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Taking into account your financial situation is always important before applying for a personal loan. Maybe you simply need to adjust your budget, but there are times when a personal loan is the best way to finance a large or sudden purchase that is impossible to pay upfront.
Here are some of the reasons why a personal loan might be your best option right now:
One of the most common reasons why Australians take out a personal loan through money lenders is debt consolidation. Debt consolidation is the process of combining multiple debts into one simple monthly repayment. With possibly lower rates, better loan terms and a predictable timeframe, this method makes it easier to pay off balances while keeping your finances healthy.
If you need a loan to buy a car, you’ve got two options: a car loan or a personal loan. A car loan may have lower interest rates than personal loans, and you may be approved for a higher amount. The downside is there are restrictions on the car that you can purchase and the car may get seized should you fail on your repayments.
On the other hand, while a personal loan is a type of car finance deemed to have higher interests, you have the freedom to buy whatever car engine, make and model you want, and you can use the remaining funds for other services like servicing, rego, insurance and minor car repairs.
School expenses aren’t just about the education fees. You’ve got textbooks, laptops and student housing to pay for as well, not to mention the bills, groceries and late night outs with uni friends. Students who are looking for flexibility opt to borrow personal loans to get the financial assistance they need to cover these expenses.
Online personal loans are the quickest solution if you need a little extra for fixing emergency items around the home, such as a broken water system, damaged roof or power failure. Apart from minor home improvement, you can also use it for bigger projects like upgrading your bathroom or kitchen, or putting in a new fireplace or swimming pool.
Getting a personal loan or a bond loan is a good idea if you’re going to use it to pay rent while experiencing a temporary setback in terms of your finances. This could mean that you’re waiting for your next paycheck or getting a new job or promotion soon, and you’ll need fast access to cash to tick rent off your list.
Emergencies call for fast cash access, and personal loans can give you just the assistance you need when you can’t pay your medical bills upfront. Australians take out personal loans to cover their elective surgery, dental procedure or even cosmetic surgery. It’s also good to have extra cash for rehabilitation costs and other treatments that your health policy doesn’t cover.
If you’d like to get on top of your bills without disrupting your finances, applying for a personal loan could be your best option. According to moneysmart.gov.au, a person aged under 35 has an average weekly spend of $849, while a couple living together spends $1,572 and a couple with kids spends $2,085. With so many other expenses on top of household bills, people tend to take out personal loans to cover them without paying anything upfront.
A personal loan can provide the instant relief you need when you suddenly need to buy a new fridge or a new washer. Aside from window repairs or wall repaints, major household appliances and electronics need a budget of their own as well. You’ll never know when they’ll go awry, so it’s good to have instant cash access for appliance purchase without having to pay anything upfront.
Another reason why people take out personal loans is to pay for a holiday. Personal loans are quite flexible in the sense that you can use the funds for any travel-related expenses, such as airfares, hotel accommodation and tours. When approved, you can even use it to purchase your travel must-haves or when you simply need pocket money.
It could be you’re tying the knot, having your first child or getting promoted. Let’s face it, weddings aren’t cheap and moving home for the first time is absolutely costly especially if you’re moving to a far state. And if you’re expecting a new member of the family, the grocery list expands and your pediatrician visits become more frequent. For whatever reasons, Australians apply for personal loans to have a little extra cash on hand on top of their savings to prepare for life’s bigger things.
Before applying for a personal loan, make sure that your loan purposes are reasonable and necessary. You also have to consider your ability to make repayments comfortably to prevent you from getting into bad debts.
MoneyMe offers low rate personal loans for all these, and more. With a super-fast online application and outcome, you can borrow and have the money in your account in as little as 60 minutes. Get loan rates tailored to your circumstances and make effortless repayments using our mobile app. MoneyMe gives you access to up to $50,000 so you can manage your debts, upgrade your home, and pay for school fees in no time without paying anything upfront.
And if it’s more financial flexibility you’re after, MoneyMe’s Freestyle virtual Mastercard® has the convenient perks of a credit card (but with extra cool features) that allows you to Tap n Pay in-store, shop online with up to 55 days-interest free on purchases. You can also use it to transfer money to friends using just your mobile and get credit back offers at over 1,400+ stores in Australia.
Choose the finance option that best suits you. For better borrowing and digital credit card experience, apply with MoneyMe today.
Top 10 Reasons for a Loan
JayceenemoAug 09, 2023
Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.
BGCJun 13, 2023
Simple process, easy to follow application, quick response time and good support.
BradMay 31, 2023
I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.
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