Interestingly enough 62% of Australians procrastinated their tasks because they lacked the money to do so. Don’t let the procrastination bug dig its way under your skin because of finances. There are various personal loans that you can get your hands on today to get one more thing off your to do list, and here are five reasons why.
1. Whatever’s on your to do list there is a personal loan for that
Looking to cover your purchase of a car? Perhaps patch up that leak that could damage your house? Or even buying a new couch to replace the one that sags in the middle? Whatever the need, there are various personal loans that are out there to benefit what you are looking for. Finding a personal loan is literally a click away, where you can compare the best deals online.
2. The range you can borrow is extensive
Whether you are looking for a $100 personal loan to help kickstart your DIY bookshelf that will be the centre of attention or you need $100,000 to consolidate your debt, a personal loan can help. Of course, with this you will have to check with you need the necessary amount you are applying for. It’s always advisable to live within your means before you end up with another bill that you will procrastinate to pay off.
3. How long do you want the term period to last?
The last thing you want is to leave a task half done because you miscalculated how much funds you will need to carry it out. Loan terms vary from 16 days to 7 years. It all depends on your circumstances, and how much money injection you will be needing.
Short term loans, also known as payday loans or cash advances, are available for those who don’t want to carry out their loan term for a period of 16 days to a year. The amount is limited from $100 to $2,000.
You will also have to keep in mind that there are fees that come with this type of loans such as 20% of establishment fee and a 4% monthly fee for the period in which you hold the loan.
4. Managing your personal loan doesn’t have to be a nightmare
If you are already worrying about adding a personal loan to take care of on your to do list, you can breathe easy with a few loan management tips such as:
- Keeping your repayments as part of your budget. This means setting aside a segment of your finances to pay of the loan on time so that you don’t miss a payment which can count against your credit history file.
- Check the flexibility of your loan. See if there are any features such as making additional payments or a redraw facility. It’s advisable to do this before you apply so you know what you are getting yourself into.
- Use a repayment calculator. This will help you estimate if you will be able to pay off the loan you are applying for before you find yourself in hot water.
Above all research and ask about the loan you are interested in. This will help you see if there are any fees and charges that you were not aware of initially. You can ask a financial advisor to help point out the blind spots you had not considered in order to make an informed decision and finally put the procrastination bug to rest!