Looking for a tailored personal loan? The answer could be Symple

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While December brings with it plenty of festive cheer, it also comes with a lot of strained financial purse strings. And if you’re thinking of taking out a personal loan to ease the financial pressure this silly season, you may have stumbled across the idea of personalised interest rates.

A personalised interest rate is just what it sounds like, an interest rate that’s determined depending on factors including how much you want to borrow, what loan term you’re after and what your credit score is. This can benefit you if you have a squeaky clean credit score, since the better your application looks, the lower your tailored interest rate is likely to be.

If that sounds like your cup of tea, the perfect place to start your personal loan search might be Symple Loans’ unsecured personal loan. Why you ask? Well this loan now offers the lowest personalised interest rate in the Mozo database for unsecured personal loans.

In fact, starting from 5.75% p.a. (6.89% comparison rate^), Symple’s unsecured personal loan interest rate is a significant 0.24% less than G&C Mutual Bank’s unsecured personal loan variable interest rate, which is currently sitting in second place at 5.99% p.a (6.20% comparison rate^).

So if you’re looking to borrow a lump sum of money to pay for an upcoming trip or to renovate your home in 2020, check out the details below.

What are the perks of Symple Loans’ unsecured personal loan?

Symple Loans Personal Loan
Symple Loans
  • Personalised interest rates

  • No early repayment fees

  • Borrow from $5,000 to $50,000

As a 100% digital lender, Symple Loans is able to dish out some seriously low cost loans. Besides a low personalised variable interest rate starting from 5.75% p.a. (6.89% comparison rate*), Symple’s Unsecured Personal Loan also comes with no early repayment fees and flexible loan terms ranging from 1 to 7 years. Plus if you need funds fast, you’ll be happy to hear that the application should only take 7 minutes to complete and you should receive a response in 60 seconds. And if all goes well, you could even have the money transferred to your account in 24 hours. 

^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

^See information about the Mozo Experts Choice Personal loans Awards

Things to keep in mind when applying for a loan

Although a personal loan can be a great way to take care of unforeseen expenses, such as medical bills or last minute trips, it’s always a good idea to be smart about which loan you choose. Here are a few things you may want to look out for when taking out a personal loan:

  • • Does the loan offer a competitive interest rate? Before signing up to a loan, it’s a good idea to compare interest rates on other personal loans, to determine whether or not you really will be getting a good deal.

  • • Does the lender allow extra repayments? If you have the ability to make extra repayments then you might be able to clear the debt sooner. It’s always a good idea to check whether the loan has this feature.

  • • Whether the loan has exit fees or penalties for repaying early. If you don’t want to wind up being laden down with extra fees then make sure there are no hidden costs tied in with the loan.

  • • How flexible the repayment frequency is. When it comes to repayment frequency it’s always good to have options. Repayments can often be made weekly, fortnightly or monthly, so make sure the loan you’re considering offers a repayment schedule that suits your budget and lifestyle.

Now that you have all these tips in mind, hopefully you might feel more confident about choosing a personal loan to help you out financially**. You can check out the full list of personal loans compared by Mozo on our dedicated personal loans page.

**Facts and figures accurate as of Friday 6th December, 2019.