When you apply for a personal loan directly to a lender it can get marked on your credit file as a ‘hard’ credit enquiry which lowers your credit score.
Good online personal loan finding services only do a soft credit check which won’t hurt your credit score. They also know what each lender policy is so they won’t try to get you a personal loan from a lender that doesn’t fit your credit profile.
A good online loan finding service will check your personal loan application with over 40 lenders to find you a great rate that suits your situation. They also can contact a lender directly and negotiate a better rate for you. All of this can save you a lot of money.
Online personal loan finding services usually have a fast and easy application process that only takes a few minutes to complete. Once you’ve completed the application they do all the hard work of shopping around for you so you can sit back and relax.
A good online personal loan finding service clearly lays out all the fees so you won’t get any nasty surprises. You’ll truly know what the cost of the loan is.
So make sure you use a loan finding service like nmoni. There is a good chance you’ll save money and protect your credit score.
If you’d like us to help find you a personal or car loan from our large panel of lenders fill in our application form now. It takes less than 10 minutes!
A personal loan is a sum of money a lender gives you that you repay over an agreed period of time plus interest and other fees and charges.
Personal loans generally range from $5,000 - $80,000 and the term of the loan ranges from 1 to 7 years (5 years is pretty common).
A secured loan is secured by an asset like a car or a boat. Secured loans typically have lower interest rates because they are less risky for the lender. Taking a secured loan may also allow you to borrow more money depending on your situation.
One thing to be mindful of is that if you default on your secured loan the lender may repossess the asset you put up for security.
Unsecured Personal Loans
This is the opposite of a secured loan in that you don’t have to put up an asset as collateral. Generally these loans have higher interest rates because there is more risk for the lender. The upside is that you don’t run the risk of losing your asset if you default.
Debt Consolidation Loans
Debt consolidation loans are where you take one loan out to pay off your existing debts (multiple loans). If you get the right help, you can sometimes get a lower interest rate and fees than your credit cards or other loans. This means you’ll save money on interest and can hopefully pay off your loan faster. The other really big benefit is that you end up with one single monthly repayment rather than multiple repayments on different loans. This just makes it easier to manage.
A secured loan is secured by an asset like a car or a boat. Secured personal loans typically have lower interest rates because they are less risky for the lender. Taking a secured personal loan may also allow you to borrow more money depending on your situation.
One thing to be mindful of is that if you default on your secured personal loan the lender may repossess the asset you put up for security.
Secured loans can range from 1 – 7 years with 5 years being common. You can apply here.
Lenders focus on risk – that is the risk that you may not repay the loan. Lenders do assess people differently, which is why it’s important to shop around, but there are some general factors that most lenders look at:
A secured loan can be used to buy a car (new or used), boat, caravan, motorcycle or even farm equipment! Some people use the assets they have as security to consolidate debts which can result in lower interest charges than they are currently paying.
A debt consolidation loan is where you combine multiple loans into one loan. The key benefits are lower interest rates and fees (depending on your situation) and one simple, easy to manage repayment.
The interest rate on a secured loan is really important but sometimes it doesn’t tell the full story about how competitive a loan really is. That’s because there may be significant fees and charges associated with a loan.
To help people compare secured loans the concept of a comparison rate was born. The comparison rate includes the interest rate PLUS all the other costs that come with the loan.
For example, let's say a lender is offering an interest rate of 3.99%. Sounds pretty good? The comparison rate for this loan may actually be 6.99% because there are set-up fees and monthly fees that significantly increase the costs associated with the loan. So make sure you take a look at the comparison rate of a secured loan so you get a feeling of the other costs involved.
We have had personal loans approved in under 30 minutes when clients fully complete our fast online application. You can have the funds within 24 hours in some circumstances. Apply here to get started.
Payday loans (short term loans) tend to be for smaller amounts ($100 - $5,000 but generally under $2,000) and taken out for 14 days to 1 year. They often have very high fees (some charge 20% + 4% per month) with significant early exit costs. Personal loans are generally taken out over 1 – 7 years and loan amounts between $5,000 - $80,000. Personal loans can have fees associated with them but they can vary considerably by lender.
Absolutely and this can sometimes be a very clever strategy depending on your personal situation. This is commonly called debt consolidation and it’s where you take one loan out to pay off your existing debts (multiple loans). If you get the right help, you can sometimes get a lower interest rate and fees than your credit cards or other loans. This means you’ll save money on interest and can hopefully pay off your loan faster. The other really big benefit is that you end up with one single monthly repayment rather than multiple repayments on different loans. This just makes it easier to manage.
A credit score is a number generated by credit reporting agencies that provides an indication of your credit worthiness. A credit score is really important as they can significantly affect your ability to get a loan and how much that loan will cost (the interest rate and other chargers).
For more information on credit scores read our article "What is a credit score".
The exact formula is not disclosed by credit reporting agencies however there are several key factors that they consider like the amount of money you’ve borrowed, the number of loan applications you have made, your repayment history and any defaults, bankruptcies, debt collection agency agreements or short-term credit you have.
For more information on credit scores read our article "What is a credit score".
Yes, your credit score can affect the rate you are offered and how much you can borrow on a secured loan.
Typically if you have a really good credit score you’ll be able to get a low interest rate and have more lenders willing to borrow money to you.
But don’t despair if you don’t have a perfect credit score. There are a number of other factors that impact your ability to get a loan like whether you own a property or asset to provide security or not. That’s why it’s best to work with us as we know the lending policies of all the lenders on our panel which gives us the best chance of finding a loan that suits your circumstances.
The higher your credit score the better your chance of getting a loan and the better chance you have of getting a lower interest rate. This is because if you have a really good credit score you are a lower risk to a lender and therefore are a good chance of paying back the loan. Conversely, if you have a lower credit score a lender may classify you as having higher risk and therefore charge a higher interest rate.
In addition to your credit score, other factors like overall banking conduct (such as dishonours and payday loans) can also impact the interest rate you are offered.
At nmoni we do not perform upfront credit checks for our secured loans. This means that we can review your application and give you a guide as to whether a lender will give you a secured loan before a credit check is completed. Our process reduces the number of credit checks required and therefore helps you avoid hurting your credit score. Start the process today by completing our fast application.
This is really important as you don’t want to get a loan with a lender that charges high fees and has high exit costs. We only deal with reputable lenders so we can ensure you avoid any of these potential potholes. Also, make sure the lender or broker you use has high Google ratings (we happen to have a 4.9 out of 5 Google rating!).
Secured loans are amongst the easiest loans to get. That's where you put up something of value in exchange for funding. Car, boat and caravan loans are types of secured loans and means the lender has some security over the loan.
We can review your situation and provide feedback on why you are being declined without hurting your credit score. Apply now and we'll provide you valuable feedback.
Because we combine sophisticated technology with a highly skilled Australian team, we can quickly give clients feedback on their chances of getting a no credit check secured loan, the amount they can borrow and of course the interest rate. All without hurting your credit score by performing a soft credit check. Apply now to give us a test!
Many people can qualify for our loans with no upfront credit checks. This may include those with excellent credit to poor credit history and those who have been bankrupt in the past who are applying for car loans. Complete our quick application form and you’ll be on your way to a quick response. There could be more financing options available to you than you initially thought!
Simply complete our fast online application. Our technology will quickly guide you through the process. We will give you feedback on your loan application all without doing an upfront credit check.
After searching for a car loan I found nmoni. They are very helpful… keep you up to date at the progress of your loan. And made settlement a breeze. Thank you Chris and Michelle you are both amazing.
Outstanding service. Above and beyond and service you just can’t get from a big bank or finance company.The team at nmoni have been incredibly helpful in assisting me with obtaining business finance for my new vehicle. Every step of the process they have been super responsive and highly efficient. I would highly recommend their service!
I just want to say thank you to Chris from NMONI for helping me get my car finance.
Highly recommended bunch! As they go above and beyond to help you achieve the best possible outcome. They are very prompt with communicating and provide excellent customer service.
Omg with my credit rating I thought I’d never get credit again but these guys gave me the chance and now my credit rating is rising these guys work magic
Nmoni is such a great lending company, Christina is the best of best broker, person and very understanding. Great customer service and very helpful any time, she actually answers the phone unlike other company employers who do not care. She Actually cares and Christina does everything in her power to help and solve your issues. Thank you Nmoni and thank you Christina.