Unexpected costs are a part of life.
Whether you need to cover these surprise costs or catch up on your current payments, a personal loan can help you do just that.
At Debt Busters, we have over a decade of experience helping Australians find the best personal loans for their financial situation.
What Are Personal Loans?
First, let’s break down what exactly a personal loan is.
A personal loan is any money borrowed from a lender for any reason. It can be repaid easily in installments over time – typically within two to five years.
They come in all shapes and sizes, and it’s possible to find a great deal if you know what you’re looking for and purchase through a trusted source.
Personal loans can be a valuable way to recover from a financial crisis or debt situation.
Seeking A Personal Loan
If you are seeking a personal loan, you have several lender options:
- a private lender,
- bank, or
- credit union.
Get What You Need. Without Stressing.
Personal loans can be used for a number of things:
- Buying a car
- Home renovation
- Consolidating debt if you have several credit card payments
- You name it!
When you’re in a pinch, it’s easy to turn to other forms of debt like credit cards. According to statistics on Finder.com.au, this has led to an average interest accruing monthly balance of almost $2,000 amongst Australians. While this might be a temporary solution, it’s not sustainable long-term.
Personal loans usually come with lower interest rates than credit cards and the rates can be fixed. This means the interest rate won’t change over time as long as you’re making your payments.
Ultimately, personal loans can be a great way to manage what you owe without the stress of credit cards.
Why Get A Personal Loan?
There are a lot of reasons to get a personal loan. With a personal loan, you can:
- Get fast access to cash from $2,000 to $30,000
- Consolidate your debts often at a lower interest rate than your credit card and existing personal loans
- May help improve your credit rating
- Get flexible payment terms
- Repay your debt over a longer period of time
You can use this loan to pay for anything like your credit card debts, unexpected expenses, medical bills, home improvement projects, special events, and so on. It’s a much safer option than relying on your credit cards.
How to Apply For A Personal Loan
Applying for a personal loan is as easy as 1,2,3. Here are some things that you will need when applying for a personal loan:
- Be over 18
- Be an Australian citizen
- Have some documentation with you (ID, passport, drivers license)
- Share some information about your financial situation
Once the loan is approved, the cash will be deposited to your bank account within 24 hours.
Improve Your Chances Of Getting A Personal Loan
Having a good credit score
The first way to improve your chances of getting your personal loan approved is to pay down your debt and work on your credit score.
Having a co-signer
Having a better credit score will give you access to larger loans and lower interest rates. However, if you’re not able to get the loan you need at the rate you want, it might be worth adding a co-signer with better credit.
Asking for less money
Ultimately, you can always improve your chances of approval by asking for less money. Requesting more cash than you need is risky, so always make sure you’ve budgeted the total costs before applying for your loan.
No matter what your financial situation looks like, getting a loan with is simple. We can offer you speedy personal loans through our trusted partners – APPLY NOW.
We are committed to responsible lending practices and will take your unique situation into consideration; so even if you’ve got bad credit, you still have options.
You can access a personal loan regardless of your bad credit history.
We’ll help you take the first step and keep track of everything along the way. Simply request a call today and you could have funds in your account within 24 hours.
Are personal loans right for you?
Contact us today on 1300 368 322 to find out for sure.