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What are hair transplant loans?

A hair transplant loan is a personal loan that is used to pay for a hair transplant treatment. Hair transplants are becoming an increasingly popular cosmetic procedure – but unfortunately these procedures often don’t come cheap. If you’re considering a hair transplant and you don’t have the cash to pay for the procedure up front, a hair transplant loan can help you finance the treatment.

Who offers hair transplant loans?

Hair transplant loans are offered through a range of traditional lenders, like banks and credit unions, as well as non-traditional lenders that specialise in personal loans for medical treatments like hair transplants.

How do you take out hair transplant loans?

If you’ve decided to take out a hair transplant loan, comparison sites like RateCity are a great place to start. Once you’ve compared your hair transplant loan options and found a lender and loan that suits your budget, needs and affordability, you can click through to the lender's site and begin the process to take out a hair transplant loan. As a general rule, you’ll have to provide proof of identity, employment, income and savings.

Can people with bad credit take out hair transplant loans?

Depending on the type of loan, the amount you’re looking to borrow and your previous credit history, borrowers with bad credit may have options when it comes to hair transplant loans. While each lender has their eligibility criteria, borrowers with bad credit may find it easier to take out a hair transplant loan through an online lender (such as a peer-to-peer lender) than through a traditional lender (like a bank or credit union).

If you do have a history of bad credit, be mindful of falling into a debt trap. Before taking out any personal loan, including a hair transplant loan, make sure you can afford to make the repayments.

How do you compare hair transplant loans?

The way to compare hair transplant loans is to look at the rates, fees and features of a range of personal loan options.

Interest rate – Start by looking at the interest rate, and compare the difference between a fixed and variable rate. Always compare the comparison rate as it combines all fees to give you a more accurate picture of the total cost of the loan.

Fees – Fees vary between lenders, so check establishment fees, ongoing fees, early repayment penalties and late payment fees.

Loan amount – Some lenders may have a minimum and maximum loan amount.

Repayment schedule – Some lenders may let you schedule your repayments to suit your pay cycle.

What are the pros and cons of hair transplant loans?

Taking out a hair transplant loan can give you access to additional funds to help you pay for a procedure you’ve wanted to have. Much like any loan, there are advantages and disadvantages to consider.

It can be very easy to take on more debt than you can afford. Borrowers should always be mindful of falling into a debt spiral and should be sure that they can afford to pay back a hair transplant loan. Defaulting can affect your credit history and can also add additional fees and interest onto your loan.

Depending on the lender and interest rate, hair transplant loans may be cheaper and have a lower interest rate than a credit card, which means that the loan would cost you less in the long run.

Frequently asked questions

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.