Personal Loans - What You Need to Know
Personal Loans - What You Need to Know
Blog Article
If you need money for a large purchase but don't want to use your credit card, a personal loan may be the right choice. Personal loans typically have a lower interest rate than credit cards and come with the flexibility of either a fixed or variable interest rate. Use our personal loan repayment calculator to see what your loan payments could be per week, fortnight or month.
Personal loans are unsecured, meaning you don't need to provide any security to obtain one. That's a big advantage over secured loans, which require that you place an item of value like a car or property as collateral against the loan amount. This is usually a good option if you're looking to finance home improvements or cover expensive vehicle repairs.
A personal loan can also be used to pay for travel expenses or help cover the cost of education. But before you apply, it's important to understand the different types of personal loans and how they work. This will ensure that you choose the right type of loan for your needs.
There are many personal loan options available in Australia. Most lenders offer some form of personal loan, with varying fees and rates. Some personal loan products are designed for people with particular needs, such as a low doc personal loan or bridging finance.
Whether you're looking for a personal loan from a Big Four bank, a smaller lender or an online specialist, the process is typically easy and efficient. Most lenders use a quick online application and automated checks to assess your eligibility. This can reduce the time it takes to receive your approval, and you can often have your funds in your bank account within 1-3 business days.
While most Australians qualify for a personal loan, some lenders have stricter credit criteria than others. This can affect the terms and rates of your loan, so it's important to check whether you meet the eligibility requirements before applying. Generally, you'll need to be an Australian citizen or copyright of legal age, have a steady income and a high enough credit score to qualify for the best personal loan rates.
If you have a low credit score or no income, you Personal loans perth might need to secure your personal loan with a guarantor. This can increase your chances of getting a personal loan with competitive rates, but it's essential to understand the risks and responsibilities before agreeing to be a guarantor.
Once you've found a personal loan with the right features and terms, it's time to start planning your repayments. Using an online personal loan repayment calculator can help you calculate your weekly, fortnightly or monthly payments, as well as your total interest costs over the term of the loan. It's also worth considering a shorter loan term, which can save you in interest charges and make your regular repayments more affordable. But before you do, check that the lender allows extra repayments and early repayments without a fee. Report this page