A personal loan broker compares fixed-term personal loans across a panel of lenders, weighing the interest rate, the comparison rate, the fees and whether the loan is secured. Brokio arranges personal loans for clients across Melbourne, subject to the lender’s assessment and approval.
Renovation, wedding, car, consolidation or a gap to cover — one application compared across more than 40 lenders instead of one bank’s answer.
A personal loan broker compares unsecured and secured lending across a panel, works out which lenders are likely to approve your situation, and manages the application. The reason that matters more for personal loans than for a mortgage is that policy differences between lenders are wider here. Two lenders can look at identical income and credit history and reach different answers, because they weight employment type, existing commitments and loan purpose differently. Applying blindly to the wrong one leaves an enquiry on your credit file and no loan.
A secured personal loan is held against an asset, usually a vehicle, and generally carries a lower rate because the lender has recourse. An unsecured loan is not tied to anything, which suits purposes with nothing to secure against — a wedding, a renovation, consolidating debts — and costs more as a result. Purpose often decides which is even available to you, so the choice is more constrained than it looks. We compare both wherever both are possible.
Personal loans work well for a defined amount over a defined term, where the alternative is revolving credit at a much higher cost. Consolidating card balances is the clearest case: the rate is usually far lower and the debt has an end date instead of drifting. They work poorly as a substitute for a deposit, or where the repayment only fits if nothing else changes. If you are borrowing for a car specifically, a car loan secured against the vehicle is usually the cheaper structure.
On most personal loans our service won’t put you out of pocket — the lender you choose pays a commission, which is disclosed to you. Some specialist products carry a fee, and where one applies we tell you the amount and what it covers before you commit. Separately, look at the loan’s own fees: establishment, monthly service and early repayment charges vary widely and are what the Comparison Rate exists to expose.
Photo ID, recent payslips or two years of returns if you are self-employed, three months of bank statements, and a clear figure for what you are borrowing and why. Lenders assess the purpose, not just the amount, so being specific helps. Any approval and its final terms are subject to the lender’s credit assessment.
Work out what the repayment actually looks like before you commit. The loan repayment calculator shows the regular figure across different terms, the Comparison Rate calculator shows what fees do to the real cost, and if you are consolidating, the credit card calculator makes the comparison against your current minimum repayments concrete.
When a personal loan makes sense, how debt consolidation works, and what your credit score does to an application.
Tell us your situation on WhatsApp and we will come back with what the panel says — obligation free. Full details of our personal loan service are here.
A broker compares personal lending across a panel, identifies which lenders suit your situation, and manages the application. Lender policy varies more on personal loans than on mortgages, which is where the value sits.
On most personal loans our service won’t put you out of pocket — the lender you choose pays a commission, which is disclosed. Some specialist products involve a fee and we tell you the amount up front.
It depends on your income, existing commitments, credit history and the purpose. We give you a realistic figure across the panel rather than a number you then get declined for.
Secured usually costs less but ties the loan to an asset. Unsecured suits purposes with nothing to secure against. Which is available depends on your purpose as much as your preference.
Each formal application is recorded, so multiple declined applications do damage. Comparing first and applying once to a lender that fits is the point of using a broker.
Obligation-free chat — message us now and we'll come back with clear options, usually within minutes.