The summer holidays often give us the gift of a little extra time and a bit of enthusiastic new year motivation. Which is why it might just be the perfect opportunity to get stuck into some of the items on your ever-growing to-do list.

If you’re eager to make the most of your time off but don’t have quite enough cash in the bank, you might find that a personal loan could come in handy right when you need it. Lenders offer personal loans for an abundance of loan purposes, so there’s every chance you could find one that’s right for you.

RateCity’s database offers plenty of competitive personal loans with rates currently starting from 5.35 per cent (6.21 per cent comparison rate), available to eligible borrowers for any worthwhile purpose.

We’ve put together a list of things that a personal loan might be able to help you out with this summer so you can start the new year off with a bang.

Tackling a renovation project

It’s safe to say we’ve all spent a lot more time at home this year than we likely normally do. Which means you’ve probably also had more time to notice a thing or two within your space that could do with an update.

Whether it’s a complete kitchen remodel that you’re after or the interiors just need a fresh lick of paint, a personal loan could be a viable option to get the project underway.

Reducing your carbon footprint

Speaking of renovating your home, if you’re looking to make updates of the eco-friendly variety, you might be interested to learn that there’s a specific type of personal loan for that purpose.

A green personal loan is a financial product designed to fund projects that are considered to be environmentally sustainable – such as installing solar panels or investing in energy efficient white goods.

Green personal loans also often have more competitive interest rates than regular personal loans, as lenders incentivise borrowers to ‘go green’. RateCity’s database offers green personal loans with rates currently starting from as little as 4.69 per cent (4.69 per cent comparison rate).

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Consolidating your debts

Having financial goals set for the new year is always a good idea, especially when it comes to paying down debt. If you’ve got more credit cards in your wallet than you’d like – plus maybe an existing personal loan or car loan on top of that – you could consider consolidating all of your debts into a single personal loan.

A debt consolidation personal loan could help you save money on interest charges as personal loans typically offer lower interest rates than credit cards. It could also help you avoid paying multiple account fees and make your budgeting more manageable with a single repayment.

When considering a debt consolidation loan, be sure to factor in additional charges such as break fees and establishment fees when calculating whether it’s the right move for you.

Taking a break

With state and territory COVID-19 border restrictions easing in recent weeks, it could be the perfect time to take the family on a much-anticipated holiday.

Taking out a personal loan to fund your trip could allow you to spend your time off how you like. And if it’s a relatively inexpensive getaway, you might be able to choose a shorter loan term in order to pay it off quickly.

Locking in your wedding plans

The emergence of the coronavirus pandemic might’ve put a stop to your wedding planning, but the gradual easing of restrictions could have you feeling confident enough to get back on track.

If you want to secure your first pick of wedding vendors, you’ll typically need to get in early. This generally means paying deposits well ahead of your big day, and potentially also before you’ve managed to build up enough savings. A personal loan could help with these early expenses, as well as other costs along the way, and ensure your nuptials are celebrated exactly how you envisioned.

If you are considering making use of a personal loan this summer, be sure to do your due diligence and ensure it’s the right choice for you. Search and compare your options, and consider speaking to a financial advisor for information specific to your personal circumstances.

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