Top Five Personal Loans

Top 5 Personal Loans for A Better Lifestyle

It’s hard to say you’re ‘living the dream’ when the complicated struggle of finance vs. daily life is a constant battle that commonly arises by the unfortunate fate of chance. Bad luck can unfortunately break any new plans for a family vacation, wedding plan, home renovations, a car upgrade or any investment opportunities. There are many different personal loans which serve a unique purpose guided towards your own situation. Here are the top 5 type of loans on the market and discover how to tactically find the right loan that meets your lifestyle and with comfort still in your pocket.

1. Loans for Home Improvement

A secure loan for a home development project is all about the manoeuvre strategy and critical hunting to find the best loan for your personal needs. If you already have a mortgage for your home, consult with your current provider to see if they can curate a lucrative loan plan to combine your mortgage with an additional loan scheme for your home renovation.

If that option is unfortunately out of your hands, then it would be best to look into comparing loans from corporate financial providers and commercial credit based lender agencies. Confirming online whether the interest rates, equity composition or per annum fees support your financial structure. Maybe dabbling into peer-to-peer e-commerce loans is a new independent market to consider if you’re tired of hearing about corporate corrupt capital ventures.

2. Debt Consolidation

This loan category has pages that’ve vastly flooded the internet with captions that essentially say you’ll ‘never have to stress again about loans, guaranteed’. This loan Involves how to condense and restructure your present loans into a new precise, minimal and single loan plan. Perhaps in terms of your own business infrastructure, it’s wise to consolidate your business loan plans and find solace with a great and secure business loan resource. Other ways to consolidate your personal loan is to check out Infochoice for some of their comparisons on top commercial loans through their agency.

3. Holidays

How do you live “la vida loca” on a budget? Holiday loans like home improvement ones are all about strategy and money savvy techniques to ensure the quality and quantity of a cost-effective holiday. To pursue these loans there are crucial points to consider to see if a loan can be permitted to an individual under the right circumstances. Perhaps if you’re frugal enough, you can settle with a low-credit rate credit card and only spend it on the limited amount money needed for the holiday.

You can also reach out to numerous major bank lenders who can construct personal travel loans domestically and internationally in order to suit your holiday expenditure. For things such as insurance, accommodation, leisure and visa/passport.

4. Education

Australian citizen students and some abroad tertiary students are given the option of obtaining a Commonwealth Government loan scheme called HECS-HELP. This interest-free loan is designed to let students pay off their tuition bill for their degree after they reach an annual income of over $54,126. A beneficial loan scheme that unfortunately doesn’t cover many supplemental tools for education such as text-books, lab equipment and high expenses for practical work experience. There is FEE-HELP for extenuating circumstances at multiple education facilities but has a 25% fee.

There are also private non-government loans too, but not too commonly used in Australia. Centrelink provide financial assistance like Youth Allowance, Austudy and ABSTUDY, which most tertiary students can receive including TAFE students (who are also able to seek VET FEE-HELP). In conjunction, students might also qualify for additional payments or concessions such as Rent-Assistance, Health Care Card, Relocation Scholarship and the Student Start-up Scholarship which helps ease students of financial stress from lifestyle amenities while studying. Education is vital and it’s like Benjamin Franklin said “An investment in knowledge pays the best interest”.

5. Motor Vehicle

This category is where the highest gain for the lowest interest rate comes into consideration more significantly for the younger generation. If you’re a young adult, renting a house and buying a car can be the ultimate test for your credit rating. A car loan involves understanding all the terminology and budget planning to successfully equip yourself with the best loan suited to your lifestyle.

Be careful taking in a loan from a dealership says National Car Brokers’ business development manager Conrad Barns-Graham who quotes (in Sophie Elsworth’s article on news.com.au) that “Dealerships generate money through the finance department so they often load the rate to the client which could inflate the cost of the vehicle,’’. A great resource tool online is the moneysmart.gov.au page where it goes through all the right steps towards grabbing the most beneficial loan for you.
Overall, the process and check points of scavenging loans can feel like you’re trying to dodge bullets since you don’t want to misinterpret words, ignore fine print or sign any bad deals that could potentially affect your credit rating and have years of financial turmoil.
Commence your hunt and all your research like your life depends on it! because at the end of the day… it potentially does.

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