Personal Loans

There are plenty of situations where you might need access to capital quickly and efficiently, and even in large sums, and that’s why so many people end up using personal loans. Of course, you always need to recognise that there are inherent risks when you’re borrowing money, which is why it makes total sense to use a finance broker, like us, to make sure that you’re getting terms that work for you – not just for the lender. As with car finance and home loan mortgages, our personal loan service is ideal for people who are trying to get financing in a reliable and straightforward fashion – and with the very best terms. The brokers at Car Finance Broker Sydney are deeply experienced and dedicated to giving our customers the best service experience, so you can rest assured that nothing will go awry should you decide to place your trust in our service. For a taste of what’s on offer, read on below. If you need further clarifications, our customer service team is the best port of call.

Secured and Unsecured Loans

Generally speaking, personal loans tend to be split into two categories: secured loans and unsecured loans. An unsecured loan means that you won’t need to provide collateral for the loan, which generally means less favourable repayment terms. A secured loan requires you to put up collateral – something like a car, or property – but that also means that you’re more likely to obtain favourable conditions for the repayment period, and you’re far more likely to access a larger lump sum initially.

Fixed and Variable Rates

Whether you choose to go with a secured loan or you’re more inclined towards an unsecured loans, you’re going to have to think about interest. The interest rates that you enjoy will be either fixed or variable – and this can make a considerable difference to the amount that you end up having to pay back. A fixed interest rate guarantees that the interest requirements will stay consistent throughout the duration of the loan repayment. A variable rate interest rate could see the rate change – going up or down. Payments might decrease, providing savings, but they could also increase.

Finding the Ideal Fit

The exact type of loan you decide to take out will depend on the situation that you’re trying to deal with. Unsecured loans sound attractive since they don’t require collateral, but they’re more difficult to obtain and they tend to have higher interest rates attached to them. In most situations, it’s about assessing your circumstances to determine where you might want to give a little more leeway. If you’re taking out a personal loan for debt relief, for example, variable interest rates seem like a risk that might not be worth taking.

Consolidation Loans

One situation where personal loans are often useful is when you’re trying to manage a whole bunch of different debts that are spiralling out of control. It can be difficult to manage when you have numerous debts to repay, all with different requirements. A consolidation loan allows you to pay off your pre-existing debts in one go, with only one repayment required from thereon out. Our brokers can help you to manage these debts in this way.