Are You Buying  TV With Bank Loan ?

You are considering taking out a personal loan, it is important to understand the different types of loans that are available to you.

While you may look at different loan options in terms of what you can use your loan for, you may also look at secured and unsecured personal loans.

What is a personal loan, and what are the differences between secured and unsecured loans?

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What is a Personal Loan?

A personal loan is a loan provided to you as an individual, for personal expenditure and is based on the information provided when you make an application. At NOW FINANCE, we compare the information you provide to our eligibility criteria as well as running a credit check.

We will also ask the reason why you need a loan, as we may be able to provide you with a specific solution depending on why you need the money.

Individuals may seek a personal loan for many reasons, but in their most basic form, they allow someone to acquire the capital to make a purchase and repay over time, rather than needing to save up for an extended period of time. However, people may choose to take out a loan to top up savings towards a purchase as well as use a loan to cover the entire cost of something.

Secured Loans

A secure loan is ‘secured’ when the borrower puts up collateral i.e. an asset to cover their loan in the event that they default on repayments.

For example, a secured personal loan of $200,000 may be secured against your home, assuming you hold equity to that value in your property. A smaller loan of say $40,000 may be secured against your car.


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