Personal loans guides

Bank loans are not all repossessions and debtors' prison - in some cases they makes good financial sense. But even a low rate personal loan will cost you for the privilege of money up front. So you'll want to manage your borrowings, and bag the best deal. So that you've got all the know-how you'll need when it comes to choosing a personal loan, Mozo's money writers have written a range of must-read guides covering off all aspects to personal borrowing. Search below for the one that best meets your needs.

Refinancing your personal loan? Here’s what to look for

Refinancing your personal loan? Here’s what to look for

If you’re like many other Aussies with a personal loan, you probably signed the papers and never looked back. But have you ever stopped and wondered about the potential savings you'd get if you were to refinance? Now, now, don’t let the word ‘refinance’ scare you away. With our help, refinancing your personal loan will be a piece of cake, only the savings will be far sweeter!

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How to improve your credit score

How to improve your credit score

If you’re planning on applying for a personal loan, prepare to have your credit history placed under the microscope. This information is incredibly important to lenders, and if you want to get in their good books you need to make sure your credit score is first-rate.If your credit history has been less than spectacular, however, don’t fret. Below, we've compiled a few tips to help you clean up your profile and get you back in good financial standing. 

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Personal loans vs credit cards

Personal loans vs credit cards

When you’re looking for a means of credit to fund an upcoming expense like a holiday, revamping your home or paying for your big day, two main banking products are likely to come to mind - a personal loan or a credit card.

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Demystifying Personal Loan Fees and Features

Demystifying Personal Loan Fees and Features

Who doesn’t need a bit of financial help, every now and again? Whether it's a car loan for your ideal set of wheels or a wedding loan for your upcoming nuptials, taking out a personal loan can help you reach your dreams sooner.

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Personal Loan Providers

Personal Loan Providers

Gone are the days when Aussies would only borrow through the big banks, as today there are a great range of lenders from credit unions,  peer to peer players and online lenders offering personal loans with competitive rates, fees and features.

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Is a personal loan or credit card better for travelling?

Is a personal loan or credit card better for travelling?

From the crystal clear waters of Halong Bay in Vietnam to the hustle and bustle of Istanbul’s Grand Bazaar, the world has plenty to offer any avid jetsetter. So if you’ve got the traveller’s itch and can’t wait to head off on your next adventure, it’s time to think about what will be the best way to fund your great exploration - a travel loan or credit card.

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Variable rate personal loans

Variable rate personal loans

You click open your savings account only to discover there’s not quite enough money sitting there to fund your much needed new set of wheels. There’s no need to turn sour as there’s a personal loan out there for you, one which will help you drive away with that dream car. 

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Fixed rate personal loans

Fixed rate personal loans

Are you a bit of a worry wart? Someone who likes to stick to a budget? Change doesn’t sit so well with you? If this is all sounding a little like you then a fixed rate personal loan may suit you just right. A fixed rate means the interest rate will remain the same throughout the loan term. So when market interest rates rise and fall your loan will not be affected. You have the security of knowing exactly what you’ll have to make in repayments each month.

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Personal loan repayments

Personal loan repayments

Having the approval of a personal loan up your sleeve can free up so much time and money to do and buy the things you really love, need and want. Think of it as a ‘live for the moment’ ticket to freedom. If you have a secure income with spare dosh to pay off a personal loan, then why not take advantage of a lotta cash at once?

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Small loans

Small loans

So you woke up this morning and decided that having flowers delivered to your door once a week would be a novel thing to do. And we don’t doubt it. There are other ways Mozo might suggest you spend your money, but how you decide to spend it is entirely up to you. Um, you need some spare money to do that right?

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Holiday loans

Holiday loans

To maintain our sanity in this busy world we live in, a holiday can be the perfect remedy to escape the chaos.

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Instant personal loans

Instant personal loans

Whether it's for a dream holiday, a fresh set of wheels or to repair your washing machine, sometimes you need money quick smart. This is where an instant personal loan can help you out.

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Pensioner loans

Pensioner loans

It may be that time in your life where work has become a distant memory, the kids are all out of home and you’re enjoying being a man or lady of leisure. However, while you’re retired and living without the stresses of work you can still find yourself under financial pressure in your twilight years. You never know what unexpected expenses may arise and when you might you need to take out a pensioner loan for some extra cash. It may be for a new car, sudden medical expenses or household appliances.

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Ultimate guide to wedding loans

Ultimate guide to wedding loans

Ding-dong, wedding bells are ringing! If you’ve just started the planning your big day, then you’ve probably got a fair idea of how much it’s going to cost... a lot. But not everyone has a spare $50k lying around, so you might consider taking out a personal loan to cover the cost. Splitting things 50/50 with your fiancé? Taking out a loan for two would be much easier to repay than taking one out on your own, especially if you’re just starting out.

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Low interest personal loans

Low interest personal loans

Jargon jargon jargon. If this is the first time you've considered taking out a personal loan, then the whole concept might seem a little unfamiliar to you. So allow us to run you through the basics. But there's really only a few main things to consider when securing a low-interest personal loan. Will it be secured or unsecured? Fixed-rate or variable-rate?

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Bank loans: the ins and outs

Bank loans: the ins and outs

Life is great, but the truth is, some things come with a heftier price tag than others. But that's why banks are here to help: in the form of personal loans. It may be the difference between ‘walking down the aisle’ at your dream wedding or transforming your home into an entertainers delight!

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Short term personal loans

Short term personal loans

Also known as a ‘payday loan’ or ‘fast cash loan’, a short term personal loan is designed to provide you with immediate, small amounts of cash that will tide you over until your next pay cheque.

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Personal loan news

Keep your finger on the bank loan pulse with Mozo's updates, articles and assorted financial lifeblood.

Fast, cheap and online: Personal loans you can't go past

Fast, cheap and online: Personal loans you can't go past

Whether you’re planning on renovating your home, going on holiday or consolidating debt, there’s no shortage of personal loans to help you get things off to the right start. And with so many digital lenders out there, much of the lengthy wait times and paperwork that were once par for the course when borrowing have been cut in half.

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Furniture frenzy how aussies are splurging on home renovations this year

Furniture frenzy: How Aussies are splurging on home renovations this year

Chances are we’ve all picked up a new hobby during the pandemic, whether it’s sewing or baking. For a big portion of Australians though, their newest obsession is with home improvement projects. New research from retailer Amart Furniture found over a third of Aussies used the extra time spent indoors to update and restyle their homes. But rather than knocking down parts of the living room or bedroom for large-scale renovations, 58% of respondents said they opted to buy new furniture instead. In fact, furniture sales have been steadily increasing since the start of COVID-19. Couches (30%), chairs (28%), coffee tables (28%), desks (27%), and mattresses (24%) top the list as the five most popular items Australians purchased over this period, according to Amart Furniture. “So many of us can relate to making changes to the way we live in our homes at the moment, whether that’s creating a new office space from scratch or turning our living rooms into makeshift restaurants, cinemas and gyms,” Amart Furniture’s general manager of buying, Steve Norman said.

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Articles

3 steps to getting a personal loan for your holiday in Australia

Summer’s looking a little different this year. And for many Aussies it means planning a holiday in their own backyard rather than jetsetting overseas. But with Christmas spending season around the corner and many wallets feeling tighter, covering the cost of an Australian trip may seem like a little more of a stretch. That’s where a personal loan might help you. “Using a personal loan to cover an Aussie adventure could be a great way for travellers to spread the cost of their trip,” Mozo Director, Kirsty Lamont said. “Unlike credit cards, personal loans offer a more structured repayment plan for borrowers with weekly, fortnightly or monthly options. Not to mention, customers could snag a more competitive interest rate, with some personal loan offerings sitting below 5%”So why not just use a credit card? Well, currently on the Mozo database, the average secured personal loan rate sits at 7.96% and the average unsecured personal loan rate is 10.26%. Alternatively, the average credit card rate is 16.35%. While a credit card may give you the flexibility when it comes to the potential cost of a trip, a personal loan may end up saving you in the amount you pay in interest. 

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Renovating in 2021 a personal loan could be what you need

Renovating in 2021? A personal loan could be what you need

Ready to leave 2020 in the past and have a full on 2021 refresh? Join the crowd!  While we can’t help you with things like getting fit, finding love or kicking lingering lockdown habits, maybe home renovations is on your list of next year’s to-dos.Depending on whether you are planning a whole house makeover or simply sprucing up the kitchen, the cost of your renovation is essentially up to you and your budget. If you’ve collected all your 2020 savings and you have enough to cover your planned reno, well done! But if not, you might want to consider your lending options to cover some of the costs: one being a personal loan. “It’s no secret that renovations can be expensive, so Aussies looking to give their home a facelift need to get savvy when it comes to covering what can be a hefty price tag,” Mozo Director, Kirsty Lamont says. “With some personal loan rates sitting below 4%, now could be the time to take advantage of low rate lending. But, it’s important to stick to a budget when borrowing for renovations and to make changes that will increase the overall value of the property when it comes time to sell.” 

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