Most of us would be familiar with the term ‘Personal Loan’ when it comes to financial products offered by banks and a variety of other lenders. It’s the kind of loan that people apply for when money is required for a purpose other than purchasing a car or buying a house. A Personal Loan is a more versatile type of loan, and can cover anything from medical costs to travel, or home renovations to debt consolidation.
But what is a Personal+Plus Loan? Is it the same thing as a Personal Loan? Or is there a difference that separates it from a regular or standard Personal Loan? Another key question is, why would you choose a Personal+Plus Loan over a regular Personal Loan?
How a Personal+Plus Loan Differs From a Standard Personal Loan
A Personal+Plus Loan is what’s considered a ‘premium Personal Loan’. This is a category of Personal Loan usually offered by private lenders as an upgrade from the standard Personal Loan.
Private lenders offer Personal Loans in smaller amounts than what the banks offer, as sometimes all you need to borrow is a few hundred dollars and up to a few thousand dollars. In order to offer more options when it comes to Personal Loans, a Personal+Plus Loan is a larger loan amount, where the minimum and maximum borrowing amount is considerably higher than that of the standard Personal Loan.
As an example, while the standard Personal Loan might offer a borrowing range of $500 – $5,000, a Personal+Plus Loan will be in the range of $5,000 – $25,000.
With a premium loan, borrowers will also get more time to repay the loan, and terms can be tailored to suit the borrower’s individual circumstances.
Personal+Plus Loans will also reward you for good credit, with lower rates offered to people who can show a positive credit history. A standard Personal Loan will have a universal rate across the board.
Due to the borrowing power being higher, the process and criteria for being approved for a Personal+Plus Loan is a little more stringent. In order to be eligible to apply, the applicant will need to be able to prove they earn at least $50K annually.
Where Can a Personal+Plus Loan Be Used?
Just as a regular Personal Loan is versatile, so too is a Personal+Plus Loan. While you can’t borrow the money for absolutely any purpose imaginable, you do have quite a few options when it comes to what you spend your Personal+Plus Loan on.
Maybe you want to go on a holiday, or plan to do some renovations around the home. Personal+Plus Loans are perfect for making that wedding day extra special, or buying furniture for your house. Debt consolidation is another common reason to apply for a Personal+Plus Loan.
Each lender is a little different when it comes to their lending criteria. If you want to borrow the money for a specific purpose, just to be certain you can use the funds for what you have in mind, contact the lender to confirm that it’s okay.
How To Apply For a Personal+Plus Loan
There’s no need to even leave home to fill out an application for a Personal+Plus Loan, as you can complete the entire process online. This also includes the uploading of documents to verify your identity and to provide proof of income. Chances are, you’ll be done with the application within about 10 minutes and you can even e-sign the contract online via a secure platform.
Apart from proving your identity and income, you’ll also need to be 18 years or older to apply and be an Australian citizen or resident. As mentioned earlier in the article, a minimum yearly salary of at least $50K is required to be approved.
Private lenders are renowned for processing applications and making decisions very quickly, so if time is of the essence, you’ll likely have the money you need in your account either the same day your loan is approved, or the very next business day. That’s a huge advantage private lenders have over some other lending institutions.
Where Can I Get a Premium Loan Other Than a Bank?
While some banks may offer a decent premium Personal Loan, dealing with a private lender definitely has its advantages. Cashify is your premier choice for both standard and Personal+Plus Loans with quick cash transfers and easy 100% online application process.
To learn how we can help solve your financial dreams, give us a call today and chat with our expert staff.
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.