Australia’s first AI-powered loan comparison platform. Using data-driven proprietary technology to pre-approve you with the most competitive loans from over 60+ banks and lenders tailored to your individual circumstances.
All lenders are unique and they all might seem like they offer the same product which is "personal loans" when in fact, each personal loan lender has its own requirements when it comes to lending. How are you supposed to know which one is best for you? You're not, and that is where LoanOptions comes to save you from all this confusion! Our world-leading super smart AI backend can match you to the best lender in Australia in minutes! Apply once and have options with LoanOptions.
At LoanOptions we partner with Australia's leading lenders to provide our clients with a fast service from applying for a personal loan to receiving your money. The speed of which you can receive your personal loan depends on a few factors, including the lender you choose and the amount you borrow. In general, you can expect to receive your loan as quickly as 24 hours from when you sign. Although our record is under 1 hour!
The amount you can borrow with a personal loan depends on a few factors, including your income and credit score. In general, most lenders will allow you to borrow up to $80,000 per borrower and some will allow you to borrow more than $100,000. It is also important to note that each lender has its own lending criteria which you will need to meet. Don't stress, at LoanOptions our job is to match you to a lender that suits your application.
Interest rates on personal loans vary depending on the lender you choose, the amount you wish to borrow, and your credit score. The rate will also change depending on if the loan is secured or unsecured. It is very important that you weigh up all your options before accepting any loan contract.
Technically the answer is yes, you can have more than one personal loan however, personal loans are typically unsecured debt, which means they're not backed by any asset such as a car, boat or house. This makes these types of loans a higher risk for lenders, so they generally prefer that borrowers not have more than one personal loan at a time. Unless there is a good reason to have more than one personal loan, usually a debt consolidation loan could be an option to consider to combine multiple loans into one easy-to-manage repayment at a lower interest rate.
Personal loans can be used for any expense, they are generally used for expenses such as home renovations, to purchase new white goods, appliances or furniture, to fund medical expenses or procedures, vet bills, school fees, consolidate debts or to travel and go on holidays. They are not limited to these and unlike secured loans once approved you have the ability to use these funds however you wish.
You should always compare any type of loan you are considering. With such an abundance of new lenders in the loan market such as the emerging Fintech lenders, there are so many different types of personal loans and lenders, and this is good for competition. At LoanOptions we take the stress away from having to compare options, we provide a free and easy-to-use personal loan comparison service.
The short answer is yes, but it is a little more complicated and in reality the longer answer is maybe. There are lenders who will consider your application even if you have a low credit score. Some lenders look at your recent habits rather than your credit file from a few years ago. A low credit score really does make getting a personal loan harder, however, with so many lenders available at LoanOptions we will try our best to match you to a lender.
At LoanOptions we keep applying for a personal loan simple and straightforward. To apply you must meet the below simple requirements
1. 18 years or over
2. Have a steady source of income
3. Have an Australian mobile number
4. Must be an Australian resident, citizen or on an approved Visa
If you meet the above then you can apply for a personal loan with LoanOptions. The application form only takes minutes to complete and you can find your best-suited lender right away! Apply in minutes and get connected to your best match lender now!
Fees and charges for personal loans vary depending on the lender you choose. Most personal loan lenders will charge an establishment fee, which is a once-off fee when you first take out the loan. Some lenders may also charge ongoing monthly or yearly service fees and some even have early termination fees. It's important that you compare all the fees and charges associated with personal loans before you agree to any loan. It's just as important to consider all options from different lenders, LoanOptions does exactly this for our clients. Let our smart AI backend work out which loan suits you best.
A secured car loan is a loan that is backed by collateral and referred to as an "secured" car loan. The collateral for the loan when applying for a secured car loan can be the car itself, or some other property that the borrower owns outright. An unsecured car loan does not have any collateral attached however, in most cases will attract a higher interest rate.
Usually, a car loan application process can take anywhere from a few hours to a few days. The time it takes to get approved for a car loan depends on the lender, the type of car loan, and the borrower's credit history, income and available supporting documents. LoanOptions prides itself on having one of the fastest online car loan applications (7 minutes or less), married with our intelligent AI lender matching service that takes the guesswork out of applying for car loan.
Yes, you can. In fact, at LoanOptions a car loan pre-approval is quick and easy. We just need some information about you and your finances and we'll give you an idea of how much you can borrow. This means that when you find the car you want, you'll know exactly how much you can afford. If you have your finances pre-approved prior to negotiating with the seller, this may lead to you getting a better deal and ensuring that you don't miss out on any specials that might be linked to a deadline. If you are looking to buy a car on finance its best you get a preapproval before agreeing to buy a car.
A balloon payment is a type of structure where you make smaller payments over the life of the loan, with a larger final payment (or 'balloon') at the end. Balloons on car loans can be a good option if you're looking to keep your repayments low during the life of the loan however, you need to be aware that once your loan term is complete, you will need to make one final large payment to the finance company, or refinance that final balloon amount.
The maximum car loan term will differ from lender to lender, but is typically between 5 and 7 years. The car loan term you choose will affect your car loan repayments - the longer the car loan term, the lower your car loan repayments will be but the more interest you end up paying. Our team at LoanOptions is always available to speak to you to discuss all your options for your next car loan to make sure you have all the information before you make your decision.
Yes, you can. At LoanOptions, we can finance any car no matter where you wish to purchase it from. Sometimes you might find a good deal on a car from a private seller and we want to make sure you have the funds ready to go. We will also liaise with the seller and make it as seamless as possible. The car loan process for buying a car from a private seller is different to buying a car from a car yard. We will need to ensure the car is roadworthy and usually we will arrange to have an inspection done to ensure the car is what it seems to be. To know more about the process of buying a private car on finance get in contact with the team at LoanOptions.
Yes you can sell the vehicle at any time throughout the loan term however, you need to be aware that you will need to pay off the loan plus any fees or charges for early termination that a lender may charge. It's always best to speak with your car loan lender beforehand to understand the fees and charges you might be liable to pay. At LoanOptions we have access to many lenders who do not charge any early termination fees. If your intention is to sell the car before the loan term ends please let us know so we can factor this in when selecting the best loan for you.
The amount you can borrow for a car loan will depend on your individual financial circumstances. To get an idea of how much you can borrow, we recommend using our car loan calculator which takes into account your car loan repayments, car loan term and car loan interest rate. In theory, there is no “limit” and provided there is the capacity and serviceability to repay the loan and you meet the lending criteria, then we should be able to secure your dream car. Alternatively, feel free to get in touch with one of our representatives to find out more.
The process once approved is super simple! We contact you to send over your loan contract. Once you have read the contract in detail and are happy to proceed, you sign the contract and send it back to our team. Usually the contracts are digital signatures and are paperless, so you can sign on the screen of your smart phone! It is that easy. Generally the funds will be released the same day that you sign your contracts and in some cases you will receive the funds immediately after you sign.
Yes, you can. Our team at LoanOptions understands that not everyone has a traditional 9-5 job. We have car loan products available for self-employed individuals, including “no-doc” and “low-doc” loans. Because we work with so many small business owners we understand that not every business owner has all of their tax returns and financials completely up to date and so it is important to us to make it as easy and as frictionless as possible to help you apply and get an approval. All we need to do is gather some basic information from you in order to assess your car loan application and be able to match you to the best suited lender and present all your options. At LoanOptions we are all about Options!
Yes, 2nd hand equipment can be financed. Equipment loans can be used for a range of purposes, from buying new or used equipment to refinancing existing equipment. Equipment loans can also be used for businesses looking to expand their operations or upgrade their machinery. We can even lend your business money against equipment that you already own to help free up some cashflow in the business.
An Equipment Loan can provide you with the funds you need to purchase new or used equipment, without having to put any money or deposit down. Equipment loans can also be used for businesses looking to expand their operations or upgrade their machinery. Taking out a loan for new equipment or machinery can mean you can put those assets to work and start generating additional business revenue. Many customers find that the amount of money they generate far exceeds the costs to repay the equipment loan.
Equipment loan terms are generally 5-year terms however, in some cases this can be extended to 7 or even 10 years depending on the type of equipment, the amount needed to finance, the type of security and other factors. LoanOptions work with a wide range of lenders that offer equipment finance to suit all types of requirements, phone our friendly staff to find out more.
In most cases, the equipment loan will be secured/backed by the asset that you are financing. For example, if you took out a loan for a new excavator then that excavator will be held as security by the finance company until the excavator is paid off, however, we do have products available such as the equipment line of credit which does not necessarily need to take security over the equipment purchased. For more information, talk to one of our small business lending specialists.
There is actually a range of options when looking at equipment finance. The 5 main types of equipment finance are:
1. Chattel mortgages
2. Operating leases
3. Hire purchases
4. Finance leases
5. Fleet leasing
6. + many more
It is important you understand the difference between each type of equipment loan as they are all slightly different. We recommend seeking your own independent advice to decide what is best for you and your businesses circumstances. However, should you wish to understand the facts and features of each, we suggest you speak to one of our equipment loans experts.
Very similar to other types of loans and finance, equipment finance works by providing you with the funds to purchase the equipment that you need for your business. The equipment is then held as security by the lender until the loan is repaid in full. Equipment finance can be used for a wide range of purposes, from buying new or used equipment to refinancing existing equipment. Many people apply for equipment loans to assist in growing their business operations and to use the assets to generate additional revenue.
To apply for an equipment loan, in most cases you would need to provide the below information/documentation. Although different lenders will have different requirements they will require from the borrower, the below is what most lenders will require you to provide.
The above is the minimum requirement, some lenders may ask for more. Feel free to reach out to the team at LoanOptions to find out more.
Like all things, there are great advantages to financing your equipment, and at the same time, there are disadvantages.
Some advantages to consider when looking to finance equipment are:
Some disadvantages to consider when looking to finance equipment are: You don’t own the equipment outright- this means that if you default on your payments, the lender can take back the equipment. You will also repay interest, fees, and charges which would be determined by the chosen lender.
We are happy you asked! At LoanOptions, as our name says, we are all about options for our clients! We don't work for the lenders, we work for our clients by providing them options, all the options, and you the borrower can choose which equipment loan deal suits you! Unlike lenders, we don't recommend and push you to choose a loan product, we provide you with all the facts about different loans and let you, the borrower choose.
Yes, you can certainly apply for 100% of the cost of your new equipment. Lenders look at so many different factors when applying for any loan and an equipment loan is no different. At LoanOptions we can apply with lenders for a "no deposit" equipment loan which means the lender will not require you to put down a deposit and they will fund the entire purchase amount. This means that there will be very little upfront commitment which makes it easier on the business cashflow. Call LoanOptions to speak to an equipment loan specialist to find out more.
A business loan can be used for almost anything related to improving the business, from fitouts to renovations to marketing and new equipment, and even for cash flow purposes. Many businesses find themselves struggling to expand their operations due to working capital. A business loan can assist businesses to grow and thrive.
Applying for a business loan with LoanOptions has never been faster! With one of the fastest online business loan applications and a large team of small business loan specialists that are ready to help, we can have your loan application proceeding in no time! With full cooperation, we often are able to provide same day funding! Once you have applied for a business loan with LoanOptions we will present you with all your options from different lenders and you can decide what is right for you.
The amount you can borrow will depend on your application and the circumstances of your business. Lenders look at a number of factors to determine if they will approve your application and how much they will let you borrow. The more information on your business and its operations you can provide the better and stronger your loan application will be. Typically the amount we can get approved will be based on a multiple of your monthly revenue. This is good because the lenders would not necessarily need to see profitability as we help them understand that the business is in a growth phase.
You might be surprised to know that applying for business is not hard at all. Over recent years it has become much easier to apply for a business loan. This is partly because at LoanOptions.ai we partner with Fintech lenders that utilise technology to speed up the application process and prevent you from having to provide any financials or tax returns. We usually only require 2 forms of ID and a submission of the business bank statements. Having access to the major banks and the specialist non bank and Fintech lenders ultimately helps you the most by having more options and that's exactly what we at LoanOptions are here to do! Provide our clients with options when it comes to taking out a loan.
You can always apply with LoanOptions regardless of your history however, it is important to understand that lenders will assess your credit history. Traditional lenders such as large banks are generally very restrictive when it comes to bad credit; however, there are private lenders who do work with borrowers that don't have the best credit score. This could be an option should your credit score not be great and is a great way to prove your credit worthiness for a future refinance to a bank or tier 1 lender after the track record and credit history have been restored.
This question really depends, would you like to have all your options from all different lenders? If so, then you shouldn't always just apply with your bank. Using a service such as LoanOptions opens your application up to many lenders without impacting your credit score and as they all charge different interest rates, fees and charges, you will be pleased you compared as it could potentially save you thousands. Our suggestion would be to use the bank if you want to be treated like a number and want to be a square peg shoved into a round hole.
Although the interest rate is a very important factor and will determine what your repayments are and the amount of interest you will be required to pay, it is certainly not the only factor. There are a number of other things you should consider when taking out business finance such as fees and charges, the term of the loan, early termination costs, the loan type, what security is required, and what happens if you can't make a repayment. These are all important factors that will have tax or other impacts on your business so it is important to understand them all before taking out a business loan. LoanOptions will assist in providing you with all the lender costs so you can make a clear and informed decision.
Yes, absolutely. We have many unsecured business loan options available, from lines of credit, working capital loans, overdraft facilities and more. In rare cases, some business loans will require an asset as security however, there are some business loans that can be provided without any security. This will usually depend on the amount you are borrowing and your business circumstances, turnover, profit, and years of operation to mention a few. All businesses are different and lenders will assess all applications on their own merit. The team at LoanOptions is there to assist you with any questions, so feel free to call a business loan expert.
At LoanOptions, we pride ourselves on being business loan experts and can certainly assist you in securing business finance. We have a wide panel of lenders that we work with and will compare all the options to get you the best business loan for your needs. Applying for a business loan can be quite daunting and time-consuming so let us help guide you through this process.
Yes, many of our business lenders will assess your loan based on Monthly revenue and not profit but this really depends on the business circumstances and each application is looked at on its own merit. Some factors that will be considered are business cash flow, business activity, business expenses, and business debts and money owed to the business. It's important to remember that not all businesses are the same and each business loan application will be different. The good news is, with so many lenders and so many options we can help direct you and assist you to a lender that might be able to assist.