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Ready for a bumper festive season?
A personal loan could give you the kickstart you need.
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As our country inches closer to national vaccination rate targets, it’s time to plan for what will be a bumper season of activity and festivity.
According to the Australian Bureau of Statistics, the number of Australians taking out personal loans jumped by 39% for the year to 31 August. And that figure is sure to rise as Australians are poised to enjoy more freedoms this summer.
What can I use a personal loan for?
For Aussies who’ve had wedding, travel or renovation plans placed on the backburner, a personal loan could help get those plans back in motion.
You can use personal loans for several purposes, helping you to fund necessities, projects, and plans that you might otherwise struggle to afford.
As borders reopen, you may have new opportunities for travel, the need to tackle unforeseen increases in living expenses, or simply need extra cash flow for a special occasion. A personal loan can help you to bridge the gap.
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Not limited to major purchases and debt consolidation, there are many reasons to consider a personal loan.
What type of personal loan is right for me?
Depending on your needs and circumstances you may want to consider if a secured or unsecured personal loan will be best for you.
A secured personal loan requires an asset such as a car or property as collateral for the loan in case the borrower defaults on payments. An unsecured personal loan is not asset-backed and the amount you can borrow is based on your ability to repay.
Interest rates on unsecured loans tend to be higher as these represent a greater risk to the lender. Unsecured loans usually suit those borrowers with a strong credit history, but who don’t own significant assets.
How do I get a personal loan?
Getting the help of an experienced finance broker can be a smart first step.
Reach out to a Liberty Adviser today to see how a personal loan could help you get your post-lockdown plans in motion sooner.
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