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What is a personal loan?

Personal loans in Australia Explained

A personal loan might be right for you if you want to fund the purchase of a car, boat, holiday or if you want to consolidate debt. Personal loans are usually unsecured loans, ie, there is no asset provided as security against the debt. They are usually structured with a fixed interest rate, fixed loan period and fixed $ amount for repayments.

Personal loans may come with lower interest rates than credit cards, so funding a big expense or project with a personal loan could save you thousands of dollars on interest payments over credit card repayments.

Leases can seem similar to a personal loan, however, there are some differences between the two types of finance.

Always Seek Expert Independent Advice

We always recommend to secure independent advice from an experienced finance broker, not just your bank. The OZLoans Finance team brings sophisticated advice and advanced financial solutions, backed by 20+ years of experience in finance broking and management accounting. You can also consider it as a cross-check before committing to what may be a complicated, inflexible and unsuitable financial commitment. It is also complimentary.

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