A personal loan is a good product to use to assist borrowers obtain finance for general purposes. Some of the purposes a personal loan may be required for include:
- home renovations
- wedding expenses
- education expenses
- medical expenses
- debt consolidation
Personal Loan advances usually range between $5,000 and $50,000 and are provided on an unsecured basis giving the borrower the flexibility to use the funds at their discretion.
The term of a Personal Loan range from 12 to 84 months and interest rates may be either fixed or variable, and are typically lower than credit card interest rates, making the Personal Loan a cost effective way to borrow.
Most institutions provide Borrower's with convenient payment methods like direct debit and Bpay and payments can be made as frequently as the Borrower likes with limited penalties for early termination