Personal Loans

Find the best deals on Personal Loans in Australia. We compare all the banks and let you know where to find the best loan for your personal circumstances.

Want a Personal Loan for a Holiday or Home Renovation? We Can Help!

Are you looking for a personal loan for your much-anticipated home renovation plan? Or do you need it to purchase a new car or to finance that dream vacation to Maldives with your entire family? You do not have to look further because we are here to aid you. We at Mate.com.au work as a comparison website and tell apart over 200 loans from more than 70 financial establishments.

Moreover, we offer expert loan differentiations in Australia to assist you in discovering the quality rates and correct choices of competitive loan that meet your requirements. We have a handy guide on our portal that will help you know the essential factors to consider when searching for the right loan as well. Hence, do not hesitate to read further and reach out. We are available to be at your service 24/7!

Concept of a Personal Loan & Its 3 Types from Which You Can Choose

Here in Australia, you can kick-start your planned personal activities sooner through availing a personal loan. This type of borrowed funding from your lender of choice works with you borrowing a lump sum of money from the bank, and then repaying this amount and the interest on top in instalments and over an agreed timeframe. You will typically repay your debt monthly within a period of one to five years.

Furthermore, loans used for personal purposes are generally for a lower amount of money compared to a home loan. However, these loans are helpful for lump sums worth between $2,000 and $100,000 because they are quite massive to charge on your credit card. Plus, loans used for personal purposes are helpful because, for as long as you fulfil your monthly repayments, you will know approximately how much interest you will need to settle from the start. You will stay informed about how long you will have outstanding balances or debt, too.

You can use the loan for any needs you have. Also, you can utilise this type of borrowed money to pay for expensive activities, like the renovation of your residential property, purchasing a new car, or your holiday with your whole family at exotic destinations. If you suddenly get sick and medical bills pile up, you can use the loan in this scenario as well. We want you to learn about the following concepts, which are the three kinds of personal loans that you can avail:

 Secured Loan

In this kind of loan, you can utilise your assets, such as your residential property or family vehicle as security or collateral for the funding you borrowed from the bank. Risking your valuable properties is in exchange for the advantage of lower fees and interest rates. One word of caution: Your lender has the prerogative to seize your assets if you fail to repay your loan.

 Unsecured Loan

If you do not possess assets to secure the funds you borrowed from the bank, and you do not want to put your house or car at risk, then, we recommend you to take out an unsecured loan. This debt arrangement does not require you to guarantee your borrowed funding with any valuable possessions or assets you may have. Nevertheless, we should warn you that you will have to bid lower fees and interest rates farewell.

Debt Consolidation

Do you want a sure technique to eliminate the stress of having to pay off plenty of your debts? Then, this kind of loan fits a borrower like you. Debt consolidation moves across any unpaid debt you have on credit cards or multiple loans, transferring them into a single, low-rate loan. Thus, instead of having to deal with a variety of interest rates and different due dates, you will just have one repayment to think about with a flat interest rate.

As you can see, there are different types of personal loans that you can select from, and they all aim to make funding your life plans with peace of mind. You can discover more about these modes of borrowed funding through our website by reading on and reaching out to us if you have more queries!

Frequently asked questions

How quickly can I access the borrowed funds with a personal loan?

Did you know that the processing of a personal loan you took out does not take a long time? We are pleased to inform you that finding a quick loan of this type is possible. Plus, some banks can have the money in your bank account on the same day. You can expect the borrowed funding to be within your reach, or in a matter of two business days as well.

 

Which is best to choose, credit cards or personal loans?

If you are thinking about borrowing funds below $5,000 and you are weighing between using or applying for a credit card or availing a loan, we recommend that you learn the disparities between these two bank products. We suggest that you take out a loan you can use for personal purposes if you require the borrowed funds upfront and you intend to repay them in an agreed timeframe. Also, the regular monthly repayment amount of a loan with a fixed interest rate makes it effortless to budget. Nevertheless, you should remember that you may incur a break-cost charge if you wish to pay off your fixed-rate personal loan at an earlier time.

On the other hand, we must say that using an interest-free credit card is ideal for smaller expenditures, like an outdoor renovation or a vacation. It is because you get the flexibility to settle your debt as you go. But, once the “honeymoon” stage has concluded, zero-per cent introductory credit cards frequently revert to a much higher rate. Therefore, if you cannot pay off the entire balance before the ending of the interest-free time, you could surely feel the pinch of high rates. Also, you will end up paying more, as compared to a low-rate personal loan.

Is it possible for me to get a loan even if I have a negative credit score?

Yes, you can still get a loan for personal purposes even if you have bad credit. Nonetheless, it is not always the optimal idea because you will frequently get charged with tremendously high fees and rates. Many banks have already started evaluating the credibility of a borrower according to their credit history. Thanks to the introduction of the Comprehensive Credit Reporting in Australia, which made this possible. Hence, it is undoubtedly worth fixing your credit history first. Then, you can apply for a loan with peace of mind

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