Is a Personal Loan Right for You?
Written on the 30 January 2020 by Nathan Drew, Fox Finance Group
We hear a lot of BBQ chatter about personal loans, but is a personal loan the best way to go about getting money?
Something that we see in our business is that applying for a personal loan is the first go to for a lot of people, but is this the right way to structure your loan, or is there a better more cost-effective way to get your hands on the money you need now?
We'll try our best to answer these questions and more right now!
On the market right now, the personal loans that are on offer generally range from $5000 to $50,000 depending on the lender. But what could you use it for?
How does that work?
Problem - You have two or more debts that have high interest rates (Credit Cards for example)
Imagine you had these debts:
Credit card #1 debt $12000, interest rate 19.99 per cent
Now imagine you took out a $36,000 personal loan ($12,000 + $9,000 + $15,000), at 6.99 per cent, to pay off those three loans. You'd still owe the same amount of money, but now your interest repayments would be reduced, and you'd have just one loan to manage.
Here are the top 5 ways people tell us that they will use their personal loan:
Although it's very simple these days to apply online for a personal loan, there many other loan structures that may suit you better. Therefore, it's important to ask an independent expert for some advice before applying. Our team of lending specialists are independent of the banks, they work hard to get you the very best structure and deal for you, not the banks.
Here are 5 questions that you could ask before taking out a personal loan:
How much can I borrow?
Do You Have Someone in Your Corner to Answer Your Questions?
Fox Finance Group is one of Australia's leading personal loan providers. We have spent many years getting things right so that you can rest assured that you are getting the very best loan advice available on the market today. We work for you, not the banks, plus we can have a personal loan pre-approved ready to go the same day!
If you are keen to learn more or you are ready to act now, you can contact our team on 1300 665 906 or you can get started here.
Learn more about the Author Nathan Drew.
Author:Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via:LinkedIn