Things to consider when looking for personal loans
Personal loans can be a lifesaver for a lot of Aussies who have got themselves into a spot of financial bother.
While taking on further credit appears counter-productive on the face of it, securing a loan can help people consolidate all of their debts into one manageable monthly repayment.
Households that have credit card debts and bank overdrafts are likely to be accruing interest left, right and centre and it is all too easy to completely lose track of where you stand financially.
By searching for low-interest personal loans, Aussies can clear all of their arrears in one go. This approach really does help you to stay in control of everything.
Recent figures published by Veda highlighted a seven per cent rise in personal loan uptake in the third quarter of 2012 when compared to the corresponding period in 2011.
At the same time, the demand for credit cards has tailed off, which is a clear indication that people across the country are keen to simplify their finances.
Of course, interest rates are crucial and with competition in the market being so intense, people can find some really unbelievable deals.
It is easy to compare the best personal loans online and it is worth doing a little bit of research into each provider to see what their terms and conditions are.
Take National Australia Bank (NAB) for example. The company does not issue a charge to people who want to make repayments early, which is a vital stipulation for those who are looking to reduce the term of their loan.
Customers with an unsecured variable rate loan who are far enough ahead with their repayments can also redraw this money and transfer it into an NAB transaction account.
The firm has also set up NAB Care, which is there to help people who are experiencing a difficult period financially.
It is this type of customer care and flexibility that can make personal loans so attractive.
Have a question about personal loans? Ask the money gurus at Mozo Answers.