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 increasingly more pet insurance policies on the market to help people give their pets the best care that they can. Pet insurance can provide cover for things such as illness, accidental injury and also cover trips to the veterinarian. However, you will have to consider the flexibility of the policy you are interested in to see if it will cover a wider range of illnesses such as diabetes and injuries sustained from certain activities. Weighing the cost against what the policy offers will help you see if you are getting the best value.
To help lower the expenses of having a pet you could consider opening a savings account and start depositing a small amount every month. If you are someone who needs some assistance with being consistent when it comes to saving towards your pet’s needs, you can opt to have your savings automated. Once your savings have grown to a reasonable size you will be able to better handle more expensive bills. However, there may be some bills which far exceed the amount in your savings, so you can use this amount to offset your personal loan amount.
Your pet needs a routine check-up which can be one of those many things that can slip your mind. However, sticking to a set routine can help you decrease your bills. Whether you set up a calendar or a reminder on your device to remind you to take your dog for deworming, tick removal or routine medical check-ups will be a saving grace. If you ignore the minor problems, they can sometimes grow to something far more serious, which could ultimately result in a hefty bill.
When it comes to comparing loans to take care of any medical bill from the vet you will have to check the interest rate. The comparison rate is a great place to start, as it shows the true cost of a loan by taking the loans fees and charges and expressing it into a percentage. Making use of an online calculator will help you to see what you will be paying in terms of your monthly repayments to see whether it is in your financial reach. Always compare your loans along with the services that you plan to use.
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.