So, what could you use a personal loan for?
From store cards to credit cards, many of us have debts. And when we have lots of different debts, things can get complicated – especially when missing payments means paying penalties.
You could take control of your debt by rolling it all into one personal loan. This is known as debt consolidation. Essentially, it means the bank pays off your other approved debts so you’re left with just one to manage and pay off.
Personal loans generally have a lower interest rate than credit cards, which means you might be able to pay your debt down faster. Personal loans can also help you resist the temptation to go on a spending spree because there’s no linked credit or store card.
It can take a long time to save for a car. One way to get behind the wheel sooner is to buy a car with a personal loan and pay it off each month. With a fixed rate on your personal loan, you’ll know exactly what your regular repayments will be and how long you have to pay the loan off.
It’s a good idea to get approval for your car loan before you start looking for a car. That way, you’ll know how much you can spend and you might even be able to negotiate the price of the car.
There are some experiences in life that only happen once, like an overseas trip with friends, a honeymoon, or a reunion on the other side of the world. This is where a personal loan can make all the difference and help you cover upfront costs.
Your wedding is an experience you’ll remember forever, but budgets can often be blown out for the big day. A personal loan could come in handy when it comes to budgeting and knowing how much you have to spend. Paying with a personal loan might also mean that you pay less on interest than if you were paying with a credit card.
Is it time to landscape the garden or upgrade the kitchen? Depending on the size of the project and your budget, a personal loan could help you get your home renovations underway sooner rather than later.
Speak with someone from the team today.