What is a personal loan? Why make it personal?

Generally, a personal loan is a consumer loan granted by a bank, credit union or finance company for non-commercial use. This kind of loan can be used for purposes such as education, family vacation, wedding, house renovations or any other kind of personal needs.

 

At Finance Motors, we understand there are times when you might fall short of funds and a helping hand could make a world of difference. So no matter what you need the loan for, we will provide you with a worry-free and fast approved application while finding the most suitable deal for your personal loan.

Types of personal loans

There is not a “one size fits all” loan, as people are different and so are their needs and preferences. Therefore, we strongly recommend you to be properly informed before choosing a specific loan. For an easier understanding of the differences between the various loan types, we have classified them according to their requirements:

  • Secured loans – the asset is used as security for the loan. They usually feature lower interest rates as they are considered less risky than the unsecured loans
    Best used for: new car purchase, large purchases
  • Unsecured loans – no assets are held as security against the loan. In this case, there are usually higher interest rates as they are seen more risky by the lender as opposed to the secured loans
    Best used for: extra cash for holiday or house renovation, debt consolidation
  • Variable loans – the interest rate can fluctuate, meaning that they can go up and down as the lender sees fit. They look a lot like a lottery ticket, if you are lucky enough for the interest rate to decrease, then you end up paying less than anticipating.
  • Fixed loans – fixed interest rate throughout the life of the loan, which makes it easier for budgeting purposes. However, if the overall interest rates drop, your loan will keep its “high standards”, meaning the same high repayments for you.

Let us beat the banks!

Thinking of a family vacation? A dream wedding? Extra cash to buy a car? Consolidate your debts? Renovate your house? Invest more in your education or your children’s education?

At Finance Motors, you get FAST APPROVAL on personal loans, with easy repayment options.

Contact us for a free no obligation quote here – financemotors.com.au/application/

We will compare multiple lenders and save you money in the meantime!

Our team of experts are available, 24 Hours 7 Days a week.
Finance Motors, YOUR ONE STOP FINANCE SHOP!