What Is a Premium Personal Loan and Why Would You Want One?

By June 19, 2020 August 5th, 2020 Personal Loan

Just about all lenders will offer some form of Personal Loan, where you don’t borrow money for any one specific purpose – such as a Home Loan or a Car Loan – but rather can use the cash for a variety of options, such as a wedding, holiday or cover an emergency expense.

Banks tend to just offer one type of Personal Loan, but when you take out finance with a private lender, many will offer a standard type of Personal Loan as well as premium Personal Loans, or “Personal+Plus” Loans.

So, what is a premium Personal Loan and why would you want to get one?

We’ll answer those questions in this article.

What Is a Premium Personal Loan?

With a private lender, a premium Personal Loan is a step up from the regular or standard Personal Loan. The “plus” version offers both higher minimum and maximum borrowing amounts as well as more competitive interest rates and longer repayment periods, should you require more time.

Premium Personal Loans in Australia tend to be the domain of the private lending sector and it’s all about offering choices for people in different circumstances. As not everyone’s requirements are exactly the same, a premium loan could be the better option when a borrower needs more cash at a better interest rate than the standard Personal Loan offers.

Premium loans can also be customised on a case by case basis. This offers flexibility and peace of mind, knowing that your finance has been tailor-made to fit in seamlessly with your situation and financial circumstances.

Why Would You Want a Premium Personal Loan?

There could be many reasons to opt for a premium Personal Loan provided by a private lender. The most common would be that you need more cash than what the standard Personal Loan offers.

Big moments can happen in life. They could be something you are meticulously planning for, such as your wedding day, or it could be something totally unexpected like your car breaking down and it needs replacing. Another might be you’re faced with a medical emergency. You may require surgery in a private hospital, for example, and need to be able to cover all the costs almost immediately.

One good reason to opt for the Personal+Plus type of Personal Loan is if you want to consolidate your debts, reduce your total monthly repayments and save money on interest in the process.

If you enjoy the convenience of being able to apply for a Personal Loan at any time from the comfort of your own home, then rest assured you can do just that with Personal+Plus Loans from a private lender. The application process is very easy and really only takes a few minutes of your valuable time to complete.

Private Lenders Offer Fast Cash Approvals

If you like the idea of being able to get instant cash in your bank account, then a premium Personal Loan from a private lender is definitely the best option. To gain a competitive advantage in the finance world, private lenders work on offering borrowers speedy solutions throughout the entire experience.

This starts with the ease and speed of the online application process and minimal paperwork. Once your loan application is submitted, it’ll be processed and reviewed quickly, with a decision given usually on the same day.

If your loan is approved early enough in the afternoon, you should have your cash deposited in your bank account by that evening, if not the following day. Now that’s fast service that you likely won’t see with the more traditional lending institutions.

What Is the Eligibility Criteria?

Lenders will vary on this, so be sure to check the details on their respective websites. On average though, you’ll need to be earning at least $50K annually to qualify for a premium Personal Loan with a private lender. This means you must be employed, be over the age of 18, be able to prove your ID and be an Australian citizen or resident.

Contact Cashify Loans For Premium Personal Loans

If you are after a premium Personal Loan at great rates, then get in touch with the team at Cashify. Talk to us first about your requirements and how we can tailor a Personal Loan to your needs. We’re just a click away.

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.