‘How Much Can I Borrow?’ Your Guide to Personal Loans in Australia

How Much Can I Borrow

Personal Loans in Australia

Ever thought to yourself ‘how much can I borrow?’ It’s not as complicated as you think, as the answer depends on the circumstances and the situation. To answer the question you need to figure out what personal loan you’re after and why.  While the loan amount you are entitled to is influenced by your present financial ability and the past record of credibility, it is also subject to the comfort and consideration of a lender. 

Easy to apply and quick to receive, personal loans have helped a lot of people in sticky financial situations. Whether you need money to pay for education, marriage, business, vacation, treatment, car repair or purchase of appliances or assets, personal loans are there to help you meet the need. A personal loan is defined as a credit amount provided to a borrower to meet his personal needs. The best thing is that it remains personal and not limited by spending conditions. You can use it for various purposes at your discretion. 

Personal loans in Australia have evolved with the change in the economic needs and financial behaviour of the borrowers. In Today’s age, bad credit doesn’t necessarily prevent you from accessing finance.  Personal loans are available for everyone, including those without a job or regular employment. However, it is the question of how much I can borrow that continues to impact your borrowing ability. But before we tell you all about personal loans and borrowing we’d better introduce ourselves first.  

How Much Can I Borrow

Introducing Safrock 

Safrock is an online lender-finder that everyday Aussies are turning to for personal loans. What’s a lender-finder you ask? let us fill you in. Were you a bit overwhelmed with the results when you googled ‘how much can I borrow?’ We don’t blame you! There are endless online lenders claiming to be the best when in actual fact they’re most likely not. That’s where Safrock comes in.  Basically we’ll do the searching for you. Just submit an application with us and we’ll do our best to find you a suitable lender for your needs. 

We can find loans ranging between $2,500 and $25,000 with flexible repayment options. So whether you’re looking for a quick financial pick me up or a larger sum for an important investment, we can find a lender providing loans for a whole range of purposes.  

How much can I borrow for a personal loan?

Ultimately, it is our goal to find a lender who can give you the amount you want to borrow. Typically online lenders are more lenient than traditional lenders such as banks when it comes to personal loans. We do however partner with lenders that adhere to responsible lending practices. 

We can find loans between $2,500 and $25,000. The amount of a personal loan on offer as well as the eligibility and conditions differ from lender to lender. Even interest rates vary given risk factors. So, the answer to how much I can borrow for a personal loan in Australia is dependent on your need, the ability to repay and the status of your income. Simultaneously, it is up to the lender to evaluate your suitability to extend a line of credit in the light of risk factors that put a limit on your borrowing capability. 

Here are the important factors that come into play as you calculate your general borrowing limit. 

    • Type of loans: Unsecured personal loans are typically of a smaller amount and do not require the borrower to attach an asset for security. Secured personal loans differ in that they do require the borrower to attach an asset for security.
    • Status of employment: The repayment of a loan is the biggest concern for a lender. This results in employment or regular income becoming a key factor in loan approval. A salaried person will probably have a better chance of getting a larger amount for their ability to repay while an unemployed individual is to face more scrutiny of his borrowing ability.
    • Income and earnings: How much you can borrow is usually subject to if you can afford the repayments. And the repayment ability is usually dependent on the income.
    • Expenses: Personal loan lenders seek bank statements to check your incomes and expenses. This is to make sure your spending habits and relationship with money won’t negatively affect your ability to make repayments.
    • Credit score: Most lenders will not assess your application solely on the basis of your credit score. That’s not to say it’s not an important factor in some cases, it is used to predict your financial behaviour based on past credit history. A good score makes you a candidate for a higher limit.
    • Lenders: The minimum and maximum limit linked to each loan product and risk calculation by lenders set the borrowing limit in each individual case.
    • Existing liabilities and debts: If you have already substantial liabilities and debts, this may affect the amount you can borrow from lenders. 

 

 

What’s the difference between a secured and unsecured loan?

A secured personal loan is merely a personal loan that needs to have an asset attached to it. When you apply for a loan, the lender may ask you to present collateral, such as property, stock, bond, or vehicle, as a guarantee against any failure to repay it. Thus, the loan is secured from any potential risk of default. Whereas, an unsecured personal loan does not have to be backed up by an asset or security. 

The answer to how much you can borrow lies in which type of loan you are applying for. If it is a secured personal loan, you are allowed to borrow a larger amount, as it is less risky for the lender. In case of any loan default, they have something to fall back and retrieve their money. This is typically only a last resort, however. 

Lenders take into consideration your income, credit score or social security payment as the basis for approving an unsecured personal loan. You don’t have to attach any collateral to this sort of loan. This restricts them to allow a higher limit for borrowing.  You can get unsecured loans even if you don’t own any asset to attach to the loan. The approval process is quick. However, interest rates for unsecured loans tend to be higher compared to secured loans and your application is just more on your creditworthiness and relationship with money.

Can I get a loan with bad credit?

Yes, it is possible to get a personal loan with bad credit. Though the amount of such a loan and the rate of interest may differ from one that is based on your credit history, still you have an option to apply and get a personal loan. You can find more details on how to calculate interest here.

There are many lenders who are willing to give personal loans for bad credit. Their products are specifically made to provide options to those with bad credit or no credit history. Such lenders took into account your ability to repay the loan, which is approved based on your income. Even a borrower’s Centrelink allowance is accepted as proof of regular income making a borrower eligible for a loan with no credit check. Safrock is proud to partner with lenders who offer bad credit loans and Centrelink loans. 

If you are contemplating how much I can borrow with bad credit, you must know that it is your income that fixes the amount. 

Do personal loans hurt your credit score?

A personal loan application is likely to cause a short-term, slight dip in your credit score. Once you apply for a loan, the lender does a hard check of your credit history. This involves digging deep into your financial history and an extensive inquiry for liabilities. Loan applications account for 10% of a credit score and any review required by such an application indicates that your financial position is not strong. It is recorded on your credit score indicating an upswing in the debt. As a result, the credit score loses a few points. But this is a temporary change and it recovers as you start paying the loan, as a third of your credit score is driven by your loan repayment. 

However, multiple credit checks over a short period of time could cause a larger dip in your credit score. To avoid it, use online lender findings, such as Safrock, that match you with a suitable lender for your situation. Once you are in touch with the preferred lender, ask how much I can borrow based on the credit score. 

Where can I borrow money fast?

Looking for a quick personal loan? Apply through online lender finding services. For example, Safrock enables you to find and receive personal loans between $2,500 and $25,000 fast and with minimal search. All that you need is to fill in your details. The site helps you get a list of lenders willing to extend you a line of credit and a comparative analysis of fees, charges, benefits and interest rate to empower your loan decision. 

How to apply

The Safrock process can be broken down into 3 simple steps. these are:

Step 1: Apply online 

Scroll up to the top of this page and use our loan calculator to input the amount you’d like to borrow and the repayment period and hit ‘Apply Now’.  You’ll then be taken to our online application form which could take you just a few minutes to fill out. 

Step 2: Meet your match

Once you’ve submitted your application, we’ll take it from here. Our team gets to work on finding you a suitable lender. If we find you a lender to match your circumstances we will send them your application. 

Step 3: Get your cash

Your lender will then assess your application. From there, processing times depend on each individual lender. If you’re approved, you’ll be sent an online agreement for you to review and sign. We suggest reading this carefully to make yourself aware of any fees and charges for late or missed payments. Once you’re happy, sign your agreement and send it back to your lender. You should receive your cash shortly after that (transfer times differ depending on each lender and what time you apply).

Get more finance news from Safrock. Learn more about collateral loans and loan rates.

Looking for fast easy loans? Find your match with Safrock!

How to Calculate Loan Interest & Work Out Your Loan Repayments

How to Calculate Loan Interest

 

Can I calculate loan interest?

Are you in the market for a personal loan calculator? Maybe you’re ready to apply for an unsecured loan but are wondering how to calculate loan interest? At Safrock, we’ve got the tools that could give you a good idea of the cost of a personal loan. It is important to remember that Safrock is a lender-finder. That means we don’t actually provide cash, we find lenders who could. Keep reading if you’d like more details on how to calculate loan interest

How to Calculate Loan Interest

What is loan interest?

Before we get into the nitty-gritty of how to calculate loan interest, let’s talk about what interest actually is. Loan interest is the percentage of a loan paid by a borrower to a lender. In most cases, interest is paid in addition to principal payments. Loan interest is usually expressed in APR, annual percentage rate, that includes both the interest and any fees or charges.

At Safrock, our lender finding services means we could match borrowers with a variety of different lenders with a range of different interest rates. It is important to do your research before signing a loan agreement. Borrowers should make themselves aware of what the whole cost of the loan actually is – including any fees, charges and interest payable. 

How to calculate loan interest

These days, you don’t need to know how to calculate loan interest as, most of the time, lenders will do it for you. You may even get to see an estimate of your repayments when you apply for a loan. That said, if you want to calculate the amount of interest paid on a loan you’ll need the following information:

  • The interest rate
  • The length of time the loan lasts
  • The loan balance you’re paying interest on (aka the principal amount)
  • The monthly payment

There are then several formulas for working out your interest payments. 

The simple formula is: Principal x rate x time

Chances are, your loan won’t be simple though. Since you often repay a loan over multiple years, interest is charged every year – sometimes compounding. Compounded interest causes your balance to grow over time. If this is the case for you, the easiest possible solution is to use one of the many online loan calculators to give you an estimate.

Who is Safrock?

Safrock is an Australian lender-finder matching borrowers with local online lenders. We’re the middleman between you and your perfect personal loan. Our team are committed to making it simple and stress-free for applicants to access fast, reliable and safe cash. From application to approval, our entire process is 100% online. That means you can apply wherever you are and whenever you like across Australia. 

Looking for car loans, secured loans or unsecured loans? No stress, we could have a lender for the job. Not even bad credit has to stand in the way of a personal loan anymore. Safrock could find you a lender to approve a bad credit loan. We do our best to find open-minded lenders that won’t discount applicants based solely on their credit score. 

Often, lenders will take a look at your income, spending habits and financial commitments whilst assessing a loan application so you get a better chance at approval. If you’ve been thinking about submitting an application, there is no better time than the present. You could scroll up right now and get started. 

Who is eligible?

So, now you know a little more about us, let us tell you who is eligible to apply. At Safrock, we like to keep our application criteria as simple as possible. Here’s what you’ll need to meet: 

  • All applicants must be over the age of 18;
  • You must be receiving some type of regular income for the last 90 days into a bank account that is your own;
  • Applicants must have an active mobile phone number and email address that we can contact you on; 
  • Use internet banking.

If you can say yes to the above, you could scroll up right now and start your application. 

How do I apply?

Wondering how to submit an application? You’ll be pleased to know it’s super simple and could only take you a few short minutes. Here’s what you’ll need to do: 

Submit an application 

If you’re ready to submit an application the good news is you won’t even have to leave the comfort of your own home. Just head to the top of the page and use the loan calculator to input your desired loan amount and the repayment period. You should then be able to see the possible repayments on the loan. 

Fill out the form 

We will then ask you to complete our online application form. Safrock’s 100% online application form could only take you a few minutes to complete. We just need to collect a few important details to show a possible lender.

We look for a lender 

Once our team receive your application we’ll submit it to a variety of different online lenders. The Safrock team will do their best to match you with a potential lender. If we’re successful our team will put you in touch with a lender straight away.

Sign your agreement 

Your new lender will send over an agreement for you to review and sign. The Safrock team encourages applicants to read through their agreement carefully. It is important to make sure you are aware of any fees or charges that could incur for late or failed repayments. If you have questions regarding the terms and conditions of your loan the Safrock team encourages you to get in touch with your lender as soon as possible. 

Get your cash 

Once your new lender receives a signed copy of your agreement they will transfer the cash straight into your account. Some lenders are now able to use instant banking. That means the cash could be in your account and ready to use in just 60 seconds.* It is important to remember, however, that some lenders might not be able to transfer funds instantly. If this is the case, you will receive your funds in the next round of banking.

How to calculate loan repayments

Wondering how to calculate interest on a loan with us? It is important to remember that Safrock is a lender finder. That means we cannot speak for the interest that might incur on a loan from a potential lender. We can, however, give you a good idea of what a personal loan could cost you using our loan repayment calculator. 

Saforck’s loan calculator allows you to input a loan amount between $2,500 and $25,000 and view the potential repayments over a period of 13 to 36 months. If you’d like to know more about the interest payable on a personal loan we encourage you to get in touch with your individual lender. Ultimately, they will be the best source for you regarding how to calculate loan interest

What if I have bad credit?

Bad credit doesn’t have to mean a personal loan is off the table. When you apply with Safrock you’ll be pleased to know that we look for open-minded lenders who could approve personal loans for bad credit. Some lenders will look at factors like income, spending habits and pre-existing financial commitments to determine whether or not a personal loan is a responsible financial decision. 

If a lender can see that you have made a considerable effort to reconcile bad credit you could be eligible for approval on a personal loan. So, what are you waiting for? Why not scroll up right now and use our loan repayment calculator to get started. 

Responsible lending 

All Aussie lenders are required to comply with the Code of Responsible lending. What is responsible lending? Basically, it just means that lenders are required by law to do the right thing by consumers. Online lenders must:

  • Make reasonable inquiries about the consumer’s financial situation, as well as their requirements and objectives;
  • Take reasonable steps to verify the consumer’s financial situation;
  • Conduct a preliminary assessment about whether the credit contract is ‘not unsuitable’ for the consumer (based on the inquiries and information obtained in the first two steps).         

The Safrock team strongly urge all consumers to do their research before signing a loan agreement. It is important that you understand the full terms and conditions of the contract. In most cases, online lenders will charge a default fee for missed payments. Safrock encourages borrowers to make sure they know when repayments are due to avoid incurring these charges. It is also important to understand the full cost of the loan and how to calculate loan interest. If you’d like to know more about this we advise you to contact your individual lender. 

Can I get a payday loan?

Traditionally, payday loans were loans paid back in full on the borrowers next payday. This type of lending is now illegal and, therefore, Safrock cannot match you with a lender who provides payday loans. We can, however, do our best to find you a lender who could approve a SACC. 

What is a SACC? A SACC is a Small Amount Credit Contract that covers loans up to the value of $2,000. If you’re looking for a small amount of cash to borrow over a smaller period of time, the Safrock team encourage you to submit an application. We’ll do our best to match you with a lender who could help.

Can I get a car loan?

Yes, Safrock could match you with a lender that could approve a car loan application. If you’ve been thinking about upgrading you could apply for between $2,500 and $25,000 for the car of your dreams. Our team will submit your application to a variety of lenders so you get the best possible chance at approval. Wondering how much a car loan could cost you? Why not scroll up and use our car loan calculator to check out what your repayments could be.

Can I get a home loan?

Safrock does not find lenders who can provide home loans. If you’ve been googling ‘home loan calculator’ or ‘how to calculate home loan repayments’ unfortunately we are unable to help. Safrock could, however, help you find a lender to provide home improvement loans. If you’re keen to do some renovations or maybe even put in a pool, you could apply for $2,500 to $25,000 cash using our loan calculator at the top of the page. Why not check it out? 

Want to read more?

Enjoyed learning how to calculate loan interest? Keen to read more from the Safrock team? Check out how you could get a debt consolidation loan or a travel loan.

Get more finance news from Safrock. Learn more about collateral loans and loan rates.

*Only available for NPP enabled bank accounts.

How to Find the Best Loan Rates in Australia

Loan Rates

Finding the Right Loan For You

When you’re looking at personal finance options, finding competitive loan rates is usually at the top of your agenda. The fact is – personal loans can have better interest rates than credit cards, but they still tend to be high. We all want to get the best deal in life and your interest rate is going to have a huge impact on the overall cost of your loan. So, how do you find the best loan rates

In this article, Safrock will run you through all things interest-related. From the basics, like how it works and what it means – to the nitty-gritty details, like what makes for a good personal loan rate. So, keep reading to find out how to find the best loan rates to suit your needs!

Loan Rates

How do Interest Rates Work?

When it comes to loan rates, you’ve got to understand what you’re looking at. Interest is calculated as a percentage of the loan amount and included in the cost of your repayments to a lender. For personal loans, the interest rate is usually quoted as an annual percentage rate (APR) but it can be calculated for periods shorter than a year as well. 

How to Calculate Loan Rates

Working out your interest has never been easier, thanks to the internet. There are countless personal loan interest calculators available online. A lot of the time, lenders themselves will even have loan calculators you can use to get an estimate. It’s always best to look into your lender first to ensure you get the most accurate estimate of your interest. 

Otherwise, a good resource to use is MoneySmart’s personal loan calculator. This basic calculator will help you work out your potential repayments in just a few simple clicks. You could also try to calculate loan rates yourself, but the formulas can be complex. Since interest rates are entirely set by the lender, you’re more likely to get a good estimate from your lender’s own loan calculator.

What Are the Different Types of Loan Rates?

Credit providers and lenders set their own loan rates, so interest payments can vary greatly between institutions. Generally, there are four different types of interest rates you’ll encounter when looking for a personal loan:

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Types of Loan Rates Short Definition
Variable Rate The interest rate changes over time, due to fluctuations in cash rate and other factors set out by your credit provider.
Fixed Rate The interest rate is set and does not change over the life of your loan.
Partially-fixed Rate For a certain period of your loan, the interest rate is fixed and then it becomes a variable rate. 
Introductory Rate Also known as ‘honeymoon rates.’ Some credit providers will offer low interest rates for the first few years of your loan.

Difference Between Variable and Fixed Rate Loans

The most common forms of interest you’ll see attached to personal loans usually come in the form of variable or fixed rates. As their names suggest, a variable interest rate changes over time while a fixed interest rate remains set over the lifetime of a loan. Fixed and variable loan rates each have their pros and cons. While fixed-rate personal loans offer predictability by letting you know exactly what your repayments will be over time, variable rate loans may offer lower interest over time, reducing the overall cost of your loan. 

Ultimately, deciding which one is better for you will come down to the lender’s proposed agreement and your loan needs.

What is a Good Personal Loan Rate?

There are so many factors that impact interest rates, so it’s difficult to say what a ‘good personal loan rate’ would be. While you might think that the lower the interest, the more affordable – that’s not always the case either. Associated loan costs, like fees and charges, may undercut any savings you could make from a lower interest rate. 

How to Get the Best Loan Rates

The best loan rate for you will depend entirely on your individual circumstances. That said, there are some key things you’ll want to keep in mind when you’re searching. 

Here are our top three recommendations for how to find the best loan rates:

1. Shop Around

Even the smallest variation in loan rates can quickly add up over time. As a result, it’s paramount you shop around when looking for a personal loan. In your searching, you might also find that there are other features that are actually more important for you than you thought!

2. Remember: Less Isn’t Always Better

While super attractive in theory, low interest rates aren’t always the best value. Fees and charges attached to a loan can easily drive up the cost. If repayments are your biggest concern, make sure you look at the comparison rate to get a good deal. 

3. Read Your Contract Carefully

When you take out any personal loan, you’ll be asked to sign a loan agreement. It’s always good practice to check the terms and conditions of your contract before you sign. The contract will include details like the:

  • Amount you borrowed
  • Interest rate
  • Any fees and charges
  • Repayments and when they are due
  • Loan term

If you’re concerned about loan rates, you’ll want to be looking closely at the proposed interest, fees and repayments in particular.

4. Check the Lender’s Licencing 

Sometimes, if it seems too good to be true – it is. Unfortunately, loan scams happen all the time. So, make sure you stay vigilant and don’t be tempted by promises of crazy good interest rates. One of the easiest ways to check a lender’s legitimacy is by ensuring they have the right licences. 

In Australia, all credit providers and credit assistance providers (such as brokers) must be licensed with ASIC. You can search ASIC Connect’s Professional Registers to check your lender is properly accredited. 

Looking for a Personal Loan? We Could Help!

Take the hassle out of applying for finance and let us do the hard work for you! Safrock is an online lender-finder that can help you locate reputable Aussie lenders offering personal loans between $2,500 and $50,000. How does it work? Simply scroll up now to submit a free online application. We’ll then get to work finding you an online lender capable of offering you the finance you need. If we’re successful, we’ll be in touch and put you through to your new lender for final approval. Simple as that!

Eligibility Requirements

To be eligible for a loan with a lender, you just need to meet the following criteria:

  • Aged 18 years or older
  • An Australian citizen or permanent resident
  • Regular income for at least 3 months
  • Have an active mobile number and email address

If you meet these requirements, then you can apply for a personal loan through Safrock. 

What You’ll Need

Fortunately, Safrock is 100% online so you don’t have to worry about any paperwork when completing your online application. Before you get started, just make sure you have the following information handy:

  • Personal contact details (e.g. active mobile number and email address)
  • Car information
  • Internet banking details
  • MyGov information (if applicable)
  • Employment contact details

If you have all these details with you when you apply, you’ll breeze through your application. 

Apply Today!

Think you’re ready to apply? Scroll up now to begin your application! 

If you’d like to learn more about our loan products get in touch.

Get more finance news from Safrock. Learn more about collateral loans.

Safrock is a lender-finder. We do not offer financial advice when it comes to small loans. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What Are Collateral Loans? Using Your Assets to Borrow Money

Collateral Loans

 

Borrowing Money Against Your Assets

When you’re looking for a financial boost, collateral loans can be a great way to access larger sums of money. Collateral loans, also known as ‘secured loans’, allow you to borrow money against your assets. 

What assets can be considered as ‘collateral’ and how exactly can they help you access funding? In this article, Safrock will run you through everything you need to know before you apply for a loan.

Collateral Loans

What is ‘Collateral’ on a Loan?

Essentially, collateral refers to an asset that a lender accepts as ‘security’ for your loan. When you pledge collateral, it means that the lender can seize your asset should you default on loan repayments to recoup their losses. Lenders typically ask for collateral when they want assurance they won’t lose their money. That’s why secured loans tend to allow you to borrow larger amounts. 

Above all, lenders would rather get their money back than seize your property. They’re not in the business of dealing in cars or houses. They would rather not bring legal action against you, but collateral is often the easiest form of protection. After all – would you risk losing something you own? 

What Can I Use for Collateral on a Loan?

That all depends on the lender! In general, most financial providers will prefer assets that are easily valued and turned into cash. Some of the most common forms of collateral include:

  • Vehicles (e.g. cars, trucks, motorbikes etc.)
  • Property/real estate
  • Cash accounts 
  • Investments
  • Machinery
  • Equipment

Can You Use Your House as Collateral for a Loan?

Of course! You can access loans using property as collateral, usually for business financing or other home loans. Most of the time, you’ll need to own the property before you can use it as collateral. Otherwise, you’ll need to at least have enough equity to cover the loan amount. 

What is a Cross-Collateral Loan?

Basically, a cross-collateral loan enables a lender to use more than one asset as security for one or multiple loans with them. Cross-collateralisation is a method used predominantly for home loans and property investment. This is because as a property investor you could theoretically use the equity in one property as a deposit for another. 

That said, cross-collateralisation can be tricky to manage and there are many drawbacks to the method. If you’re considering a cross-collateral loan it’s worth speaking with a certified financial adviser on whether or not you’re prepared to take it on. 

How to Get a Loan With Collateral 

You can apply for secured loans with a range of banks, creditors, and online lenders. Regardless of where you apply, you can increase your chances of approval by being prepared. With collateral loans, a lender will require proof that you own the asset you are planning to use as security. In the case of a car, for example, this might be your registration. All lenders will have different requirements, so ensure you’re aware of this before you apply. 

The lender will go to adequate lengths to get a picture of your financial standing. This includes assessing information like your income, bank statements, and credit score. As with other loans, the better your financial standing, the better the rates and terms you’ll be offered.

Are Collateral Loans a Good Idea?

Determining whether or not a collateral loan is right for you will come down to what your personal finance needs are. Any form of finance comes with its own pros and cons attached. To help you figure out what might be the right option for you, we’ve put together a table of the key advantages and disadvantages of collateral loans:

Advantages Disadvantages
  • Often easier to get approved for
  • Usually have lower interest rates than unsecured loans
  • Enable you to borrow larger amounts
  • Might be a more complicated application process
  • Potential loss of asset, if you default on repayments

 

While this table is by no means exhaustive, it does give you a quick overview of the benefits associated with collateral loans.

Borrowing Without Collateral

If you don’t want to pledge collateral, it’s possible to find a lender willing to provide you with a non-collateral loan. Since the lender only has your signature to count on, these types of collateral-free loans are usually much smaller in size. Plus, you’re likely to pay a much higher interest rate on the loan because of the increased risk for the lender.

Some popular non-collateral finance situations you might be familiar with include:

  • Unsecured loans (e.g. personal loans or credit cards)
  • Some online loans (including peer to peer loans) 
  • Getting a cosigner to apply for the loan with you 

Find Secured Personal Loans Online Today!

If you’re on the hunt for collateral loans, Safrock could help you find reputable Aussie lenders today! We’re an online lender-finder that can match borrowers to lenders offering secured personal loans between $2,500 and $25,000. 

To apply, simply scroll up to start our free online application. When we get your completed form, we’ll search the internet for a lender capable of meeting your needs. If we find a match, we’ll connect you to your new lender for final approval. No hassle, no stress. 

Eligibility Requirements

To apply for a personal loan through Safrock, you just need to meet the following criteria:

  • Aged 18 years or older
  • An Australian citizen or permanent resident
  • Regular income for at least 3 months
  • Have an active mobile number and email address

If you meet these requirements, then you’re eligible for a loan with one of our lenders.

What You’ll Need

Safrock is 100% online so you don’t need to worry about providing any paperwork with your application form. All we ask is that you supply us with a few essential details! These include your:

  • Personal contact details (e.g. active mobile number and email address)
  • Car information
  • Internet banking details
  • MyGov information (if applicable)
  • Employment contact details

If you keep these details handy when you apply, it could take you just a few short minutes to breeze through your application. 

Apply Today!

Ready to apply with Safrock? Scroll up now to get started on your application!

Still have a few questions? No problem, just get in touch with our friendly team.

Found this article on collateral loans interesting? Check out our blog for more stories on personal finance! We recently covered everything you need to know about finding good loan rates and calculating loan interest

Safrock is a lender-finder that finds responsible lenders. We do not offer financial advice when it comes to small loans. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.