PERSONAL LOANS INFORMATION

Please see information on Personal Loans below.

        

Personal Loans

What is a personal loan?

A personal loan is a loan that can be used for any purpose such as vacations, home improvements or car repairs. The borrower must make monthly repayments to the lender, repaying the sum of money borrowed plus the interest. If you take out a personal loan you are able to spend the money without saving for the funds first.

What are the benefits of personal loans?

Personal loans usually offer flexible repayment options, competitive interest rates and can be personalised for your individual needs. You can usually take up to five years to repay your loan.

Who is eligible?

To be eligible for a personal loan you must be over the age of 18 years old and be a permanent resident of Australia. Some lenders will have their own lending criteria so you must be sure to check with the lender separately.

What are the risks?

If you do not make your repayments on time, the lender can claim your collateral to settle the debt if your loan is secured. Be sure to read the terms and conditions of the loan before you take out the loan. Remember you could lose your home if you do not take up your repayments.

        


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