What to Consider Before Applying for a Personal Loan in Australia

Before you jump into a personal loan application, there are a few insider tips you should know. Depending on the size of the personal loan you need and the lender you approach, the fine print attached to a personal loan contact can vary dramatically.

If you’re thinking about taking out a personal loan, it’s important to determine what you can agree to before you can choose right lender and loan for you. Here’s what to consider prior to applying for a personal loan in Australia.

Terms

Keeping all upcoming expenses in mind, how long will it take you to realistically pay off your loan? It’s tempting to sign up for the shortest contract so that the debt doesn’t linger, but having to pay back too much too quickly can cause problems should emergencies or sudden expenses arise. Compare your options and make sure you’re working with a time frame that won’t make your financial situation more stressful than it needs to be.

Interest Rates

Many lenders promise quick cash but grant it at exorbitant rates. Even if your situation is urgent, you should never agree to an interest rate without researching your options. Compare prices between multiple creditors, making sure that you’re taking all aspects of payment into account, and research their previous successes as a lender. You should go into your application process feeling confident that you’re putting your trust in the hands of a responsible lender.

Fees

Before applying for a loan, talk with the lender about the possibility of service fees and decide what you’d be willing to pay for in addition to the usual interest rates. You should also check for any hidden fees in the contract and ask for clarification on anything that’s unclear before you sign. A caring lender will take the time to address any and all inquiries you may have.

If you have any questions about personal loans, the experienced Speedy Finance team is available by phone or email to provide you with all the information you require, or walk you through the application process if you’ve made the decision to take out a loan. We understand that everyone has different financial needs and will work closely with you to deliver a quick personal loan that ticks all the boxes.

You can also check out our blog for more information on personal or business loans, as well as helpful money saving tips. We look forward to hearing from you!

Justin Harding