Secured Personal Loans NZ
Secured personal loans are loans that require some form of asset as collateral against it, leaving lenders with more flexibility when it comes to granting them. This incentivises borrowers to pay the loan on time, otherwise the lender may take possession of the collateral held against the loan.
The type of collateral you can put up against the loan varies. For a personal loan, the usual options are your house or your car. In some cases, loaners may accept other high-end valuables like gold or diamond jewellery.
In this instance, even having bad credit is usually not a problem when applying for a secured personal loan. As long as you have something of value to put up against the debt of the loan, the likelihood of having your application granted is high. This makes it highly attractive to people who would’ve otherwise failed to qualify for a regular unsecured loan from their bank.
Compare secured personal loan providers with glimp!
With so many options out there, finding a good provider can prove to be a very time-consuming task. At glimp, we make it easy for you to seek out the best policies from the top personal loan providers in NZ. Whether you’re looking for a policy from ANZ, Westpac, ASB, or a different bank, you can easily compare their terms on your own time using our comparison tool.
Secured personal loan comparison with glimp
With so many different options available, finding the place to start your research can be time-consuming. With a whole host of competitive options out there, you really need to spend time looking in order to find a lender that would work best for you.
To help you with this, glimp has embarked on the hard task of compiling all the best policies and providers. You’ll save time and effort in your search, allowing you to reach a decision and start the application process as soon as possible.
Simply tells us a few details about your specific needs, and we’ll help narrow down your options using our free comparison tool. This gives you a more manageable list of policies to work with, saving you the hassle of browsing through multiple deals and options on the market. Try out our comparison tool today and find a low interest, secured personal loan in just minutes!
Why compare with glimp?
We save you time & money
Easily compare secured personal loan rates, features, and benefits. Find the best results in just a matter of minutes.
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Thousands of Kiwis have already made the switch and used our services to secure a personal loan. We can help you find one as well!
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Types of secured personal loans - interest rates & terms
Mortgage loans are typically defined as a debt instrument, in which you borrow money using specified real estate as collateral. Should the borrower be unable to pay back the loan on time, their property may go into foreclosure, leading them to lose their home.
Loans using vehicles like cars, boats, motorcycles, or even private planes are counted under secured personal loans as well, allowing the borrower to use these assets as collateral. Failure to pay on time will result in the vehicle in question being repossessed by the lender.
Secured credit cards
This is a good way for customers with no credit history to build up their credit score, in addition to acting as a secured loan. However, it will require customers to make a cash deposit to serve as their collateral, allowing the lender to withdraw the deposit and apply it towards the bill, should the borrower be unable to pay their monthly charges.
Secured Personal loans FAQ
Got any questions regarding secured personal loan comparison? Browse around our FAQ section and see if your question has already been answered:
What types of assets can I use as collateral for a secured personal loan?
In addition to your house or car, other assets you can use as collateral are valuable items like gold or diamond jewellery, paper assets like stocks and mutual funds, and even other insurance policies like life insurance.
How are repayments made on my personal loan?
Some providers set up a direct debit in order to help you make your payments on time. Often, they would also time payments with your pay cycle to make the repayments easier for you to handle.
Can I get another loan on top of my existing one?
Loans are counted as separate agreements from each other, so as soon as you have applied and are deemed qualified, you can take out another one if you so wish. You may also apply for a top-up on your existing loan as another option.