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Looking for personal loans in Australia? Perhaps you are going on an impromptu holiday or renovating your home that you’ve been planning for months. A personal loan is ideal for getting the funds immediately for these expenses.
But in Australia, there are a lot of myths about taking out personal loans. If you believe such misconceptions, it is time to get in touch with alex.bank. Speak to the experts who can dispel your doubts and explain how to get easy approval.
Great Personal Loans In Australia That You can Get Your Hands On!
If you are looking to get personal loans in Australia for your dream wedding or any other personal venture – here’s a list of all the different options for you:
OMM Unsecured Low-Rate Personal Loan
OurMoneyMarket can provide you one of the best personal loans in Australia right now due to the great offer of $0 monthly fee. The interest rates for this personal loan is between 6.57% to 18.99% P.A.. You can expect a monthly repayment of $627 with a minimum application fee of $250 (1.50% to 6%.)
In comparison to other great options in the list – the interest rate per annum is quite low – other Australian banks offer nearly 7% to 22% interest rates p.a.
Harmoney Unsecured Personal Loan
The Harmoney personal is your second-best personal loan option in the current market. You can expect an interest rate of 6% to 24% depending on various factors such as credit score, etc.; compared to other options, it is nearly there.
The application fee is around $257 to $575 – $575 is for loans below $5000. This option also provides you with a $0 monthly fee. You can expect a monthly repayment amount of nearly $600.
OMM Wedding Loan
If you are looking for a wedding loan – consider the OurMoneyMarket wedding loan. This specifically targets people looking for personal loans in Australia for a wedding. This option has a comparatively low interest rate of 6.57% to 18.99% which is lower than the competitors that provide the starting rate of 7%
You can expect a monthly repayment of $600-$620.
These were some of our best options for personal loans in Australia that can get you out of the financial dilemma of which bank to opt for.
Myth Busting: Not-so-true Things About Personal Loans In Australia
Here’s looking at seven such beliefs perpetuating people’s mindsets:
1. Personal Loans Can Adversely Impact Your Credit Score
Firstly, borrowing money never in itself can affect your credit rating. Your loan application approval and subsequent payments in a timely fashion can only improve it. However, it is different if you incur late payment penalties or miss a payment.
If you apply for several loans simultaneously, since loan approval processes involve hard credit checks, it can reflect in your credit history. When you already have one, taking out a new loan may result in higher interest rates.
2. All Personal Loans Are of the Same Kind
Personal loans are preferable in an emergency, but they vary with the situation. For instance, a personal loan for home improvement differs from a debt consolidation loan.
Furthermore, the rates, repayment period, and loan amount limits may vary with each lender. Hence, research before sending your loan application to some random bank. Also, choosing a multiple award recipient can help.
Such lenders prioritize your needs and tailor the solutions with lower rates and zero establishment fees. For instance, personal loan rates at alex.bank start from 4.99%. You can borrow a maximum of $30,000, which you can pay back in up to sixty months.
3. You Need to Show a Collateral or Security
Customized personal loans for every emergency guarantee approval for almost anyone. Unsecured personal loans don’t need you to have an asset as collateral. You can qualify if you are a citizen of this country or a permanent resident with a regular income.
Other requirements are to be 18 or older and never file for bankruptcy. Having an excellent credit score can also get you competitive rates. With such straightforward and easy-to-understand rules, there is no scope for confusion.
- If You Don’t Get a Loan at Your Bank, There is No Other Option
If the current bank you have been with for years hasn’t approved your loan, don’t despair. There are other opportunities out there. Banks usually have strict regulations and restrictions; they may not be ideal for a personalized loan.
Approach specialized banks that offer flexible personal loans of various kinds. Such banking restriction authorities adhere to responsible lending conduct obligations and ASIC regulations. In short, finding an Australian Credit License is crucial to negotiate better rates.
5. Guaranteed Better Deals with Multiple Loan Applications at a Time
Some people like to compare different lenders to choose the best offer. However, applying for more than one personal loan at one time can work against you. As mentioned earlier, the hard credit check performed by the lender shows up in the credit history.
As a result, you have a lowered credit rate. Other lenders can see all your applications and conclude that you have financial troubles. They perceive it as a potential red flag and might reject the application.
Maximize your chances of loan approvals by paying off existing dues via debt consolidation. Maintain a steady income and plan for an emergency fund with your savings. Find trustworthy lenders through credible sources and get a suitable deal.
6. Personal Loan Rates Are Too High
This myth is one of those opinions people like to share without valid proof. While some lenders charge exorbitant rates per someone’s situation, it is wise to steer clear of those.
Typically, personal loan rates depend on various factors like repayment period, credit history, etc. In most cases, the rates are lower than other financing options. It is also why personal loans are the most preferred method for debt consolidation.
7. Getting a Personal Loan Is a Time-Consuming Process
Everything is done digitally these days, and personal loan applications and approvals are the same. Credit providers utilize an easy interface on their websites, which makes it convenient for applicants to navigate.
Get an estimate by setting your term length, loan amount, and repayment frequency.
After a credit assessment from the bank’s end, you have a personalized solution for your specific needs. You will most likely receive the funds within hours of submitting your details on the website.
End Note
That was all about getting a personal loan in Australia. These are some considerations for you before you consider getting a loan in Australia.
Remember that everybody has unique needs; what worked for your friend may not be ideal for you. Having a clear undertaking of how personal loans work can help you prevent making a bad decision.
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