A secured personal loan requires you to offer an asset, such as your car or home, as collateral. If you fail to repay, the lender can take possession of the asset. An unsecured personal loan does not require collateral but often comes with higher interest rates as it poses more risk to the lender.

Yes, individuals with poor credit may still be eligible for personal loans, but they may face higher interest rates or stricter conditions. It’s recommended to compare lenders and consider options such as secured loans or using a guarantor to improve your chances.

A Chattel mortgage is a type of loan used to purchase movable property such as cars, machinery, or equipment, where the property itself acts as collateral. You retain possession of the item, but the lender can repossess it if you default on the loan.

Leasing allows businesses or individuals to use an asset (e.g., cars or equipment) without paying the full purchase price upfront. It may also offer tax benefits, lower initial costs, and maintenance coverage. Leasing can be a flexible option for those who do not wish to own the asset long-term.

A Low Doc Loan is a type of loan designed for borrowers who may not be able to provide full financial documentation (e.g., self-employed individuals or those with non-traditional income). However, these loans typically come with higher interest rates and may require a larger deposit or additional guarantees.

Assets that can be leased or financed under a Chattel mortgage or lease include vehicles, machinery, equipment, and other movable property. These are typically used for business purposes or large asset purchases.

Yes, Low Doc loans are available for home loans, particularly for self-employed individuals or those with inconsistent income. However, these loans often come with higher interest rates, require a larger deposit, and are subject to stricter criteria compared to full documentation loans.

To improve your chances of securing a loan, consider increasing your deposit, offering collateral, or applying with a creditworthy guarantor. You can also work on improving your credit score by paying down existing debts before applying.

Before committing to a Chattel mortgage, consider the loan’s interest rate, repayment terms, and the potential depreciation of the asset. Ensure that you can meet the repayment schedule to avoid the risk of repossession.

Yes, self-employed individuals can apply for personal loans, Chattel mortgages, or Low Doc loans. Lenders may require alternative forms of income verification such as tax returns, bank statements, or BAS (Business Activity Statements) to assess eligibility.

The primary risk of a secured loan is that the lender can seize your collateral, such as your home or car, if you default on the loan. It’s essential to assess your ability to repay and ensure that the asset you offer as security is worth the loan amount.

Yes, it is possible to secure a home loan with poor credit, although it may come with higher interest rates and more restrictive terms. You may also need to provide a larger deposit or consider options like a guarantor loan.

A loan involves borrowing money to purchase an asset, which you then own once the loan is repaid. In contrast, a lease allows you to rent an asset over a period, with the option to purchase it at the end, but you do not own the asset during the lease term.

A Low Doc loan typically involves fewer documentation requirements, making it easier for self-employed or non-traditional borrowers to access credit. However, these loans often come with higher interest rates, smaller loan amounts, and shorter terms.

Refinancing a home loan with poor credit is possible, but it may come with higher interest rates and less favourable conditions. You may need to meet stricter eligibility criteria or offer a larger deposit, and it’s a good idea to work with a mortgage broker who specialises in refinancing for individuals with poor credit.