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When should I use a personal loan?

When should I use a personal loan?

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Personal Loans are an excellent solution to the sort of crisis that can only be resolved with cash. Here is some information about personal loans in Australia that you might find valuable.

A personal loan might be just the ticket should your vehicle break down when your savings are depleted, or you're considering a big-ticket purchase and you require funds to help in order to complete the purchase.

One of the popular features of personal loans is that you can generally get approval within one or two business days.

Lenders aren't generally too particular how you intend to utilise the funds, they just need to be satisfied that you have the capacity to repay the loan.

On the flip side, because a personal loan is unsecured, there is a higher risk to the lender so personal loan interest rates are typically higher than for a secured loan.

In fact, the increasingly competitive lending markets, many financial institutions even offer some credit cards at lower interest rates that they do for personal loans.

Another potential trap for the unwary, in addition to higher interest, you should check any additional servicing fees (either expressed as a fixed dollar amount or as a percentage of the loan amount).

And besides interest, watch out for annual service or maintenance fees on the loan that is either a flat fee or a percentage of the lump sum.

You may be pleased to know that the entrance of non-bank lenders into the personal loan arena has led to greater competition. It has also meant that there is a huge variation in interest rates being charged for personal loans with some lenders offering rates as little half the rate offered by others..

We provide a service to help find the best personal loan solution for your particular circumstances, irrespective of your employment status and credit history.

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Important: Financial Services Online is a referral service. We provide general information only and we do not offer financial advice. We refer all insurance, finance and other enquiries that are initialted on this and our associated websites to specialist advisers who are licensed in their respective fields. You should always seek professional advice before making important financial decisions.