All Topics / Finance / Unsecured Personal Loan

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  • Profile photo of magic32magic32
    Participant
    @magic32
    Join Date: 2005
    Post Count: 49

    If a single person living with parents earns $60,000 pa before tax and they didn’t have any property and no other loans/liabilities, around how much would he be able to borrow in a personal/unsecured loan from a bank/lender? e.g. in the situation of a family emergency. Thanks.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    No credit history either? (No bad credit history?) I would think nab personal loan 12.99 percent for 7 years could get you pretty high. Limited to 55k. You could prob get 30/40k with a same day approval. Valid reason May or may not be family emergency.

    Profile photo of Kinnon BellKinnon Bell
    Participant
    @kinnon
    Join Date: 2014
    Post Count: 151

    There are a few variables in this – ie if you already bank with a bank you have a better chance of getting approved for more than if you are a new to bank customer, what loan term you want, sometimes longer isn’t always better, your ability to repay so if you have savings built up already etc

    The main issue I see is the purpose. There are a few lenders out there who lend for ‘family emergency’ but as a general rule nab is not one of them. They don’t like to lend funds if there is no direct (usually tangible) benefit to yourself.

    Kinnon Bell | Kinetic Funding
    http://www.kineticfunding.com.au
    Email Me | Phone Me

    Mortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.

Viewing 3 posts - 1 through 3 (of 3 total)

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