Personal lending saw an increase in July for the third consecutive month, according to recent data from the Australian Bureau of Statistics (ABS).
New loan commitments rose 6.9 per cent for personal fixed term loans in July, increasing the value to $1.57 billion from $1.51 billion in June.
The purchase of road vehicles continued to be the driving force behind the growth, while smaller loan purposes such as travel and holidays remained inconsequential.
However, with the weather warming up and the holiday season fast approaching, Australians might be considering a well-deserved break, albeit likely closer to home than usual.
If your finances have been in any way impacted by the COVID-19 pandemic, you may not have savings set aside as you might normally for an end-of-year getaway.
Depending on your individual circumstances, a personal loan could provide you with the option to take your break when you need it and pay it off later.
It’s important to remember that a personal loan is a financial commitment that will take some time to repay, and borrowers should carefully consider their personal financial situation before applying.
Take your time comparing personal loans to find one that best suits your needs, and consider using RateCity’s Personal Loan Calculator to get a repayment estimate.
RateCity has put together some of the top-rated personal loans for September 2020 to help start your personal loan comparison.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)
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