Types of Loans

Money, money, money! Everything comes and goes using money these days. Who still says, “money can’t buy happiness” when all we do is buy our daily needs using money?

To help facilitate our lives, loans are granted to those who apply and are eligible to receive them. The question is, though, what type of loan should you be applying for? Let’s explore the different types of loans as Perfect Payday is your best collaborator to apply for the right loan.

What Is a Loan?

Let’s understand the concept of a loan. Simply put, a loan is a sum of money borrowed by an individual, institution, or a company, and granted by banks or financial entities. The two parties agree on some terms regarding travel loans bad credit, from the paying back time to interest rate, and many others.

Here are a few types of loans you can apply for here at Perfect Payday:

  • Laptops:

    Need a new laptop? Apply for laptop loan here today at Perfect Payday!

  • Laser:

    Need laser eye surgery? Apply for laser loans here at Perfect Payday!

  • Lifestyle:

    Need a loan to improve your lifestyle? Apply for lifestyle loans here at Perfect Payday today!

  • Breast Implants:

    Do you need cosmetic surgery, such as breast implants? Get a loan for breast implants today!

  • Wedding:

    Getting married soon, but can’t quite afford it all? Apply for wedding loans here at Perfect Payday!

  • Truck:

    Need a new (or used) truck? Apply for truck loans today, here at Perfect Payday!

  • Medical Procedures:

    Do you need some medical procedure, but not sure how to pay for it? Apply for loans for medical procedures here at Perfect Payday!

  • Solar:

    Save money over time by installing solar panels. Get solar loans here at Perfect Payday!

  • Phones:

    Need a new phone? Apply for phone loans and many other types of loans here at Perfect Payday!

  • Pools:

    Want to install a pool? Apply for pool loans or many other types of loans here today!

  • Weekend:

    Need a loan, and it’s the weekend? Apply for weekend loans direct lender by clicking the apply button above!

  • Motorbike:

    Do you want to buy a bike, but not sure how to fund it? Apply for a motorbike loan here today!

  • Engagement Ring:

    Time to propose, but you want to give her a better ring than you can currently afford? Try engagement ring loans to get the right ring for your loved one today!

  • Equipment:

    Need equipment badly, but can’t afford it here and now? Try getting an equipment loan from Perfect Payday!

  • Furniture:

    Perhaps your old furniture is ready to hit the curb, but you can’t afford to replace it quite yet. Try getting a furniture loan from Perfect Payday!

  • Christmas:

    Make Christmas great this year by applying for Christmas loans! Stuff those stockings and fill the tree full of presents this holiday.

  • Christmas for Unemployed:

    Are you unemployed, but still want to have a great Christmas with your family? Apply for Christmas loans for unemployed today with Perfect Payday!

  • Computer:

    Did your computer break down? Apply for a computer loan and get a faster, better computer today.

  • Consumer:

    There are many items you could need at any given time. We lump them all together as a consumer loan. Apply for a consumer loan today and buy the goods you need.

  • Cosmetic:

    Do you need surgery but can’t quite afford it yet? Apply for cosmetic surgery loans today at Perfect Payday!

  • Holiday:

    Everyone needs to go on a holiday from time to time. If it’s long past your time, consider getting a holiday loan from Perfect Payday today!

  • Vet:

    Is your pet sick and needs to go to the vet immediately? Perhaps you need vet bill loans from Perfect Payday. Apply for one today by clicking the “apply” button at the top of the page.

The terms of payment determine whether the loan falls under being a secured or an unsecured one. A secured loan is one that requires collateral if the receiving party didn’t pay back in time. That collateral is any asset possessed, including cars, homes, stock, etc. On the other hand, an unsecured loan depends solely on paying back the money plus the interest rate.

What Are the Different Types of Loans?

The loan market is jammed with various loan types to suit all needs. It’s time to get to know some of them and choose the best loan accordingly.

1. Payday Loans

types of loans in australia

A payday loan is a typical choice when the money you have won’t cover your monthly needs. It’s a small amount of money borrowed to pay for bills or purchases that can’t be covered using your saved money. That small amount could vary from one person to another, but following the Australian government laws, the amount of money won’t go over $1000.

Wondering what determines the amount you can take? Basically, it’s your financial status and credit ratings. Payday loans are unsecured ones. Yet, they tend to have higher interest rates than the usual loans. Payday loans is sometimes used as an umbrella term, encompassing various types that follow the same concept of being easily acquired. They can be for various purposes, such as dental loans or funeral loans.

Instant Cash Loans

Ran into a sudden emergency and the remaining money isn’t sufficient? An instant cash loan is your saviour! This type of loan is granted on the same day after applying for it online. If you’re qualified to receive the bicycle loan, then the process of sending the money will take about an hour or so.

The instant cash loan offers a reasonable amount of money to save the day for you. The given loan varies from $300 up to $5,000. At your best interest, paying back terms will range from 3 to 24 months according to the amount of money borrowed.

Bad Credit Loans

In short, bad credit loans are your go-to-option when struggling to find a lender because of your not-so-good credit history. The loan doesn’t offer insanely large amounts of money. Still, the amount is reasonable enough to save the day, varying from $100 to $2,000. Leave your credit history behind and start all over with bad credit loans. 

Pensioner Loans

The long days of work are gone, but the financial burdens are still here, right? Pensioner loans are here for you when you’re in a financial bind, and your savings won’t be enough.

Since the loan options are limited when it comes to retirees, this type of loan is designed specifically for you. The loan lenders take into consideration your account rates and retirement money, offering you cash accordingly.

2.  Personal Loans

different types of loans

Flexible and fast; that’s the ideal description of personal loans. When we say personal, expect anything that falls under the word. From weddings, emergencies, pills, and many other occurring matters, personal loans have got you covered. 

The loan could go up to 15,000, depending on your financial status and income, and the interest rate isn’t also static in all places. It differs according to the amount of money you’ve borrowed and how long it’ll take you to pay it back. Personal last minute loans are either secured or unsecured, and your financial information and income specify the loan terms.

3. Car Loans

loan types

Owning a car is a privilege we all seek nowadays. Yet, cars’ prices aren’t making it easy to own one. With high prices and insufficient money, car loans are your perfect option to buy your dream car. 

The amount of money lent through a car loan varies from one place to the other. So, according to the price of the car you’re willing to buy, you should look up a place to cater to the amount. When it comes to interest rate, the longer you take to pay back the money, the higher the rate will be. Car loans are mostly secured ones, using the car itself as their collateral.

4. Car Repair Loans

types of mortgage loans

Got your car? Time to repair it. Car repair loans are deemed as personal loans, short term loans used to cover personal matters. Depending on the lender, they could be secured or unsecured. If they’re unsecured, all you need is to pay back the money in instalments. If it’s a secured one, then most probably, the car itself will be the asset used as a mortgage.

Usually, when applying for a car repair loan, the process of granting the money to you doesn’t take a long time. Some places can even do their research on your application in a matter of an hour and lend you the money. So, rest assured as your car is going to be repaired in a blink of an eye!

5. Student Loans

different types of loans in australia

From paying your tuition fees to everyday-life expenses, depending on yourself could be a hassle. That’s why student loans exist. Since you’re applying for a student loan, one of the main conditions is that you must be 18 years or above. 

If you’ve jumped a few years ahead and you’re younger than that, you probably must have someone as your guarantor. The Australian government offers various loan types supporting its domestic students. The main condition is that the loan must be used for your educational fees, like tuition fees, buying books and materials, or paying for general college expenses.

6. Direct Lender Loans

types of mortgage loans in australia

Sometimes the fact that you have to wait a few days to receive your loan isn’t really acceptable. Direct lender loans can save your day! Instead of waiting for the long process of a broker reaching out to a lender for you, the direct loan saves your time. 

Had a glitch with your credit payments in the past? No worries, as direct lender boat loans don’t require perfect credit rates. Not only that, but they also don’t require any collateral to give you the money. 

7. Holiday Loans

loan types in australia

Eat, sleep, sea, repeat! Everyone deserves a holiday away from the stress of the city. Holiday loans are dedicated to giving you the money you need to spend a fascinating holiday. Apply for jet ski loans here at Perfect Payday.

They cover your plane tickets, accommodation, and money spent to buy some souvenirs with jewelry loans. To make the perfect choice when applying for a holiday loan, make sure to look up different companies. From loan amount to interest rate, they all vary from one place to the other. So, plan your holiday ahead with precision regarding its finances and apply for the right holiday loan.

8.  Funeral Loans

types of loans with bad credit

Loans could be your perfect companion at all times, happy and sad ones! Some sudden emergencies like funerals need an adequate amount of money. Funeral loans are quick ones, granted for you as soon as your application is processed and your name falls under the requirements. Apply for an agriculture loan today with Perfect Payday.

The amount of money lent to you varies from one place to another, but it’ll most probably cover the funeral expenses. A lot of lending companies offer this loan service online, saving you from any inconvenience or delays.

Need a Loan?

Since money covers all needs nowadays, saying that there’s a loan for every predicament won’t be wrong. If anything is standing in your way, look up if there’s a loan specifically designed to cover it. 

If you couldn’t find one, then refer to the experts. Here at Perfect Payday, we use our name as our driving motto! We offer you the perfect loans and interest rates, helping you feel relieved and secured. Check our website and contact us if you need to apply for any types of camper trailer loans in Australia.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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