Unsecured Personal Loans

A secured loan requires an asset, such as a vehicle or property, to be used as security. An unsecured personal loan does not require collateral and is assessed based on your financial circumstances and ability to repay. Approval is based on factors such as your income, expenses, credit history, and ability to meet repayments.

Many borrowers prefer unsecured personal loans because the process is often quicker and simpler, with less paperwork and no need for asset valuations.

When a loan is secured, it means assets (like a house or car) are used as security, or collateral, against the loan. If you fail to pay back your loan, those assets can be taken by the lender.

An unsecured loan means there’s no security taken out against your loan, you simply get the cash you need and you pay it back over time.

With an unsecured loan, we can get you your funds faster because we don’t have to spend time checking the value of your assets. It’s a much simpler process.

Depending on your credit history, we may require security before we can give you a loan. In the end, it will depend on your financial history as well as your circumstances. Bad credit loans are one of our specialties, and the best part is that they’re low-cost as well.

So, if you have a bad credit score and are wondering if you can get a personal loan, contact our friendly team today.

When you apply for a loan through Loansmart, we need to check your financial history to make sure you can afford to take one out. This is part of our responsible lending practices.

However, we make it super easy by simply sending you a link for you to send us your bank statements electronically – no paperwork required!

No. A responsible lender can never guarantee loan approval, as every application must be assessed against lending criteria and affordability requirements.

However, many clients come to Loansmart after being declined elsewhere. We compare options from up to 11 lenders and may be able to identify solutions such as a debt consolidation loan, which can simplify existing debts and potentially lower repayments while improving affordability.

When you apply for a loan through us, we work quickly to find low-cost loans that suit your needs. Our goal is to get you what you need without adding to your financial burdens by taking a look at your credit history and financial situation. While we can’t guarantee approval, we can guarantee that we will do everything we can to help.

Unsecured personal loans can be used for a wide range of purposes including debt consolidation, home repairs, travel, medical costs, education expenses, and unexpected bills. 

An unsecured personal loan may be suitable if you need quick access to funds and don’t want to use your home or vehicle as security. However, the most suitable loan will depend on your financial situation, borrowing needs, and long-term goals.

At Loansmart, our Financial Advisers assess your circumstances, compare options from up to 11 lenders, and explain the pros and cons of each solution, including unsecured loans, secured loans, and debt consolidation loans.

If you have a poor credit history, a secured loan may be a more suitable option. Likewise, if you need to borrow more than $75,000, security will be required.

Still unsure? Talk to the Loansmart team for a free assessment and personalised advice on your options.

Not necessarily. Many banks offer a “one-rate-fits-all” approach to lending. So if you’ve got a good credit score, and good discretionary income, you might end up paying more through a bank.

Banks typically offer up to $30,000 for unsecured loans, but online lenders like Loansmart can offer up to $75,000. That extra $45,000 can make all the difference if you’re renovating, buying a car or consolidating loans. Check out this article here for more information on the differences between banks and online lenders.