Secured Personal Loans

A secured personal loan is a loan that uses an asset as security. Common forms of security include vehicles, property, or other valuable assets.

Providing security reduces the lender’s risk, which can often result in lower interest rates, higher borrowing limits, and more flexible lending options.

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 against the loan. Approval is based primarily on your financial position, credit history, and ability to repay.

Because secured loans provide lenders with additional security, they can often offer larger loan amounts and lower interest rates than unsecured loans.

The amount you can borrow depends on your circumstances, affordability, and the type of security being offered.

At Loansmart, secured loans are available up to $150,000* and sometimes more, significantly higher than the $75,000 maximum available for unsecured loans.

Our team can assess your situation and explain the options available to you.

*Subject to responsible lending checks and lending criteria.

You may be able to access a secured loan if you have a bad credit history.

Because security reduces the lender’s risk, secured loans can sometimes be a suitable option for borrowers who have experienced credit challenges in the past.

Every application is assessed individually and approval will depend on your current financial situation, affordability, credit history, and the security being offered.

Timeframes can vary depending on the lender and the type of security being used.

Our team works hard to make the process as fast and straightforward as possible. Most loans can be approved and paid the same day*, so long as we have everything we need from you before 3pm.

*Subject to responsible lending checks and lending criteria.

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 alternative lending solutions that better suit your circumstances.

While we can’t guarantee approval, we can guarantee that we will do everything we can to help.

Secured loans can be used for a wide range of purposes including:

• Debt consolidation
• Home renovations
• Vehicle purchases
• Business expenses
• Medical costs
• Travel
• Refinancing existing lending
• Unexpected bills and emergencies

A secured loan may be suitable if you need to borrow a larger amount, want access to lower interest rates, or have circumstances that make unsecured lending more difficult.

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 secured loans, unsecured loans, and debt consolidation loans.

If you’re unsure which option is right for you, talk to the Loansmart team for a free assessment and personalised advice.

Not necessarily.

Many banks have strict lending policies and may only offer products that fit their own criteria.

At Loansmart, we compare options from multiple lenders, giving you access to a wider range of lending solutions. This means we can often identify options that provide more flexibility, better approval opportunities, or a more suitable loan structure for your needs.

Talk to our team today to see what options may be available.