What is a
Personal Loan?
Reasons for a personal loan.
Life throws you curveballs, and in the event you need funds finding the right one for you can be difficult. Personal loans give you more options. For the couple who are wanting to get married and need some help getting there, to the home renovator who needs to have their kitchen fixed or extra room built, or it could be for a medical emergency.
Why choose LoanOptions.
Personal loans are an easy way to pay for some of life’s big expenses, but how do you know what’s right for you? LoanOptions.ai gives borrowers transparency on rates, shining the light on hidden fees and gives access to over 60 + lenders. With no footprint on your credit score, being able to compare your lenders allows you to make smarter decisions so you can choose what loan works for your situation. How good is that?
Make that daydream a reality.
It could be for that well-deserved getaway, or it could also be for a car or getting that deck in the house fixed. No matter what, Loan Options can get you there!
Getting a loan is no picnic, but it’s even harder to find one that suits your own circumstances. The best way to find the right personal loan for you is to compare what is out in the market right now. Comparing your options will get you the best deal for your circumstances. To give you a headstart when you start your search, you can also consider the below.
The Right
Interest rate.
If you watch the news, you will hear this daily. Set by the almighty Reserve Bank of Australia (RBA), Interest rates are the amount that you pay calculated on the balance of the loan each year. This can vary based on your particular lender or bank, whether the loan is secured or unsecured, and the type of loan you are looking for.
Fixed or Variable Personal Loans.
Interest rates can be either fixed or variable. For a fixed loan, the interest rate (yes, you guessed it) stays fixed, so your repayments will stay the same for the entire loan term. This gives you stability, however, having a fixed rate can sometimes come at the cost of flexibility and the rates won’t lower if the market goes down.
For variable interest rates, your repayments can fluctuate over the life of the loan term. You can also, should you wish, make additional payments to repay the loan early (subject to any hidden fees, of course).
Whether it is Fixed or variable in any case, you will need to compare your options. Loan Options is the artificial intelligence loan marketplace that can let you do that! With a panel of over 60+ banks and lenders, our tool will not only match you with the best rates available using real-time data, but with the lenders that you’re most likely to get approved with.
We have said it before, and we’ll say it again, not every loan is the same! When you are applying for a loan it can be either an unsecured or secured loan.
Finding the right loan can be confusing and to make it easier we’ve defined the below.
Secured.
A secured loan uses the asset being purchased, in this case the car, as security for the loan. If the borrower can’t repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn’t cover the full amount owing, the borrower must pay the difference.
The benefits of secured loans is that they usually result in achieving a lower interest rates, due to the lower risk factors from a lenders point of view
Unsecured .
A secured loan uses the asset being purchased, in this case the car, as security for the loan. If the borrower can’t repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn’t cover the full amount owing, the borrower must pay the difference.
The benefits of secured loans is that they usually result in achieving a lower interest rates, due to the lower risk factors from a lenders point of view
We’ll tell you what you need to know, enquire with LoanOptions and take one step closer to getting your personal loan.
Secret fees.
The devil is in the details, and it can be more than a pain if you do not read the fine print properly or if not all associated fees are brought to your attention as a borrower.
Ask yourself these questions:
Are there any entry or exit fees?.
Entry/Exit Fees
Late Payments.
What are the late repayment fees?
Early Payments.
Are there fees for paying your loan off early?
Added Costs.
Are there any other added costs that could come up?
Still have questions?
If you have any questions or enquiries,
visit our FAQ bunker or give us a call
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