What is a Personal Loan?

A personal loan lets you borrow money to pay for something special, like a holiday, car or home renovations. You have to repay it with interest over a fixed term, usually between one and seven years.
Getting the best deal on a personal loan can save you thousands in interest and fees.

How personal loans work?

Personal loans come in many flavors and can be secured or unsecured. With a secured personal loan, you have to offer up collateral or an asset that’s worth something in case you can’t pay the money you owe back. If you default, the lender gets that asset. Mortgages and auto loans are examples of secured debt.

With an unsecured loan, the most common type of personal loan, you aren’t required to put up collateral. If you don’t pay back the money the lender can’t garnish any of your assets. That’s not to say there aren’t repercussions. If you default on an unsecured personal loan it will hurt your credit score, which raises the cost of borrowing, in some cases dramatically. And the lender can file a lawsuit against you to collect the outstanding debt, interest and fees.

  • Personalised rate
  • 2 min rate estimate
  • Loans up to $50,000
  • 3, 5 & 7 year loan terms
  • Flexible repayments
  • No monthly fee
  • Quick turnaround
  • 100% online
  • No exit fees
  • Personalised rate
  • 2 min rate estimate
  • Loans up to $50,000
  • 3, 5 & 7 year loan terms
  • Flexible repayments
  • No monthly fee
  • Quick turnaround
  • 100% online
  • No exit fees
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Borrow from $5,000 to $80,000

Whether you want to consolidate debts, improve your home, pay for a wedding, car, holiday, medical or dental work, PFGA can help you find a great deal with an unsecured personal loan.

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One size doesn't fit all

Because everyone is different, Premium Finance Group Australia has access to a large range of personal loan lenders to match with a broad range of borrower financial situations.

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Keeping it simple and save

A personal loan may help you to manage your finances at an overall attractive interest rate. With only a single amount to remember for your personal loan, arranging repayments is easy.

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Borrow from $5,000 to $50,000
(Checking your rate will not affect your credit score)

Who can apply for a personal loan?

Anyone over 18 years who is a citizen or permanent resident currently living in Australia, can apply for a personal loan. Applicants need to be employed and earn a minimum of $20,000 per year (the majority of income cannot be from Government benefits) to be eligible.

What determines my personal loan interest rate?

Personal loan applications assess borrowers based on a number of factors such as credit score and financial history. To find out what your personal loan interest rate will be, check with a PFGA personal loan adviser before you apply directly with any lender. It could save you big time or even be the difference between an approval or decline. It’s easy to speak with a PFGA personal loan adviser and is completely obligation free.

Will my personal loan application affect my credit score?

When you get a personal loan interest rate estimate from a lender, the lender may access your credit file in a way that is not visible to other credit providers and does not affect your credit score. However, when you submit a full personal loan application, the lender will conduct a ‘full credit enquiry’ which other credit providers can see and generally affects your credit score.

What can I use my personal loan for?

Your loan can be for any predominantly personal or personal investment purpose, as long as it’s legal. Examples include debt consolidation, renovations, travel, investments, medical expenses, wedding costs or to purchase a boat or car.

Can I get a personal loan if I have bad credit history?

Every borrower is different, so Premium Finance Group Australia takes into consideration your current individual circumstances when assessing your application for a personal loan even with a bad credit history.