Looking for a personal loan? We’re sure the first thing you’ll notice is the sheer volume of different lenders out there. These lenders come in all shapes and sizes. From the bigger, more traditional lenders like banks, to smaller online lenders, the options available can be daunting.
While we know the first question you’re probably asking is “How much can I borrow?”, an equally important question is “Who should I borrow from?”.
With the recent royal commission into banking, the big four banks have been under a fair bit of scrutiny lately. It’s no wonder that more and more Aussies are looking elsewhere for personal loans.
There is, however, a stigma attached to terms like ‘cash loans’ and ‘payday lenders’. These type of lenders have been criticised for being misleading and taking advantage of customers. In this milieu of bad publicity on both sides, it’s hard to know where to look.
How can Safrock help? Well, we are experts in the lender-finder game. This means we can give you the low down on finding personal loan lenders. We’ll aim to answer your questions from “How much money can I borrow?”, to “Are they likely to lend me money?”
At Safrock, we explore the big four banks and their personal loan options. We’ll also explore what Safrock has to offer, and how we can help you when the banks might not. Our team cuts through the jargon and give you the low down in plain English.
When you’re looking for a personal loan and wondering “How much can I borrow?”, you first need to look at which type of lender you’re going to apply with. So, to make things a little easier for you, we’ve compiled a general overview.
Commonwealth Bank personal loans with both a fixed and variable rate option. Additionally, customers are able to apply for a secured car loan with CBA.
Fixed and variable rate loans from CBA range from $4,000 to $50,000. These loans can be repaid weekly, fortnightly or monthly over a period of one to seven years. The main difference between these two loans is, obviously, the interest rate is either fixed or variable.
A secured car loan from CBA has a minimum amount of $10,000 and no maximum amount. The car itself is used as security against the loan.
ANZ offers both a variable and a fixed rate loan.
Customers are able to apply for a loan between $5,000 and $50,000. Just like the Commonwealth bank loans, these can be repaid over a period of one to seven years.
Find out more about ANZ, and ‘how much can I borrow ANZ’.
Much like ANZ and CBA, NAB offers both a fixed and variable rate on their personal loans.
NAB lets customers borrow between $5,000 and $55,000.
Find out exactly ‘how much can I borrow NAB?’, as well as the interest rates associated with their loans.
Westpac offers its customers an unsecured personal loan as well as a secured car loan.
Westpac offers unsecured personal loans of between $4,000 and $50,000. These loans can be paid back on a weekly, fortnightly or monthly frequency, over a period between one to seven years.
Customers applying for a Westpac car loan can borrow between $10,000 and $100,000. These secured car loans can be repaid over the same period as their unsecured personal loans.
Find out more on ‘how much can I borrow Westpac?’
Wondering about the terms and “How much can I borrow?” from a short term lender?
Short term lenders, will in general, have less strenuous eligibility criteria than traditional lenders. This has, however, lead them to receive some negative press.
The stereotype of short term lenders is usually a customer asking “How much can I borrow?” and the lenders licking their lips, and suggesting an amount they know the customer will be unable to repay. Safrock is here to tell you it doesn’t have to be like this.
Safrock, as a lender-finder, only works with legitimate and reputable lenders. These lenders all comply with responsible lending practices. These lenders can offer loans ranging from $2,500 to $25,000. Interested in what Safrock has to offer? Well, let’s go through what makes us so great.
We’ve designed our service to be as streamlined as possible.
To get started, simply ask yourself “How much can I borrow?” then scroll on up to the ‘how much can I borrow calculator’ at the top of the page. The ‘how much can I borrow calculator’ includes options for your repayment period and the frequency of your repayments.
Once you have sent off your application, we should have a personal loan comparison sent back to you in a matter of minutes (if you choose to apply during regular business hours). From there, you’re able to get in contact with the lender directly.
The time you receive the money in your account will depend on the lender, your individual circumstances and whether or not you send back a signed loan contract within normal business hours.
You could even expect to see the loan in your account the same day, or the next business day.
We work with lenders that base their loan assessment on its affordability and suitability. In other words, will the loan repayments fit comfortably within your budget?
Deeming whether or not a loan will be secured or not will be at the discretion of the lender. If they can see your repayments fitting comfortably within your budget, they may even grant you a large unsecured loan.
When you think to yourself “How much can I borrow personal loan”, you should also be thinking “What should I spend this money on?”
After all, the personal loans our lenders could offer you can be spent on virtually any expense you wish. So, you don’t have to google ‘how much can I borrow car loan?’, or even ‘how much can I borrow personal loan?’
There’s only one word you need to remember when it comes to personal loans: Safrock.
Being approved for a personal loan from the bank is becoming increasingly difficult. Especially if you have a bad credit history, simply walking into the bank and asking “How much money can I borrow?” may not end well, at all.
However, if you apply through Safrock and ask “How much money can I borrow?”, lenders will be looking for reasons to say “Yes”. Even if you have a not-so-sparkly credit record, Safrock may still be able to find you a lender willing to approve your loan.
That’s because we work with lenders who share in our philosophy, and prefer to see people as humans rather than just a credit score. Additionally, we use some pretty savvy banking technology to help your application.
We ask for your bank details to access a read-only copy of your transaction history. If we are able to see you’ve been on track with your finances and other repayments, we are able to convey this to lenders.
So, before going into a bank wondering “How much can I borrow?”, instead ask yourself, “Will they even consider me?”
If your credit record is either nonexistent or a little bruised, you should consider Safrock.
We understand that when you’re thinking about “How much can I borrow?”, having the lowest interest rate possible is at the back of your mind.
While we are only a lender-finder, we cannot give you an exact quote on the interest rates associated with your loan. We can, however, give you a general idea on what you could expect to pay, over on our costs page.
The interest rates associated with your loan will be outlined in both the personal loan comparison we provide for you, as well as in your loan contract.
If you are on low income, the banks may very well scoff at you when you ask “How much can I borrow?” At Safrock, we don’t think like that.
We back the dreamers. Safrock and the lenders we work with believe that low income shouldn’t get in the way of you and your dreams. Is one of your best friends getting married overseas? Do you want to get married overseas? Or, maybe you have an idea that needs little extra capital to turn it into a small business? Whatever it is, we think we know the lenders who are willing to give you a chance.
If you’ve come this far and still have questions like, “How much can I borrow?” head on over to our contact us page.
Our team is lender experts is happy to answer any and all questions you may have. Additionally, if you have any feedback regarding the service you received from Safrock, we’d love to hear about it.
If unfortunately, you wish to make a complaint about Safrock or your lender, you are able to take it externally. You are able to reach the Australian Financial Complaints Authority on 1800 931 678 or online through www.afca.org.au
So, what are you waiting for? If you like what you’ve read, scroll on up to the loan calculator at the top and get started.
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Australian Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.