Best Personal Loans
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Best Personal Loans
When it comes to finding some of the best personal loans a little research goes a long way. And that’s where we come in. RateCity has done the research for you so that you can search, compare and apply for some of the best Aussie personal loans right here, right now. But first, here’s what you need to know;
What can I use a personal loan for?
Sometimes life can’t wait for us to save the cash we need to make significant purchases. Perhaps you didn’t account for an extra expense (baby) or you are fed up with work (holiday). Either way, a personal loan could save your mustard or just help you achieve your dreams sooner.
You have the freedom to use your loan for almost anything, within reason. So whether your pickle is, home renovations, the latest sports car, debt consolidation or an African safari, a home loan can help you achieve these goals upfront, while you pay it off over time.
How do they work?
Personal loans work in a similar fashion to a credit card, whereby they allow you to borrow money on credit, to be paid back with interest.
However, the benefits of a personal loan is that your loan amount is set so you generally can’t add to your debt, your repayments are structured throughout your loan term and the interest charges will usually be lower than most credit cards.
Types of personal loans
Secured – A secured personal loan is tied to an asset, such as your car, as security for your financial institution in case you can’t make the loan repayments. The added security is usually rewarded with lower interest rates but be careful, failure to pay could mean losing your car.
Unsecured – Reverse the above advantages and disadvantages and you have an unsecured personal loan. Without offering an asset as security collateral you will likely incur higher interest rates.
Start shopping for your personal loan now so you can shop for the important purchases with confidence. Get started, compare some of Australia’s best personal loans below.