What To Look for In a Personal Loan Provider

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Personal Loans are one of the most popular and common types of loans offered by Australian lenders. Whether it’s a bank, building society, private lender or another type of financial institution, they all seem to offer some form of Personal Loan.

Given that there are so many options out there for Personal Loans in Australia, choosing the right loan and lender can often be confusing, simply because of all the choices available. This being the case, this article is going to offer some tips and advice on what to look for in a Personal Loan provider, so you can make the best choice for you.

Do You Need the Money Fast?

How fast you need the money can be a deciding factor regarding which lender you might apply for a Personal Loan with. If you’re faced with an emergency or some other urgent financial situation, you’ll be looking for an instant Personal Loan.

Banks and building societies are often a little tardy when it comes to Personal Loan processing times and can take weeks to make a decision on your application. If you need the money in rapid time, you won’t have weeks to wait. Instead, you’re better off approaching a private lender in this instance as many private lenders make it a point to offer very fast processing and approval times for Personal Loans.

If time isn’t an issue, then you can pretty much choose any lender you please, but when you need the cash fast, look for a private lender.

Can You Apply for Personal Loans Online?

Another key point you’ll want to be mindful of when selecting a prospective lender is whether they offer the option of applying for a Personal Loan online. In today’s world, you don’t want to have to travel to a branch, line up and wait and then fill out the paperwork with a pen. You should have the convenience of being able to apply for your Personal Loan online, including the capacity to upload electronic documents to support your loan application.

Fortunately, most lenders will have the option of applying for a Personal Loan online from home, but just be sure to double-check this point.

Are There Any Hidden Fees Attached To the Loan?

Just about all loans come with various fees on top of anything you pay in interest. Usually, there will be a loan application fee and possibly ongoing monthly account keeping fees. To find any “hidden fees”, be sure to read through the fine print for the loan, as this is where any hidden fees will subtly be mentioned.

The best advice is to choose a lender that doesn’t hide their fee structure and is completely open and transparent about all costs associated with their Personal Loans.

Unsecured Personal Loans

Most people who wish to take out a Personal Loan are not looking to attach any sort of collateral to the loan, despite the fact that secured Personal Loans generally attract lower rates of interest. People prefer Personal Loans because they offer flexibility and some degree of freedom. Therefore, having the option of an unsecured Personal Loan is usually more desirable, so check that the lender you’re looking at offers unsecured Personal Loans.

You’ll Want Competitive Interest Rates

The lowest interest rate doesn’t always mean you’re getting the best deal overall, though you should strive to find a Personal Loan with low-interest rates. What you’ll need to do is check out all the fees associated with the loan, including establishment and admin fees and weigh up which loan offer is the cheapest overall.

Find a Lender That’s Easy To Deal With

When you take out a Personal Loan, you’re effectively entering into a partnership with that lender for the duration of the loan. For this reason, you’ll want to team up with a lender that’s friendly, respectful, accessible and easy to deal with.

You’ll want to know that if you have any questions or encounter any financial problems along the way, that you can approach your lender and come to a mutual understanding.

The Wrap

The best way to find the right lender for a Personal Loan is to think about what you really need when it comes to that loan and to spend some quality time researching lenders before making a choice.

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