Some people know the importance of searching for a personal loan, but may not be sure where to start.
A good place to kick off your personal loan search is a comparison site such as RateCity, where you can easily compare the interest rates, fees, features of prospective personal loans side-by-side.
A side-by-side comparison can help make it clear to you which personal loan is your best option.
To search for the personal loan most suitable for you, think about what your own financial needs are and, from there, narrow down which features are most useful or attractive to you.
You can then scan through comparison tables and use personal loan repayment calculators to do more research.
A comparison table lays out the key details of multiple personal loans in a table format. It allows you to clearly compare apples with apples. To use comparison tables effectively, enter the main details of what you want from a personal loan (for example, how much you want to borrow) and filter down the results according to loan type, interest rate type and other details. The table will then show you the options that fit your bill, along with the key details of each.
By comparing the interest rates, comparison rates, fees and features side-by-side, comparison tables make it easier for you to find a personal loan that's well-suited to your financial circumstances. Using comparison tables may also help you find a lower interest rate.
Personal loan calculators
When you have narrowed down your search to a few personal loan options, you may want to use a personal calculator to work out what your potential repayments could be. To use, enter how much you want to borrow in the calculator. As the calculator won’t affect your credit score, you can try keying in different loan amounts and different terms to compare results. Enter the interest rate you have in mind and select between weekly, fortnightly and monthly repayments. You’ll also need to choose a loan term, before your calculation comes up. Keep in mind that any calculations are estimates only and may not include fees and other charges. For specific details on this, it could be worth going through a personal loan's product disclosure statement.