With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.
Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.
Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.
Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.
If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.
Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.
There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.
Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.
Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.
There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.
Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.
There are many ways to fund your cosmetic surgery, but there should be careful considerations when it comes to which one you choose. It's possible to get an early release from your superannuation fund to finance your procedure, but this can come with some pitfalls. There could be limitations to what your super can cover in terms of elective procedures which can limit what you can and cannot get done. There are also clauses that come with early release super funds that only release the funds to you if you are unable to readily access the procedure through a public health system. You may also decide accessing your super for this purpose, and thus sacrificing funds reserved for your retirement, simply isn't worth it.
It is not uncommon for people to put cosmetic procedures on their credit card, but you need to be careful when doing this. Managing your costs effectively without breaking the bank means that getting a card that works for you. A 0% interest credit card can look like a promising way to handle expenses if you are disciplined enough to pay a considerable amount during the introductory period before it reverts to a higher interest rate. Personal loans, on the other hand, have a fixed interest rate throughout the loan's term that can budget for. You will be able to get yourself a low rate that is flexible to cater to all procedures.
Plastic surgery holidays are when you go to another country to carry out your desired procedure due to the cheap rates they offer or premium service that have a high promise of not botching your face. However, you need to keep in mind that cheap doesn’t always mean you will get value for your money and a service that will not put your life at risk. Going for a plastic surgery not only comes with additional expenses, but it can also be a health risk. This is why it is vital that you have your procedures carried out by an accredited health professional. You can also read reviews or seek professional advice for peace of mind.
It is possible to get financing if you have bad credit from some lenders in Australia. Before you jump on the bandwagon of finding something tailored for your financial needs, you will have to take time on thinking about whether you need the surgery or not. Knowing the reasons as to why you want to do it can help you choose whether you should go down this path of cosmetically altering the way you look. Think about the financial implications that it will have on your credit report and whether you will be able to meet the repayments on your loan. It is vital that you do your research on accessing the dangers and risks.
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.