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5 Best Personal Loans Comparisons

Best Personal Loans - Best variable, fixed, secured and unsecured personal loans. The ability to find the best personal loans that you can acquire, comes down to what best suits your borrowing purpose at the lowest interest rate and most flexible term that you can find, while all the time keeping the following points in mind

Best Personal Loans Comparisons

You must always be able to remain in control of your debts. It is financially deadly to allow your debts to control your life. Never over borrow!

Remain budget conscious and make allowances for your loan repayments before you spend further.

Always borrow from a well known and reputable lender.

Be satisfied that borrowing is the best way to obtain the product or service you desire. If there is another way e.g. lay-by or savings, then take that avenue in preference every time.


Personal Loan Comparison

1. SocietyOne Personal Loan

What is it?

SocietyOne Australia’s first fully compliant peer-to-peer lender can potentially offer borrowers cheaper loans and investors access to a new asset class, via an online loans platform that directly connects borrowers and investors. 

The entirely online process reduces the costs and complexities of traditional banking and passes the benefits on. There is no bank involvement, so this is a real alternative to Australian borrowers.

As a borrower enjoy a low rate. Once your loan is approved, loan requirements are listed on the SocietyOne platform, and investors bid for parts of your loan, securing you a low interest rate.

You could gain more control and can view your activities online. Fixed fortnightly or monthly payments are available and you can even pay out your loan early with no extra costs.

So how do these loans work, and how do they differ from anything available on the market?

Features and benefits

  • Low rates of interest - Investors are competing to lend you money. In order to secure your business they’ll offer some very competitive interest rates. Very often much lower than you can find anywhere else. This means less to repay overall, and lower monthly payments.
  • Unsecured - These loans are unsecured so you don’t have to worry about losing your assets. You don’t have to put up your car or home as security, so none of your personal property is at risk. SocietyOne make sure you have the capacity to repay the loan before they accept you, so there’s less risk to the investor too.
  • Borrow between $5,000 to $30,000 - SocietyOne offer loans for any purpose. Whether you’re replacing the family car, or doing some much needed property repairs you’ll be able to borrow the amount you need. People have used SocietyOne to pay for a deposit on a home too! Whatever your dream you could make it a reality sooner.
  • No monthly fees - There are no monthly fees to pay. You’ll pay a one-off low setup fee and that’s it. All you owe then is what you borrowed, plus the agreed interest rate.
  • No early repayment charge - If you get a big bonus from work, or get lucky in the local lottery you can repay your loan in full without penalty. There are no early exit fees, or penalties for making overpayments.
  • Fixed repayments - Your SocietyOne repayments are fixed so you’ll know exactly how much you’re paying each month. You’re also protected from any sudden payment spikes if national rates increase.

Do you qualify?

There are a few criteria you need to meet before you can take out a SocietyOne loan. You must:

  • Be aged over 21 years old;
  • Be in full-time employment;
  • Be a permanent resident of Australia;
  • Have a good credit history;
  • Be prepared to publish your loan details on the SocietyOne listings. (No personal details are ever revealed.)

Once you’ve satisfied these criteria you can go ahead and fill out an application form online. SocietyOne will then verify your information and complete a credit assessment to make sure your details are correct, your credit history is in good shape and the loan is not unsuitable.

If SocietyOne is satisfied you meet its loan criteria your loan requirements will be featured on their listings for investors to see. Hopefully before long you’ll have a loan offer to accept and receive the funds quickly.

Pros

  • Low rate;
  • Unsecured so no assets are at risk;
  • Easy application process;
  • Very private and secure network. None of your personal details are ever made public;
  • Borrow up to $30,000 for any purpose.

Cons

  • Only those with a really good credit rating will be accepted.

On the whole SocietyOne’s personal loans offer a real alternative to the major lenders, and it surely won’t be long before peer-to-peer lending gives the big lenders an almighty run for their money.


2. Aussie Personal Loans

Aussie Personal Loans are offered by the same company that brought you the infamous Aussie Home Loans.

They offer personal loans for almost anything you want at very competitive interest rates. Here are some of the benefits Aussie Personal Loans can offer:

Fixed Repayments

When you apply for an Aussie Personal Loan, you know your repayments won't change. Your interest rate and loan term are locked in right from the start, so there are no surprises in the future. Fixed repayments means you won't have to worry in case the interest rates go up, so you'll find it much easier to budget.

Flexible Loan Terms

You can amend your personal loan to suit your own preferences. Aussie Personal Loans offer loan terms from 1 year up to 7 years. You're also able to nominate to make your repayments weekly or fortnightly instead of monthly if this works in with your pay better. This can be a great way to save money on interest over the term of your loan.

What's more, the team at Aussie will also allow you to pay more than the minimum payment amount if you want to work on paying off your loan faster. This kind of flexibility allows you to change the loan to suit your own budget, your pay schedule, or debt reduction goals.

What Can You Spend Your Money On?

Aussie Personal Loans are available for any worthwhile purpose. Whether you want to buy a car, boat, caravan, trailer, motorbike, or any other vehicle, Aussie can help you.

How Much Can I Borrow?

The amount you're able to borrow on your personal loan is up to you and your personal financial situation. Your serviceability is calculated based on the amount you can comfortably afford to repay. This amount is determined by your pay slips and other financial obligations like how much you repay to other lenders each month.

Fast Online Approval

With Aussie Personal Loans, you don't have to wait in line at your local branch just to speak to a lender. You can apply for your personal loan online. Their secure online application form is completely confidential and your private information is secure. If you would rather speak to a consultant, call Aussie and they'll accept your application over the phone instead.

When you've submitted your application, you can expect a response within 24 hours or on the very next working day.


3. Bankwest Car Loan

Buying a new car is easier with a car loan boasting low interest rates and flexible features

Introduction

If it's time to upgrade your car for a newer model, you'll be thinking about a car loan that offers good value at a competitive interest rate. After all, buying a car isn't a cheap exercise, so if you can keep your costs down by choosing the right car loan to suit your needs, you'll be saving money on interest costs overall.

Things to Consider About This Loan

The Bankwest Car Loan can be used for buying a new or used car, or even for refinancing an existing car loan over from another lender. This is excellent if you're currently paying a higher interest rate, as you can refinance that loan over to Bankwest to take advantage of the low interest rate available.

Features

Bankwest has worked hard to include plenty of flexible features into their car loan. These include:

  • Flexible payment frequency: you're able to make your payments weekly or fortnightly, instead of the regular monthly payments, if thi suits your pay schedule better.
  • Flexible loan term: set your loan term from as little as three years or up to as long as seven years. If you're keen to repay your car loan as quickly as possible, choosing a shorter loan term can help you with this. However, if your cash flow is a little stretched, you can reduce your payments by extending the term out to as long as seven years.
  • Fixed repayments: your repayments are fixed in for the life of the loan. This removes the worry of fluctuating payments if interest rates happen to rise, so there's no additional stress on your budget. You always know how much your car loan payments will be.
  • Extra repayments: you're encouraged to make extra payments off your car loan whenever you choose without penalty.
  • Minimum loan amount: the minimum amount you're able to borrow on the Bankwest Car Loan is $10,000.

Maximum loan amount: the maximum amount you can borrow with this loan is $100,000.

Rates and Fees

Keep in mind that an early repayment fee may apply to this loan type if you pay out the loan balance in full within the first 24 months of the term. If you're keen to make extra payments and try to repay your loan as quickly as possible, you should spend some time doing some simple calculations.

For example: if you know that you're able to repay your car loan within two years, take the time to calculate the amount of interest you will pay if you wait until after this time to repay the balance. 

Then compare this amount with the early repayment fee that may be charged. This will give you an idea of whether it's worth repaying your loan early, or returning to making minimum payments only until after the 24 month period has expired.

Applying for the Bankwest Car Loan

Bankwest has provided a simple online application form that only takes minutes to complete. The information you enter into the online application form is completely secure. Your personal information remains confidential at all times.

Once you have completed the application, you should receive your conditional approval in a minutes. Keep in mind that this will be an approval in principle. You will still need to sign documentation before your car loan funds are released.


4. Westpac Car Loan

Key features

  • Car Loan fixed at 6.49% p.a. (comparison rate 7.69% p.a.^).  Credit criteria. T&Cs apply. 
  • Apply for up to $100,000 with this low, fixed interest secured loan to buy a new or used car
  • Apply online and Westpac will have a decision to you in 24 hours.
  • Fast track your Personal Loan by applying online and agreeing to receive your contracts via email if approved
  • Make extra repayments when you have additional funds to repay your loan faster
  • All applications are subject to loan security guidelines and subject to the Bank's normal lending criteria


5. Bankwest Unsecured Personal Loan

An unsecured personal loan lets you borrow the cash you need without risking any of your assets

Introduction

There are times when you may need to borrow money for the things you need, but you may not want to offer your lender any of your assets to secure the loan. This is where a Bankwest Unsecured Personal Loan can be ideal.

You're able to borrow money without risking any of your current assets to be used for almost any purpose you can think of. You might want to consolidate some high interest debts into a more convenient personal loan to focus on debt reduction plans. 

You may want to renovate your home without having to top up your mortgage to pay for those improvements. You might just want to take that fabulous holiday you've always dreamed about, or pay for that amazing wedding you've been planning.

Regardless of the reasons, choosing an unsecured loan lets you access the cash you need to do all this – and more.

Things to Consider About This Loan

There are actually times when an unsecured personal loan can save you money. Yet, far too many people view the slightly-higher interest rates and leave without ever taking the time to factor in how they could save money.

This is especially true with larger expenses, such as a major renovation for a kitchen or bathroom. As the loan term is usually set over five or seven years, this means the renovation costs are repaid much sooner. 

When you add that same amount of money to a mortgage and calculate the interest on it over the much longer term, you will find that the interest charges add up to far more than the amount you'll pay on a personal loan.

It's equally true with consolidating high interest debts, such as credit cards or store cards. These often carry rates of 17% and higher, but the repayments on them only tend to cover the interest component and very little else. 

By comparison, personal loan repayments are calculated so that every payment you make actively reduces your debt. Over the loan term, you stand to save thousands of dollars in interest charges that you would otherwise have paid on your old credit card accounts.

Features

There are lots of flexible features available with the Bankwest unsecured personal loan. These include:

Flexible payment frequency: Your repayments can be set so they're paid weekly, fortnightly, or monthly to suit your own pay schedule.

Flexible loan term: Bankwest will allow you to set your loan term for as short as 3 years or for as long as 7 years. A longer loan term can help you reduce your monthly payments and make your loan more affordable. However, a shorter loan term will help you get out of debt sooner.

Fixed repayments: The payments on your personal loan are fixed in for the life of the loan. This gives you the peace of mind that your payments won't change if interest rates start going up. It's also easier to stay in control of the budget when you know your payments are always the same.

Extra repayments: You won't be charged a penalty if you choose to make extra payments off your personal loan at any time.

Minimum loan amount: The minimum amount you're able to borrow with this unsecured loan is $5,000.

Maximum loan amount: The maximum amount you can borrow with this loan is $50,000.

Do remember that an early repayment fee may apply if you repay the entire loan amount within the first 24 months of the loan term.

Applying for the Bankwest Unsecured Personal Loan

The application process for the Bankwest Unsecured Personal loan is remarkably simple. The secure online application form is very easy to fill in, so it should only take you minutes. As they use a secure site, this ensures that your personal information is quite confidential at all times.

Once you've submitted your application, you should receive conditional approval in a minutes. Remember that you will still need to sign loan documentation before your funds are released, but this is also an extremely quick process, so you should have your money in a matter of days.


Also Read: How I Came Across The Details On Online Cash Loans

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