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4 Reasons to Get a Personal Loan in Perth

Are you in need of funds? There are many options for personal finance in Perth. A personal loan can help you make a necessary purchase or plan for emergencies.

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You should consider personal loans as a type of financing when you require funds. The question is, how should you decide if taking out a personal loan is going to be an intelligent move in 2020?

You should think about the big picture, and consider what pros and cons a loan will make to your financial position.

My 4 reasons to consider taking out a personal loan in 2020

If you are not sure if taking out personal loans is a good idea for your current situation, here are some things to consider…

  • Reasonable interest rates are often available for personal loans

One practical reason to consider a personal loan when you require funds is that they usually offer a reasonable rate of interest.

For any loan from a financial institution, you will need to pay interest to access the money. Clearly, if your interest rate is low, your overall repayments will be far less.

Interest rates on a personal loan will be considerably lower than say, a typical credit card rate.

The exact interest rate that you pay will depend on your credit rating, ability to repay, and the lender you choose to loan from. However, you should always look at personal loan interest rates to see if they work out cheaper before you borrow money from any other source.

  •   Personal loans are often unsecured

Personal loans are often available without any requirement for collateral. This is an asset which is used to guarantee and secure a loan. You allow the lender to have a legal right to that asset if you are unable to keep up loan repayments for any reason.

There are risks with taking out a secured loan such as with car finance, mortgage, or home equity loan. You open up the possibility that if everything goes wrong, you might lose your property.

It is far less risky to take out an unsecured personal loan that has no collateral. You are still expected to repay the loan on time, and you will be legally responsible for it. Nevertheless, you will not be risking your personal property.

If you wish to minimise your risks when you borrow, a personal loan is a good option.

  •   Personal loans are affordable and quick to process

 In many cases, the application process is efficient for personal loans. Often, you can fill your application out online, get instant approval, and receive your funds in a matter of days.

Most lenders charge no fees to originate the loan or application fees.

For many people, the fact that the process is quick and easy for a personal loan, it is preferable to other options. For example, a home equity loan would cost more to apply, and the approval time would be longer.

In many cases, home equity loans come with additional fees such as origination fees, appraisal expenses, etc.

If you don’t have extra time to deal with a drawn-out application process, and hundreds of dollars to spend on fees, a personal loan is a great option.

  • The funds from your loan can be used for anything

Flexibility is another advantage of personal loans. Car loans or mortgages are to be used for a specific purpose. However, a personal loan can be used for practically anything.

Final Thoughts

A personal loan could be a good option for you, depending on your circumstances. Look at the interest rates available, and consider how much of a burden making the repayments will be.

Argent Finance has been serving Perth and the surrounding areas for many years. We are available to discuss your options for personal loans in Perth at any time!

 

Why You Should Consider a Personal Loan in 2020

Are you considering looking for personal loans in the coming year? The recent trend for people taking out personal loans is up, and there are many compelling reasons why this is an excellent time to take out a loan.

Why are personal loans in Australia popular?

There are various reasons why people are taking out personal loans in Australia. It can be for a planned expense or some unplanned financial emergency.

Statistics show that approximately 88% of personal loans are for planned purchases such as home upgrades, weddings, car financing, education expenses, or holidays.

The remaining 12% of personal loans are for unplanned occurrences such as emergencies at home, car repairs, or medical bills.

Personal loans are useful for essential expenses and to assist people to cover costs that they may not have enough savings to cover. They play a crucial role in many Australian households.

Let’s look in more detail at why you should consider a personal loan in 2020…

Why you Should Consider a Personal Loan in Perth

A personal loan in Perth is an excellent way to pay for an essential purchase if you don’t have the funds immediately available.

It is important to remember that any application for finance is subject to approval and that there are various terms and conditions attached. There are also charges and fees payable.

However, if you need to make a large payment or purchase, a personal loan is a great way to act quickly.

The following are common reasons why you should consider personal loans in 2020…

●     Consolidate your debt

It is easy to feel overwhelmed when your debts add up from different sources. The various repayment dates and levels of interest rate can be a challenge to keep up with. A personal loan can help to pay them off and have a single repayment every month.

By consolidating your debts, you can organise a clear repayment schedule which will make repayment more comfortable to manage.

Whenever you consider taking out a loan to consolidate your debt, you need to analyse the figures to ensure you will actually be in a better financial position.

If you ever do have problems and get behind with repayments, there is assistance available. You can try the Department of Human Services for advice on what course of action to take.

●     Upgrade your house

Making home improvements on a property you own is always a financially astute thing to do. Even small changes can add substantially to the value of your home.

●     Go on holiday

Whether it is a scheduled summer holiday or a break during a period of stress, we all must take a break sometimes.

A personal loan can be used to cover the costs, which can be repaid on your return.

●     Cover your wedding expenses

A wedding can be an expensive proposition. Sometimes we don’t want to wait for years and save.

A personal loan can help you have your dream wedding.

●     Buy a new or used car

Due to the spread-out nature of our country, having a decent car is necessary for several reasons. Public transport is not practical in many cases, and for work or leisure activities we need to be mobile.

A personal loan will enable you to buy a quality new or used car at a competitive rate of interest.

Final Thoughts about Personal Loans for 2020

Personal loans are necessary from time to time. They can help us take opportunities when we do not have the savings on hand to pay for them.

There are various loans available and getting good advice about how and where to apply is essential.

Argent Finance has been serving the people of Western Australia for many years. It can help you successfully apply for the loan you need!

Reach out now!