This is a lump-sum lent out to borrowers for almost any purpose. Personal loans are unsecured, meaning they are not backed by collateral and repaid using fixed payments over an agreed number of terms. DebtHub will conduct a free affordability assessment and ensure you get access to credit at a best minimum level of interest.
Even if the scenarios above don’t apply to you, you may still benefit from a personal loan.
Because personal loans are often unsecured, they usually come with higher interest rates. During the assessment, much attention will be paid to your credit score, credit history and how responsible you are with pay day loans and revolving credit facilities.
A lower credit score means you are most likely to pay high in interest or your application for a loan will be disqualified.
Loan rates differ by lender, but often opting for a secured loan can help lower interest rates, even for someone with bad credit. In almost all cases, secured loans can offer far less interest rates than unsecured loans.
Personal loans can help improve your credit score through debt consolidation.