit histories, income types, and personal situations.
- We handle negotiations with the lenders on your behalf.
We keep the process stress-free, guiding you from quote to settlement.
FAQ
What’s the maximum amount I can borrow?
Depending on your situation and the lender, you can generally borrow to a maximum of $50,000 to $80,000.
Can I get a personal loan with bad credit?
There are lenders that offer solutions for poor credit histories. If required, we have solutions available to assist with repairing and improving your credit score and begin the journey to get your funding approved.
How long does the process take?
Depending on the complexity and time-sensitivity of your scenario, we can have the loan submitted same-day or up to a week. Most personal lenders provide updates 1-2 days after submission and we have approval not long after that.
Does applying affect my credit score?
Your credit score will not be affected by speaking to us nor by us getting a quote from the personal lenders. Your score may be affected after submission once the file gets assessed by the lender.
Are rates fixed or variable?
There are solutions available for both fixed and variable loan applications. Speak to our experts to find which is best for you.
Disclaimer: All applications are subject to lender credit criteria and approval. Rates and outcomes may vary based on individual circumstances.