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A personal loan is when you borrow money for personal things like paying off other debts, going on holiday, or fixing up your home. With Handy Finance, you can get a flexible loan that lets you pay back more than the minimum amount (these are called lump sum payments) whenever you can, without any extra fees for paying off your loan early. You’ll pay back the loan regularly – every week, every two weeks, or every month – over a set period. This makes it easy to know how much you need to pay and when so you can budget better.

An unsecured personal loan is a type of personal loan that doesn’t need an asset, like a car or property, as collateral. It allows for flexibility and can be used for many purposes, like consolidating debts or funding significant purchases or expenses. However, these loans may come with slightly higher rates than secured loans due to the greater risk the lender has.

A secured personal loan is when you borrow money and use an asset you own, like your car or house, as a guarantee. These loans usually have lower interest rates because there’s less risk for the lender. If you can’t pay back the loan, the lender has the right to take possession of the asset to recover the funds.

Handy Finance personal loans can cover many different costs, such as debt consolidation, home renovations, travel, medical expenses, investments and other significant purchases, such as buying a new car or putting a deposit on a wedding venue. This means you can easily use our Handy Finance Personal Loans for a range of personal needs in your everyday life.

At Handy Finance, loan purpose is considered as part of our assessment process. Our personal loans are not for business purposes and are only for personal use. Personal loans can also not be used for illegal or unethical activities, such as gambling or funding illicit transactions.

The eligibility for our Handy Finance Personal Loans includes:

• Be 18 years of age or older.
  
• Be a citizen or permanent resident of Australia.
  
• No outstanding or unpaid defaults.
  
• Have no history of bankruptcy, nor be party to court judgment.
  
• Not be in hardship with a different financial provider.
  
• Have a regular income via active employment, whether employed or self-employed.

It may be tricky to get a Handy Finance Personal Loan if you have defaults. We look closely at each application, checking your credit score and past financial behaviour. If you’ve had trouble paying back loans before (defaults), it could make it harder to get a new loan. This is why keeping your credit report in good shape is important.

You might be eligible for one of our Handy Finance Personal Loans if you meet our requirements. You can check out what these are here. We look at things like your income and credit history to see if our loans are a good fit for you.

There is! You can apply for an indicative personalised quote through Handy Finance, which can give you a better idea of your borrowing power. It is quick and easy to apply for a quote online, and requesting a quote won’t have any impact on your credit score. Any estimates provided do not constitute an offer or final approval of finance.

Yes, you can still apply for a personal loan even if you’ve got another loan, either with Handy Finance or another lender. Just make sure you don’t have any unpaid defaults and that you meet our other eligibility criteria.

Handy Finance is required to verify your expenses and income before finalising your application, which we do through the Illion Bank Statement service. Submitting statements via this service is secure, and we will receive a categorised report based on the last 3 months of bank statements in order to finalise your loan. Neither Handy Finance nor Illion will be able to make transactions on your accounts.

More information can be found at bankstatements.com.au.

The Illion Bank Statements system uses read-only access, meaning that neither Illion nor Handy Finance can transact on your bank account.

Handy Finance will only receive a categorised report of your bank statements in order to complete the credit assessment process of your application for a loan.

Handy Finance aims to ensure borrowers with a good credit history are rewarded with better rates. Handy Finance’s interest rates are based on your personal credit history and evaluation against our credit scorecard. You can receive an indicative rate estimate in just a few minutes via our online application form. Any estimates provided do not constitute an offer or approval of finance. Your repayment amount and interest rate will be provided if an application is submitted and approved.

Traditional bank lenders tend to have higher operating costs, which can result in higher rates. Handy Finance aims to keep rates low by keeping operating costs down to make finances less daunting and allow people to live life to the fullest.

An advertised rate is what lenders show to give you an idea of the loan cost. This rate will depend on your individual credit score as well as the details you give us in your loan application. Remember, this rate usually doesn’t include all charges and fees, so it’s really only a part of the cost of your loan. That’s why it’s important to look at the comparison rate for the full picture.

A comparison rate is like a clearer price tag on your loan. It includes the interest rate and certain fees and charges, all rolled into one rate based on a standardised loan amount and term. The aim of the comparison rate is to help you more easily compare loan options.

With Handy Finance, there can be a one-off establishment fee which covers the administrative costs of processing your application, but no monthly account-keeping or early repayment fees.

A fixed-rate loan means that your interest rate will remain the same throughout your loan term. Fixed-rate loans are completely transparent from day one – because the rate doesn’t change, you know exactly how much you will be repaying and how often for the entirety of your loan. Handy Finance only offers fixed-rate joint loans.

The loan term is the length of time you have to repay your loan. With Handy Finance, you can choose a loan term that suits your financial plan, ranging from 1 to 7 years for personal loans and extending to 1 to 10 years for green loans. Longer loan terms usually mean smaller monthly repayments, but it also means you could be paying back the loan over a longer period.

No, you don’t need to worry about stamp duty when taking a personal loan with Handy Finance. Stamp duty is paid when buying property or certain assets, not for personal loans.

A credit score is a number that indicates how good you are at paying back money you’ve borrowed. It’s based on your past financial behaviour, like paying bills and repaying loans. Lenders may look at this score to decide if they should lend you money and on what terms.

You can check your credit score for free with credit bureaus or agencies. It can be a good idea to do this now and then to make sure everything’s on track with your score – this may help you with future loans.

In Australia, there are three reputable agencies you can contact for a credit score check. These are Equifax, Experian and Illion.

Improving your credit score can be achieved in several ways.

• Pay bills on time: One way you can boost your credit score is by always paying your bills and debts on time. This can indicate to lenders that you’re reliable and can manage your finances well.
• Check your credit report: Regularly checking your credit report is crucial. It lets you see what lenders will see when you apply for a loan. By doing this, you can understand what your credit looks like to a lender and fix any mistakes or incomplete information for a better score.
• Be smart with credit: Having a variety of credit types, like loans, credit cards, and mortgages, can be good for your credit score. This mix indicates to lenders that you may be able to responsibly pay back all types of credit. These different credits can affect your score differently, but over time this positive repayment behaviour can be seen as a positive by lenders.

Your credit score can change based on several things. Paying your bills on time or not using most of your available credit may help your score. A mix of different types of credit, like a credit card and a personal loan, can be good as long as you manage them well. Applying for a lot of new credit in a short time frame may lower your score. Missing payments, having a lot of debt, or having a bankruptcy on your record can also negatively affect your score.

Repayments on Handy Finance loans can be made weekly, fortnightly or monthly. You must use direct debit for all scheduled repayments. To make repayments ahead of schedule, log into your borrower dashboard using BPAY.

If you are experiencing financial hardship and have difficulty meeting your repayments, please contact the Handy Finance team on 1300 990 115 or [email protected].

Yes, you can repay your loan earlier which may save on your overall interest costs. At Handy Finance, we have a $0 early repayment fee, so you can pay off your loan early without incurring any extra costs.

With Handy Finance, the amount you can borrow ranges from $2,001 to $75,000, and up to $100,000 for home improvement projects and motor vehicles. We’ll review your income, credit history, and existing debt to determine before providing a loan amount offer for you. We aim to make sure that your loan offer fits your budget comfortably.

When you accept your Loan Offer, you are agreeing to contractual obligations, including how often you repay. If you need to change this, please get in touch with our team on 1300 990 115 or [email protected]

You can change your debit details by contacting the Handy Finance team on 1300 990 115 or by [email protected]