Your Guide to Getting the Best Deal on Your Personal Loans

When looking for personal loans, Perth WA residents often find themselves a little overwhelmed by their choices. When it comes to personal finance, Australia has a great number of options, this means that you need to take care to choose the best possible deal.

Secured or Unsecured Personal Loans:

The first step to getting a great deal on personal loans is deciding whether you are looking for a secured or unsecured loan. Simply speaking secured loans are “secured” on an asset such as your home. While this may seem daunting, the lender will have more confidence in being repaid, so this will be reflected in lower interest rates and greater repayment options. Unsecured loans require no collateral but will tend to have a higher interest rate. Although you may be looking for the cheapest possible option, you will need to consider the whole picture to choose the best deal.

If your credit is less than perfect, you may find qualifying for a secured deal easier. Secured finance tends to also allow for a longer loan term. This can allow you to have a lower monthly repayment, but you will need to understand that the total cost of the loan will be more. Your choice may also be influenced by what you intend to use the loan for. For example, if you are looking to make some home improvements, a longer term secured loan may offer the best option. However, if you are looking to finance a holiday or celebration such as a wedding, a shorter term unfinanced deal may be better.

Take Time to Shop Around:

While you may have enjoyed great service from your high street bank, assuming this institution can offer the best loan can be a costly mistake. It is always more advisable to take the time to shop around for your options. A reputable broker can assist you with this and save you a great deal of time and stress. All you need to do is provide your basic information and the broker will compile a list of suitable deals. This allows you to compare the finance deals and determine which is best suited to your needs.

Check the Terms and Conditions:

All reputable brokers and loan providers will provide a list of terms and conditions with any finance offer. Although reading through a few pages of loan jargon may seem overwhelming, it is important that you check to ensure that you are comfortable. For example, this document will detail any fees and charges which can be applied to your loan, such as early repayment fees and other penalties. You may find that it is worth paying a few dollars more for more favorable terms and conditions in the long term.

If you are looking for a great deal on personal loans, Perth WA residents should contact us. We are a specialist broker offering access to a wide range of personal loans and other finance deals. Our expert advisors would be happy to answer any questions and assist you in finding the deal best suited to your requirements.