Quick Summary

A loan for personal use that is not backed by collateral, such as a home or automobile. This is neither a business loan nor a home equity or mortgage loan.

Peter Cook
0413 513 804
(07) 5530 6254
ashbritt@optusnet.com.au

Ballast Finance (Lic.#1130)
27 Glastonbury Drive
Mudgeeraba, QLD 4213

Peter was a Financial Planner from 2002-2007 and has been a Finance Broker for over 10 years with a Certificate IV in Financial Services and a Diploma of Business Management. Peter is also a member of the Mortgage a Finance Association of Australia (MFAA). The many years of experience in the finance industry has given Peter the knowledge of hundreds of loan products that are available and the ability to find the right one for your own personal circumstances.

Understanding Personal Loans

Personal loan is an amount of money which people borrow from a bank, building society or some other lender. Ordinarily, people will receive a lump sum. In return, they agree to make regular repayments, usually monthly. Assuming they've taken out a repayment loan, which will usually be the case, some of the money they repay will go towards servicing the loan, and the rest of their payment will be used to pay off capital and reduce the outstanding debt and possibly perform credit card debt elimination.

With all the types of loans out there it really comes down to your needs and credit history, which determines what you're even elegible for. If you need a lot of money and have great credit then head to the bank. On the other hand, if you need small temporary amounts and don't have great credit then a payday loan may fit you better. Just be sure to pay off any type of loan you get as quickly as possible, especially a payday loan. Yo might need Currency exchange for your loan.

How does it work?

A personal loan is a way of borrowing money from a bank, building society or other financial service provider. You can usually borrow up to $15,000 for a period that can range from six months to 10 years. Generally speaking, the more you borrow, the lower the interest, but rates vary from around 8% to 20%, so you should shop around.

Things to consider when looking for a loan

At first, a loan might look fairly straightforward: you borrow money from a lender, and pay it back over a set period of time. However, there's more to it than that. A loan is a potentially very large financial commitment, and with some careful advance planning, you can save yourself a lot of money in the long run.

Here are a few things to take into consideration before applying for a loan.

What do you need the loan for?

A loan can be used to finance a range of things, but some purposes are more essential than others. Loans for financing some kind of purchase, whether it's a new car, a holiday or a new TV, are known as personal loans...

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Renting

Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry. Pay rent online is a service that will make your life much easier. This option lets you pay your rent using a credit or debit card even if your landlord doesn't accept them.

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