What's the difference between a secured and unsecured loan?
Secured Personal Loans
A secured loan means you nominate an acceptable asset of yours (something valuable you already own or are purchasing) as security against the money you’ve borrowed.
It means if you’re unable to repay the loan, we may be able to sell the asset to pay towards your loan.
Acceptable assets can include a new or used car (up to 8 years old), a new or used motorcycle (must be under 7 years old by the end of the loan), a term deposit, or a new boat or caravan. Visit or call your nearest branch to chat with one of our local lenders to explore the options that work best for you.
Unsecured Personal Loans
An unsecured loan is a loan without an asset as security for the debt.
The interest rate for an unsecured loan is usually higher than a secured personal loan since this is a higher risk scenario for the bank.
Greater Bank offers both secured and unsecured personal loans to suit your needs.
Terms, conditions, fees, charges and credit criteria apply.