Feb 13 2017

Cheap personal loans that will actually save you money #litton #loan #servicing

#cheap loans

Compare Cheap Personal Loans

Rates and Fees verified correct on November 19th, 2015

If you want access to credit without overspending on rates and fees, consider a cheap personal loan.

Most people who are trying to reach their financial goals will need access to credit at one point or another. Whether it’s an overdraft, credit card, home loan, personal loan, or even borrowing $20 from a friend, sometimes you need to make purchase but don’t have the money for it. Looking for a cheap personal loan is a good option for people who need access to credit but don’t want to put themselves under too much financial pressure to pay it back.If you’re looking for a cheap personal loan there are various options available from different lenders. Take a look at our guide below so you know how to compare these options and find the right loan for you.

Cheap Personal Loan Offer

Compare cheap personal loans

Things to consider

It’s important to know what you are looking for in a personal loan. Here are some things to keep in mind when you’re browsing through the current loans available in the market.

  • What do you need the loan for?

This is probably the first question you should be asking yourself if you don’t know the answer already. Are you looking to buy a car, start a business, pay for a holiday or consolidate your debts, or something else? The purpose of the loan should play a part when you are considering your options. For example, if you want a car you might want to look at secured loans, or if you just need to pay for some bills you may want to consider a payday loan.

  • What is your credit history like?

This will also be an influencing factor on the type of loan you can apply for. If you have negative listings on your credit file you will be restricted as to the type of loans you can access. Check the credit requirements on the loans you are looking at to get a better idea.

  • How much do you need to borrow?

The loan amount you are looking for will also go towards determining the kind of loan you might choose. Some loans, such as payday loans, only offer amounts of up to $2,000, with some payday lenders only letting you borrow as little as $100 the first time. Before you apply for a loan take a look at the maximum amount you can borrow and see if there are any restrictions regarding loan amounts.

Types of personal loans

There are a few different types of personal loans which may be taken out cheaply.

  • Secured personal loans  are loans used to buy a large asset, such as a car or boat. The lender holds the purchased asset as security in case you default on the loan and because this is less of a risk to the lender it usually means lower rates.

Find out more here about secured personal loans here.

  • Unsecured personal loans  are personal loans which do not require you to use any asset as security. Due to the increased risk lenders usually charge a higher rate for these loans.
    Find out more here about unsecured personal loans.
  • Debt consolidation loans  are sought by people who have existing debt spread over a few different credit accounts. By consolidating your debt into one personal loan you may be able to save money on interest and fees and manage it with one easy monthly repayment.
    Find out more about debt consolidation loans here.
  • Payday loans  are loans which are small, short term loans that are designed to cover the borrower until they next get paid. The loan amount is generally for between $100 and $2,000 and the loan terms range from 16 days to one year.

    Eligibility criteria

    Lenders have different criteria to determine your eligibility for loans. For example, the eligibility criteria for a payday loan is much more flexible than with an unsecured loan. The amount of money you will be able to borrow and the type of loan you can choose will depend on certain information, including your finances and credit history. Generally, to access any form of credit you will need to be over the age of 18 and be a permanent Australian resident or citizen.

    How to apply

    After you’ve found a personal loan using one of the comparison tables, such as the ones on this page. then you can follow the secure link to the lender’s online application form. The specific information you will be required to submit will differ between lenders, but generally it will be something along the lines of this:

    • Personal details including your name, contact details and proof of your identity
    • Details of your employment including your income and type of employment
    • Your employer’s name and contact details
    • Financial details including your assets and debts
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