Personal Loans

Personal Loans

If you have made the decision to borrow funds for a future purchase, you may have been tossing up between whether to use a personal loan or a credit card. As the interest rate charged on a personal loan is usually less than that on a credit card, it can be a more sensible option for many people especially if they don’t intend to repay it quickly.

Depending on the lender, personal loan products differ in terms of

  • the amount you can borrow; and
  • the terms available; and
  • the interest rates charged.

Interest rates on personal loans are determined according to a confidential credit scoring system. If your credit history is less than perfect, you can still obtain a personal loan, however, it will be priced accordingly.

Personal loans are usually unsecured. However, in some cases they may be secured against your home or other assets.

Personal loans can be used for the following purposes:

  • to fund a deposit gap for a property purchase;
  • to fund costs associated with a property purchase;
  • to purchase white goods/motor vehicles;
  • to consolidate credit card debts into one low repayment;
  • to fund home renovations;
  • to pay fees associated with education, holidays, weddings etc.;
  • for any other legitimate purpose.
 

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Copyright © 2017 J.A.S.Q Investment Pty Ltd ACN 082 508 049 t/a Mortgage Zone. Australian Credit Licence Number 456786
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