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Types of Personal Loan

At Handy Finance, we’re known for our wide range of flexible and fair personal loans. No matter what you’re looking to fund or purchase – a new car, home renovations or a dream vacation – you’ll find a competitive loan with Handy Finance. Read on to learn more about the wide variety of specialised personal loans we have available. 

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Secured and unsecured personal loans

What is the difference between secured and unsecured loans? Secured loans are a type of loan that requires a guarantee. When you take out a secured personal loan, you can use the item you purchase, such as a car, caravan or boat, as security against the loan. Secured loans are generally more competitive because of this, and you’ll find a lower interest rate will be offered, especially in comparison to an unsecured loan. 

Unsecured loans don’t need an asset to act as security for the loan. This does allow more flexibility, but you may find that because there is no guarantee attached to the loan, you may be offered a higher interest rate. 

At Handy Finance, we offer secured car loans. For our other personal loans, we offer secured and unsecured options. 

Fixed or variable personal loans – what is better for me?

The interest rate on your personal loan can be fixed or variable. A variable interest rate is subject to market changes – so your repayments will also fluctuate each time you make them. A fixed interest rate is the opposite – the rate is fixed when you take out the loan, and it will remain the same over the lifetime of the loan. Your repayments will also be fixed, giving you consistency and the ability to budget. Personal loans from Handy Finance always have a fixed interest rate. 

Types of Personal Loans from Handy Finance

Handy Finance offers a range of personal loans to cover all of life’s big expenses. You can borrow between $2,001 and $75,000, with loan terms of between one and seven years (up to ten years for our green loans). Choose to repay your loan in weekly, fortnightly or monthly instalments.

Let’s look at some of the types of personal loans we have available at Handy Finance:

Car loans

Our Handy Finance Car Loans are a popular option for those seeking to finance a car purchase. You can use your secured loan to purchase a new or secondhand car. The car you purchase can be used as the security for the loan, whether the car is brand new or used. There are no restrictions on the type of car you purchase with this loan. 

Home renovation loans

Ready to give your home a makeover? Our home renovation loans can cover a number of different renovation and home improvement costs, including:

  • Remodelling your kitchen,
  • Upgrading your bathroom,
  • Repainting interiors or exteriors,
  • Landscaping your garden,
  • Adding an extension to your current home.  

Debt consolidation loans

Debt consolidation loans are a fantastic way to simplify and streamline your financial situation. If you find yourself with several loans from several lenders, a Handy Finance Debt Consolidation Loan can help. Combining your loans means making one repayment at the same time each week, fortnight or month under the fixed interest rate of your new debt consolidation loan. 

Caravan loans

Take your holiday on the road with a caravan! Our caravan loans can fund the purchase of a new or used caravan. All Handy Finance Caravan Loans are secured, so the caravan you buy will be used as security on your loan. 

Motorcycle loans

Use our motorcycle loan to purchase a new or used motorcycle. Our motorcycle loans are secured, so you can use the bike you purchase as collateral for your loan. A motorcycle loan is a great way to spread the cost of a bike into manageable instalments. There are no restrictions on the type of motorcycle you purchase with the loan. 

Boat loans

Use our Handy Finance Boat Loan to buy a new or secondhand boat. Our boat loans are secured, so you can use the boat you purchase as security for the loan. Your funds can go towards buying many different boats: jet skis, speedboats, fishing boats or houseboats. The main purpose of your loan should always be to purchase a boat, but it can also be used for boat-related expenses, like maintenance, upgrading safety equipment, fuel and mooring costs. 

Green loans

If you want to create a more sustainable and eco-friendly home, the Handy Finance Green Loan is for you. A green loan allows you to invest in sustainable technology and upgrades for your home to make it more environmentally friendly. It is the only type of personal loan we offer with a term of up to 10 years. Your green loan can be used to fund: 

  • Installing electric vehicle charging stations at home
  • Improving ventilation and insulation in your home – like energy-efficient window treatments
  • Upgrading to smart/connected home products
  • Buying and installing solar panels, solar pump water systems, solar pool heating units
  • Making the switch to LED lighting
  • Swapping your large appliances for more energy-efficient ones
  • Buying battery packs

Holiday or travel loans

Fund your dream holiday with a travel loan from Handy Finance. Use your travel loan to snap up special deals on flights or accommodation, secure travel insurance, pay for food and drinks while away, or book unique travel experiences. 

Wedding loans

Handy Finance Wedding Loans aims to make financing your big day as easy as possible. Focus on what’s important: creating a truly memorable experience for yourself and your family and friends. Wedding loans can be used to cover the cost of your reception, venue, catering, entertainment, photography and transport to and from your day. You can also use the loan for flowers, decorations, rings, bridal party outfits, and even your honeymoon. 

Medical and dental loans

Unexpected medical expenses can be a huge drain on your finances. A medical or dental loan from Handy Finance removes that financial stress and allows you to spread the cost into manageable instalments so you can focus on recovering. You can use your medical and dental loan to cover the following: 

  • Surgery, including elective, cosmetic, eye or dental
  • Hair transplant procedures
  • IVF and fertility treatment
  • Purchasing any medical equipment that you may need for personal use
  • Covering the costs of medication during and post-recovery
  • Rehabilitation
  • Radiology
  • General hospital bills and other expenses

Education loans

An education loan can help you pay for a number of education-related expenses. You can use this loan to fund a return to higher education, complete post-grad studies, take source courses or cover primary or secondary school education costs. 

Joint loan

At Handy Finance, we also offer joint loans. Apply for a loan with a co-borrower and combine your purchasing power. It’s often used to cover joint costs like holidays, weddings, cars and home renovations. 

Call our credit experts today to discuss your financial circumstances and what you’re seeking funds for. They will be able to suggest the best type of personal loan for you. At Handy Finance, we pride ourselves on offering fast, fair and flexible financing tailored to your situation. We aim to make it as simple as possible to access funds for those big purchases in life, giving you the chance to spread the cost across multiple payments. 

Eligibility criteria for Handy Finance loans

The same eligibility criteria apply to all personal loans from Handy Finance. To apply for a loan in Australia, you must meet the following criteria:

  • Be over 18 years of age
  • Be an Australian citizen or permanent resident
  • Be currently employed (this includes self-employment)
  • Not be party to a current court judgment or have a history of bankruptcy
  • Be able to submit your most recent bank statements electronically (through Illion Bank Statements).

As part of your application, you’ll need to provide documentation that proves you meet the criteria, such as your driver’s license and bank statements. For any joint loans, both applicants will need to meet the eligibility criteria before the application goes ahead. 

Choosing the right type of personal loan

It’s important to research before settling on a loan option to ensure you find the right loan for you. Compare interest rates, loan terms, maximum and minimum loan amounts and any fees attached to the loan. 

Handy Finance offers personal loans with low, competitive interest rates, loan terms of up to seven years (ten if a green loan) and between $2,001 and $75,000 for the loan. You can repay your Handy Finance loan in weekly, fortnightly and monthly instalments. There is also a $0 early repayment fee so that you can repay your loan ahead of time without any extra financial charges. The only fee you need to pay is an establishment fee – otherwise, there are no other fees that apply to Handy Finance loans.  

Applying for a personal loan with Handy Finance

Applying for a personal loan with Handy Finance is simple. Fill out your application online. Once you’ve submitted, our credit experts will review your application and let you know of an indicative decision within minutes. After your application has been approved, funds will be placed in your nominated account within 24 hours. 

Explore a range of tailored personal loans today

If you’re looking for a way to fund some of life’s big expenses, contact the Handy Finance team today to discuss our personal loan options. Have the cash ready and available upfront, but spread the cost of paying the loan back in manageable weekly, fortnightly or monthly instalments.