PERSONAL LOANS

A personal loan is a type of unsecured loan that individuals can borrow from a financial institution, such as a bank.

A personal loan can allow you to borrow money to help you pay for things you need or want, which could be almost anything. Like other loans, lenders typically conduct a credit check as part of the application process to assess the borrower's creditworthiness. A higher credit score generally increases the likelihood of loan approval. The borrower will receive a lump sum of money upfront, and the loan is repaid over a fixed period, usually in fortnightly or monthly instalments. The loan amount and repayment term are agreed upon at the time of borrowing and the loan can have either a fixed or variable interest rate. Some personal loans allow for early repayment without prepayment penalties. Borrowers should review the terms and conditions to understand any fees associated with paying off the loan early.

Personal loans provide individuals with a flexible financing option, but it's essential to carefully review the terms, fees, and interest rates before committing to a loan. Additionally, borrowers should consider their ability to repay the loan and how it fits into their overall financial plan. We recommend that you seek advice from a mortgage advisor that can guide you through the process.