Monday 24th August 2020
If you are in need of an extra bit of cash and don’t have the savings lying around to produce it a broker can assist you with small, fast loans such as personal loans, vehicle loans and renovation loans. These loans will give you that extra bit of cash you need to afford that holiday in Hawaii you were planning on taking, or help you cover the cost of a brand-new fridge. Our experienced team of brokers can help you compare options and find the right loan for your unique situation.
Personal loans are fairly straightforward and involve a borrower taking out a set amount of money and repaying the loan overtime through equal monthly repayments. They have the advantage over credit cards of being lower in interest. Personal loans also come in two different types, unsecured and secured personal loans. Secured loans require an asset to be used as security for the loan in case you are not able to pay it off whereas unsecured loans do not require security. The tradeoff is that unsecured loans have a higher interest rate than secured loans due to the higher risk for the lender.
Vehicle loans or car loans are a type of personal loan that can be used to purchase a vehicle when you are unable to pay the full cost upfront and would prefer to pay in monthly instalments. The same principle can also be applied to obtaining a boat with a boat loan.
A renovation loan is another form of a personal loan in which you borrow money to pay for renovations to your home or property. While there are other ways to finance your renovations such as refinancing your home loan or using a construction loan, taking out a personal loan will be the most accessible and straightforward way with the least number of requirements to meet.
Personal loans are a great option if you are in need of extra cash as they are accessible and versatile and can be used to finance many different things.
If you would like to learn more about securing extra cash, please get in touch with us today.