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!