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How to update your gym equipment with a personal loan?

Published on June 15th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Upgrade gym equipment personal loan

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Running a gym business is no walk in the park. It also means you need to keep year equipment at an optimal level to draw people in. However, it’s not cheap to do this. Taking out a personal loan to handle your gym equipment can be one of the financial solutions that you can use. Here are some of the other benefits that come with taking out a personal loan for your equipment needs.

Your cash flow can be preserved

Equipment ages, breaks, and needs replacing. However, replacing one can easily run up to the thousands which can affect your cash flow. According to ASIC, 41% of business reported that the reason for their businesses failure was because of inadequate cash flow or high cash use. A personal loan can help you take care of your business equipment needs which in turn could improve your cash flow for your business to use in other areas and increase its flexibility.

Keeping equipment updated

Being able to keep your equipment relevant and up to date is what can determine whether you grow your client base or lose them to the competition. This means finding a finance solution that will allow you to update your equipment at an affordable interest rate and loan term. Most personal loans usually range from 1-7 years in which you can upgrade your equipment as need be. You can also lease equipment when it comes to decreasing the cost of upgrades. It is vital that you check the features of your loan to ensure that you are getting the best value for your money.

Not letting a lack of capital deter you from getting your equipment

Being able to get access to adequate finances without any startup capital can be crucial to small business that needs to purchase equipment to push their business to the next level. There offer loans that do not require security or startup capital. Checking to see if you meet the requirements on your loan can save you the stress of having your application rejected which can affect your credit report.

Check the loan features at all times

With so many finance options that are available on the market, it is vital to compare and check if the features are suitable for your finances. This can prevent you from taking out loans that can end up costing you in the long run. Some of the features that you can compare are things such as the interest rate, penalty fees, ongoing fees, and charges. Using a personal loan calculator can also give you an estimate of the cost of the loan over the loan term. It is also advisable to speak to a financial advisor or a broker who will find a lender that is suitable for your situation.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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