Different Types of Loans That you Might Need in your Life
Let’s face it, we live in a world of credit and aside from a jackpot lottery win, there’s no way of getting away from that. It is very important that you maintain a decent credit score, as this makes borrowing money a lot easier and there are a lot of times when a loan is required.
Here are some of the loan packages that you can find from a leading Australian online lender.
- Personal loan – A general term that relates to almost any expense; you might fancy a 3-week holiday in Bali or you would like to have some expensive dental work done, or you need to pay a big car repair bill. One of the top Australian providers of personal loans is Cashify, where your application is processed in super-quick time; most people have the money in their account on the same day they applied for the loan and you can’t really get any better than that!
- Home improvement loan – Most Australian homeowners are into improving their living space and that’s where a home improvement loan comes into play. It might be a new deck or a two-storey extension and the great thing about home renovations is they add to the property value. When you apply for an online loan for home improvements, answer a few questions and before you know it, the money is in your account and you can call the builder.
- Auto finance – If we had to wait until we’ve saved enough for a decent set of wheels, where would we be? If you want the lowest APR, search the online lenders; competition is heavy and lenders are trying to attract customers and you can sort out a car or bike loan within a few minutes with the right online lender.
- Getting married – If you are still paying for the engagement party, it might be an idea to put off the wedding for a year; either that or take out a loan for the wedding that you can pay over a couple of years. Many couples downsize the wedding, as they need to save for the deposit on a home, which is practical these days, with the price of land so high.
- Home loan – There comes a time in everyone’s life when they are ready to get onto the first rung of the property ladder and the amount you can borrow very much depends on you and your partner’s income. The deposit is a big hurdle that many cannot overcome, yet if you approach an independent mortgage broker, you have the best chance of getting the loan you need to buy your first home.
- Business start-up loan – More and more Australians are going down the self-employment road and e-commerce is a big part of that. If you have a great business idea, don’t bother talking to your bank manager, rather search online for business start-up loans and you should find what you are looking for. The lender doesn’t need to see a business plan and if you have a reasonable credit score, there’s no reason the application would be rejected. You can spread the cost over 2 years, which means your new business won’t suffer.
- Emergency loan – Let’s face it, emergencies can and do happen; it might be a medical emergency or a natural disaster like a bush fire; if you need cash quickly, contact a leading Australian online lender and see how fast they can oblige. Time is obviously the essence when dealing with an emergency and the lender is aware of this and will usually try to process an application if it is for an emergency. Here is some information about bridging loans.
- Education loan – You might want to study that MBA and boost your salary or send your son to university and you need some help with the fees. Such expenses should be regarded as investments and we should all strive to better ourselves in any way that we can.
- Debt consolidation loan – If you have multiple loan repayments to make and you are finding it a challenge to meet the payments, you could take out a debt consolidation loan, which means all debts are paid off, leaving you with a single, affordable monthly payment. It can be very stressful when you get behind with loan repayments and a debt consolidation loan might just be the solution. Click here for government information on dealing with debt.
A loan can be secured or unsecured; a secured loan would involve the borrower providing assets as security, which the lender sometimes requires, especially with a large amount. The great thing about the online lender is everything is handled quickly and with a small amount of personal information, your application should be processed and the money wired to your account.