Personal Loans
A personal loan is a very versatile loan, as it can be used for nearly any purpose not just for cars, including debt consolidation, holidays, weddings or home improvements. There is no security required for this type of loan that is why they can be used for many purposes, thus interest rates are generally higher than secured loans.
Who can benefit from a personal loan?
- Anyone wishing to get a loan for non-business purposes.
Key features of a personal loan
- You will own the financed goods from the outset,
- A deposit may be required.
- Extra repayments can be made at any time.
- You can payout the unsecured loan prior to the end of the term.
Personal loan benefits
- You own the goods (if any) from the beginning of the contract.
- You can obtain the use of goods with a minimum outlay of cash.
- You can save on interest charges if you make extra repayments or pay off the loan early.
- You don’t have to pay any fees up-front, they can be spread over the term of the loan.
- Tax benefits may apply, depending on the percentage of business use of the goods.
Personal loan interest rates
- Interest is calculated daily and charged monthly.
- Interest rate is fixed throughout the term of the loan.
Personal loan fees and charges
- There’s an establishment fee and a small charge if you want a cash booklet.
- There may also be an early termination charge.
Personal loan repayment schedules
Repayments can be made- Fortnightly
- Monthly
- Yearly
- Quarterly
- Semi Annually
- Seasonal
- Irregular
Review our Comparison table of Loan Products
