How do our secured loans work?
A secured loan is one where the lender has security attached to the loan itself. With our loans the security provided needs to be in the form of an unencumbered vehicle registered in the applicant’s name. This security remains attached to the loan until the loan is complete.
When the loan is made the debt is secured against this, which is referred to as collateral.
Our secured loans are generally a little larger loan than an unsecured and range from $2,200 to $5,000; they are often used for larger purchases or to contribute to occasions which require a large financial commitment such as weddings.
Our secured loans can be taken over a longer loan term than our unsecured loans. They can be approved up to a maximum term of 52 weeks. The longer term assists keeping the repayment amounts at an affordable level. Secured loans require some additional documentation in the application process as the vehicle registration papers need to be provided before the loan can be approved.
Direct Finance Loans offer secured loans for those looking for amounts above $2,000, and who are looking for a fast approval. We aim to have the money in your account quickly and the application process is straight forward.