Get to your big goals sooner

A secured personal loan lets you borrow money from a lender, like Rapid Loans. Whether you want to fund your business start-up, a tropical holiday or an engagement ring, the possibilities are endless when it comes to achieving your goals with a simple and reliable source of credit!

You might have heard the term secured or unsecured loan in your research but here at Rapid Loans, we only deal with secured loans. If you’re not quite sure what that means, it’s a loan that’s secured by an asset that the lender has security over for the term of the loan. What this means is that if you don’t make repayments the lender could repossess and sell the asset. For example, you might take out a secured loan against a car and then use the car you’re purchasing as security.

You can start an online application for a secured personal loan now, it takes just minutes to complete.

Secured personal loans can be used for a range of eligible purposes, not just purchasing a car. Depending on your circumstances, you may be able to use a secured personal loan to cover eligible expenses such as home improvements, education, travel or debt consolidation.

Rapid Loans offers secured personal loans for a range of eligible purposes, including:

– Secured wedding loans
– Secured pensioner loans
– Secured travel loans
– Secured home renovation loans
– Secured car loans
– Secured motorcycle loans

There are a number of pros and cons when considering a secured personal loan.

Some potential benefits include fixed interest rates, fixed repayments, no early repayment fees, and the ability to use an eligible registered vehicle as security for the loan.

One consideration is that you’ll need to provide an eligible registered vehicle as security. If you don’t meet the terms of your loan contract, including keeping up with your repayments, the lender may be entitled to repossess the secured vehicle. Your loan approval will also depend on your individual circumstances and the outcome of the lender’s assessment.

It’s important to note that repossession can only happen if you are behind on your repayments, you’ve been sent a default notice asking you to repay the amount within the required timeframe, and you still haven’t paid or made suitable arrangements. Repossession is a last resort. It’s also important to note that the sale of the secured vehicle may not fully cover your loan balance, and you may still have an amount owing.

A secured personal loan is a type of loan that uses an eligible registered vehicle as security. At Rapid, we require our customers to secure their loan against an eligible registered vehicle. If this sounds like something you’re interested in, chat to our team or apply online today.

To apply, you’ll generally need to be at least 18 years of age, an Australian citizen or permanent resident, and have a regular source of income. As part of the application, you’ll typically need to provide:

• Proof of identity.
• Bank statements and proof of income or payslips.
• Details of the registered vehicle being used as security.
• Details of your address and any additional supporting documents required for your application.

Once you’ve completed your online application, one of our loan consultants will contact you with the outcome. If approved and all requirements have been met, funds may be available the same day in some circumstances.

You’ll then repay the loan amount, together with any applicable fees and interest, over the agreed loan term. You can choose weekly, fortnightly or monthly repayments. All of our secured personal loans have fixed interest rates and fixed repayments, giving you certainty about your scheduled repayment amount throughout your loan term.

A less-than-perfect credit history doesn’t automatically prevent you from applying for a secured personal loan. We assess every application individually against our lending criteria and responsible lending obligations, taking into account your overall financial circumstances rather than relying on a single factor.

If you’re unsure whether you’re eligible, our team can explain the application process, the information you’ll need to provide and answer any questions before you apply.

All loan applications are assessed individually by our credit team and must meet our lending criteria and responsible lending obligations before they can be approved. Using a registered vehicle as security doesn’t guarantee approval, and every application is assessed based on your individual financial circumstances.

At Rapid Loans, we require an eligible registered vehicle as security for the loan. This could either be an existing vehicle you already own or, if you’re using our loan to purchase a vehicle, the vehicle you’re purchasing will typically be used as security.

You can continue to use your vehicle as normal while making your scheduled loan repayments.

A secured loan uses an eligible registered vehicle as security for the loan, while an unsecured loan doesn’t require security. At Rapid, all of our loans are secured using an eligible registered vehicle.

At Rapid Loans, you can generally use an eligible registered vehicle as security for your loan, such as a car, caravan, trailer, boat or jet ski. The vehicle will generally need to be:

• Registered in your name.
• Comprehensively insured.
• Maintained in good working order.
• No more than 20 years old at the end of the loan term.
• Valued at least two-thirds of the loan amount.

If you’ve purchased the vehicle from a dealer, we may ask for a dealer invoice or a copy of the dealer’s bank deposit slip. If you’ve purchased the vehicle through a private sale, we’ll generally require a recent roadworthy certificate (where applicable), a copy of the seller’s driver’s licence and proof of vehicle registration. If you’re using an existing vehicle as security, we’ll require proof of vehicle registration.