Personal loans are specifically designed to finance personal expenses. It is popular among people looking at loan products to consolidate their debts. It can be used to finance different personal needs such as purchasing a car or cash to cover medical or educational expenses, among others.
Common types of Personal loans include Car loans and Lifestyle loans. Personal loans can be secured—requires the need of collateral to secure the loan—or and Unsecured—does not require a collateral, which can include real estate property (house and lot or land) or vehicles (cars/tractors/equipment).
Why should you get personal loans?
The application process is easy, and some lenders can render same-day approval. It is a good way to get cash for various personal expenses-including consolidating his multiple credit card debts and his personal loan--and just one pay one loan instead.
One can also use personal loans to finance his personal expenses such as health, education, and even travel expenses, among others.
Other purposes of personal loans
Personal loans are a good option if you intend to consolidate multiple debts into one—for convenience purposes. A source of cash to finance other personal expenses.
Who should get personal loans?
Only those who are in dire needs of cash for personal expenses that need immediate funding should get a personal loan. It’s easy to fall into a debt trap with personal loans.
Since many people fall into a debt trap with personal loans, only those with a stable and continuous source of income should get this loan or any other loan type for that matter.
Anyone looking at consolidating their debts into one loan
Personal loan process
Eligible applicants can directly go to lenders, but this gives him few options in terms of interest rates. Lenders differ on their requirements and interest rates, so it’s preferable to check with a specific lender that specialises in personal loans for better results.
That’s where Intellichoice Finance comes in, we specialize in personal loans and we have lenders that have been dealing with clients with successful personal loans applications in the past 18 years.
Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a Brisbane-based mortgage broking company that was established 18 years ago. He was shortlisted as a finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. If you want to jump start your home loan application, please our online home loan application page today!