Personal Loans are one of the most common forms of finance that Aussies take advantage of on a daily basis. Just about every Australian lender offers some form of the Personal Loan package, where the funds can be put towards a variety of approved purposes, contingent on the lender’s criteria. Wedding expenses or a holiday are common reasons why people want to take out a Personal Loan, as are home improvements, purchasing new furniture and so on. Some individuals even take out a Personal Loan to cover a tax bill.
Although most Aussie lenders do offer Personal Loans, not all lenders are the same. That’s why it’s vital that you shop around for a Personal Loan that suits your circumstances best.
This article is going to be taking a closer look at the instant loans of applying for a Personal Loan with a private lender.
Fast Personal Loans Australia
Sometimes there is the need for fast Personal Loans; loans that have a quick turnaround time from application to approval. If you’re not in a hurry, then the speed of processing likely won’t be an issue, but if you need the money quickly, then applying for a loan with a private lender may be the best option.
Many private lenders strive to gain an advantage over the big banks by offering rapid personal loan approval processes. Some lenders even approve personal loans on the same day you apply, if you get your application in early. In this instance, you could have the money deposited to your account on the same day or the next business day for boat finance.
For people who need to take out a Personal Loan to resolve an emergency situation, this rapid approval process can be a lifesaver.
Personal Loans Tailored To Your Needs
Many private lenders are quite flexible with Personal Loans and some can even tailor a Personal Loan to meet your specific requirements and individual circumstances. You can opt for a standard Personal Loan or upgrade to an option for premium loans.
One of the main differences between the standard and premium loan is the amount you can borrow. In some instances, you’ll even get more time to repay a premium Personal Loan, if you need it.
Review what loans are on offer and ensure you select the best options for your requirements.
No Hidden Fees Or Charges
Some Aussie lenders are not always totally clear on their websites and in their paperwork regarding all the fees and charges attached to a personal loan. While the current interest rate and possibly the loan application fee might be clearly stated, things like ongoing account keeping fees and penalties are not always so clearly divulged.
Another way private lenders like to gain an advantage is by being very transparent about all the fees and charges associated with Personal Loans. This way, with no hidden fees and charges, you can work out exactly what you’ll be paying when you apply for a Personal Loan with a private lender.
You Can Repay the Debt Quickly
Whether you borrow a few thousand dollars or even $50k, another advantage of applying with a private lender is the loan terms. Many private lenders give you the option to repay your debt quickly, which means you can save a stack of cash on interest payments.
For example, with a standard Personal Loan, you can repay the borrowed amount in as little as 2 to 3 months, whereas with a premium loan, generally, the minimum is around 6 months. It’s all about having options.
You Can Apply Online
Who wants to travel to a branch when you have the internet at your fingertips? With a private lender, you can apply for a Personal Loan online from anywhere. Not only is this a lot more convenient, but it also speeds up the application process. Simply fill out the online application form, upload digital copies of your supporting documentation, then kick back and await the outcome.
There are a number of advantages when it comes to applying for a Personal Loan with a private lender, so keep the private lending sector in mind when weighing up your options.