1300 381 244
A personal loan is a type of unsecured loan that individuals can use for various purposes, such as consolidating debt, funding a major purchase, or covering unexpected expenses. Here’s a comprehensive overview:
Personal loans can be used for a wide range of expenses, including medical bills, home renovations, travel, education, or consolidating high-interest debt.
Most personal loans are unsecured, meaning they don’t require collateral. Approval and terms are based primarily on the borrower’s creditworthiness.
Loan amounts typically range from a few hundred to several tens of thousands of dollars, depending on the lender and the borrower’s credit profile.
Interest rates can vary widely based on the borrower’s credit score, income, and the lender’s policies. Rates may be fixed (unchanging throughout the loan term) or variable (subject to change).
Personal loans usually have repayment terms ranging from one to seven years, with longer terms generally resulting in lower monthly payments but higher overall interest costs.
Borrowers make regular monthly payments that include both principal and interest. Some loans may have additional fees or costs.
Borrowers can use personal loans for various purposes, allowing for greater flexibility compared to other types of financing.
Personal loans can be used to consolidate higher-interest debt into a single loan with a potentially lower interest rate.
Many lenders offer fast approval processes, allowing borrowers to access funds quickly, often within a few days.
Fixed interest rates mean borrowers can plan their budgets more easily, as payments will remain consistent throughout the loan term.
Your credit history will significantly impact your ability to secure a personal loan and the interest rate offered. A higher credit score typically leads to better terms.
Consider the total cost of the loan, including interest and any fees, to avoid surprises.
Ensure you can comfortably manage the monthly payments alongside your other financial obligations.
Shop around and compare offers from multiple lenders to find the best interest rates and loan terms.
Be aware of any origination fees, late payment fees, or prepayment penalties that may apply.
Our initial process is to learn about your circumstances and find out what value we can provide to you.
After understanding your circumstances, we develop a loan structure and strategy tailor made for you using our wide range of lenders.
Once we have identified the most suitable lender for your circumstances we will assist with the submission ensuring we communicate with all relevant parties for a smooth settlement.
Call us at 1300 381 244
With over 15 years of combined mortgage broking experience, we have helped clients from all walks of life. We pride ourselves on providing 5 star services to all our client, ensuring they are catered for throughout their journey.
Our mission is to simplify the process from identifying your goals, planning your loan structure all the way to settlement of your loan. Our services range from assisting first home buyers to savvy investors with property portfolios.
112/29-31 Lexington Drive, Bella Vista, NSW, 2153, AUTRALIA
1300 381 244
info@erfs.com.au
Personal loans can be a useful financial tool for a variety of needs. It’s essential to assess your financial situation, understand the terms of the loan, and shop around for the best rates and terms to ensure that a personal loan is the right choice for your circumstances. Consider consulting with a financial advisor if you have questions or need assistance with the application process.
103/5 Murray Rose Avenue
Sydney Olympic Park, NSW, 2127, AUSTRALIA
1300 381 244
info@erfs.com.au
