Depending on the lender, a personal loan can cover almost anything. Big-ticket items like weddings, watercraft, debt consolidation, student fees and home renovations. Small-ticket items can cover dental work, vet bills, new appliances, holidays or even cosmetic surgery.
Have you decided to take out a personal loan? To get started you’ll need to consider the type of loan. Secured or unsecured? Variable or fixed interest rate?
If you don’t have assets to secure your loan, an unsecured loan may be right for you. A secured personal loan uses your assets as collateral. This may sound like a greater risk, but secured loans may offer lower rates.
Deciding on a fixed or variable interest rate. Like the name suggests, a fixed rate stays the same, providing certainty. While a variable interest rate may rise or fall, therefore increasing or decreasing loan costs.
Whether you need money for a holiday or home renovations, RateCity makes comparing personal loans easy. Compare loan types, interest rates, repayments, fees and more at a glance. Scroll down and discover some of Australia’s most competitive personal loans.