From buying that new car you’ve been dreaming of, to consolidating your debt or financing your home renovations, personal loans can have a great many uses. But knowing where you stand when it comes to personal loans can be tricky, with a bunch of common misconceptions floating around that need to be busted.
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Loan approvals can seem like a scary thing. Especially when it feels like lenders use a monster-sized magnifying glass to look into every nook and cranny of your finances. But the truth is, when applying for a personal loan, these types of checks are nothing to be afraid of … as long as you’re prepared. So with this in mind, we’ve put together 3 ways of improving your chances of getting approved. Read on and find out!
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Still carrying your EOFY credit card debt? Or maybe you're struggling to pay off multiple high-interest loans?
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Community First Credit Union’s Green Loan is grabbing lots of attention in the green personal loan space. With ultra-competitive variable rates from 3.99% p.a. (4.99% p.a. comparison rate*), it’s no wonder people looking for eco-friendly funding are turning to Community First Credit Union.
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We’ve officially reached the month of August, which means it’s time for another personal loans market update.
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Got unpaid debt? Whether it’s a personal loan, credit card or even a home loan, chances are you’d prefer to see your debt out of your life than in it. So the question is: is it always a good idea to prioritise your debt instead of focusing on growing your savings stash? Or can both be done in tandem? We’ve asked the question of Mozo’s banking expert, Peter Marshall as well as Sebastian Paulin, Plenti’s head of direct lending, and Joanne Edwards, Wisr’s chief risk and data officer. And boy we got the answers!
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While having bad credit will never work in your favour, it does not necessarily mean you are ineligible for a personal loan. There are plenty of loans available to people with bad credit or marks on their credit history - things might just look a little different.
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Spring wedding season is around the corner, and despite tying the knot in 2021 may look a little different than before. Many Aussies have been forced to change their wedding plans throughout 2020 and this year, with multiple lockdowns and different levels of restrictions.However, for many couples the expense of a wedding was and is still a tricky cost to cover. Whether mum and dad are pitching in, you take out a personal loan or reach into your wallet for your credit card, the truth is that your savings may not be enough. In fact, according to moneysmart the average cost of a wedding in Australia currently sits at $36,000. Their stats found that while 82% of couples relied on their savings to cover wedding costs, another 60% took out a loan and 18% used their plastic.
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Going green is top of mind for many Aussies right now, whether that’s opting for an eco-friendly car to drive or installing solar panels. But reality is, these more sustainable products can come with a hefty price tag. That’s where a green personal loan can really come in handy - especially one with a competitive interest. “As we live in a world where concerns about climate change and sustainability are only growing, it makes sense that Australian consumers are looking to do their part, whether that’s through environmentally friendly domestic upgrades or choosing an electric vehicle,” Mozo Banking Expert Peter Marshall says. “Both personal and car loan lenders are responding to this trend by offering green loan products, a handful of which come with some of the lowest interest rates available on the Mozo database.” In fact, right now the lowest car loan rate on the Mozo database is attached to loans.com.au’s Clean Green Car Loan at 3.97% p.a. (4.51% p.a. comparison rate*), winner of Best Green Car Loan in the 2021 Mozo Experts Choice Awards for Personal Loans.
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In these tough financial times, there are a lot of ways to make a personal loan work for you, whether you're looking to consolidate debt, finance long-planned home projects or simply access some extra cash. And in these economically tough times, plenty of Aussies could do with a helping hand.
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