New year’s resolutions come in all shapes and sizes - from getting fit to quitting smoking or even spending less time on your phone. But if your resolution is to say goodbye to debt then you might be thinking about taking out a debt consolidation loan.
Unlike a balance transfer credit card, a debt consolidation loan allows you to tackle all different types of debt at once. Say you’ve got some credit card debt that’s been hanging around for a while and that emergency loan you took out with the super steep interest rate, with a debt consolidation loan you’d be able to merge both of those debts into the one loan and, more importantly, under the one interest rate.
Not only could this slash the amount of interest you’ll pay, but you’ll only have to make one monthly repayment. So if you think a debt consolidation loan could be right for you, we’ve got four great offers down below.
Citi Personal Loan Plus
Variable rates from 8.99% (9.96% comparison rate ^^)
Extra repayments available
Borrow up to $75,000
Taking on debt might seem like a daunting task, so why not look on the bright side with Citi Personal Loan Plus. Whether your debt is big or small, you’ll be able to borrow up to $75,000 with Citi, and if you’ve got a great credit history you could also receive the 8.99% variable rate (9.96% comparison rate^^). You’ll also be able to make extra repayments on your loan with no penalty and redraw your repayments whenever you need to. And although there’s no exit fee, you will have to pay a $10 monthly service fee and a $199 upfront fee.
MyState Bank General Purpose Personal Loan
Variable interest rates from 12.99% (16.42% comparison rate ^)
Borrow up to $50,000
Fast funding available
But if you want to get a jumpstart on paying off your debt, you should check out the MyState Bank General Purpose Personal Loan. Variable personalised rates are on offer for credible borrowers starting from 12.99% (16.42% comparison rate^) and there’s a flexible repayment schedule. Speaking of repayments, you’ll be able to pay off your loan faster with the free extra repayments option. And don’t worry if you’re in a hurry, as you’ll be able to submit an application in just 10 minutes!
Australian Military Bank Unsecured Personal Loan
Australian Military Bank
Variable interest rates from 7.88% (8.72% comparison rate^^)
Borrow up to $80,000
Loan repayment insurance available
Make paying off debt a breeze with the Australian Military Bank Unsecured Personal - Excellent Credit loan. Not only are you able to borrow up to $80,000, if you’ve got an excellent credit score you could receive the low 7.88% variable rate (8.72% comparison rate ^^). Paying off your loan is also easy, as you can make your repayments directly from your salary and you’ll also be able to apply for loan repayment insurance.
CUA Discount Unsecured Personal Loan
Variable interest rates from 10.89% (11.15% comparison rate^^)
If you’re on a tight budget and like the idea of having handy loan features, why not try the cua Discount Unsecured Personal Loan. With this loan, your interest rate will depend on the amount you want to borrow. So if you want to borrow between $30,000 - $60,000 you’ll receive a variable rate of 10.89%, while a loan from $5,000 would mean a rate of 11.89%. Plus cua won’t charge a monthly or exit fee on your loan, and you’ll have unlimited extra repayments.
^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years