Many lenders in the private sector offer a variety of loan options, with one of the most common being a standard Personal Loan. In addition to the regular Personal Loan, there may also be the option of applying for a more premium loan option, such as a Personal+Plus Loan.
In this article, we’ll discover the difference between a standard Personal Loan from a private lender and a premium Personal+Plus Loan, along with details on applying for these loans and the process involved.
Standard Personal Loan
One major advantage of a regular Personal Loan from a private lender, compared to applying for one with a bank is the borrowing range. While most banks will have a minimum of around $5K for a Personal Loan, private lenders start their borrowing amounts at around the $500 mark.
Standard private lender Personal Loans offer you terms of between 3 months to 12 months to repay the loan in full. Repayment options will either be weekly or fortnightly, rather than the monthly option.
The standard Personal Loan option from a private lender is one of the fastest ways to get the cash you need for emergencies or purchases that don’t require tens of thousands of dollars.
The Personal+Plus Loan is a step up from the standard version. It offers more flexibility to be able to tailor the loan and terms to your individual needs.
If you have a good credit score, you’ll also be rewarded with lower interest rates and fees.
You can also borrow more with a Personal+Plus Loan, with the typical borrowing range being from $5,000 to $25,000 on average with private lenders. As you can see, this type of loan is designed for people who need more cash to cover what they need to purchase or pay for.
Another key difference between the standard Personal Loan and the Personal+Plus Loan is the terms. With the more premium loan, borrowers get 6 months to 36 months to repay the loan, more than double the time period of the standard loan.
The income criteria for the Personal+Plus Loan is also more stringent, due to the higher borrowing capacity. Typically borrowers will need to be earning a gross income of $50K annually to be eligible to apply.
The Application Process for a Personal+Plus Loan
Applying for a Personal+Plus Loan is very convenient, as you can do the entire application online from home or anywhere, at any time of the day. Fill out some standard information about yourself and your finances and you’ll be done within minutes.
To be eligible to apply, you must be over the age of 18, be able to prove your identity, an Australian citizen or permanent resident, and be currently employed with a minimum income of $50,000 per year.
Supporting documentation is minimal, which helps speed up the application process.
Another huge advantage when applying for a Personal+Plus Loan from a private lender is how quickly loan applications are assessed and approved. There’s a good chance the funds will be transferred to your bank instantly once you’ve been approved for finance.
How To Use a Personal+Plus Loan
Like any Personal Loan, a Personal+Plus Loan can be used for a variety of purposes. For example, you might want to upgrade your car, go on a holiday, pay for your wedding day, do some renovations around the home or even consolidate your debt.
If you’re unsure whether the purpose you have in mind is eligible, it’s best to discuss this with the lender first before applying. Even if you can’t get a Personal+Plus Loan, there may be another finance option available to you.
Cashify – Your Personal+Plus Loan Specialists
At Cashify, we offer our clients the choice of applying for a standard Personal Loan as well as Personal+Plus Loans. Browse our website and you’ll discover we have some of the most competitive interest rates and terms in the industry.
We’re always happy to answer any questions you have before you apply, so shoot us an email at firstname.lastname@example.org and one of our friendly and knowledgeable staff will be in touch.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.