Finding the perfect personal loan means taking more than interest rates into account.
Consider the bigger picture when choosing a personal loan. Whether you want to go on holiday, renovate, or are facing unexpected costs for you or your loved ones, a personal loan can ease financial pressure—just make sure the terms work in your favour.
A great loan suits your budget and lifestyle during the loan’s tenure. In today’s competitive market, the best of tailored finance is fast, flexible, and transparent. Yes Loans experts broker customised personal loans in Perth, across Western Australia, and nationwide.
Financial emergencies are a fact of life. And sometimes personal loans improve the enjoyment of life. You deserve that dream holiday or renovated kitchen! A personal loan that is the right fit lets you access financing now and pay later in a practical, cost-effective arrangement.
Check interest rates and comparison rates
Aside from paying back what you borrowed, you also pay for access to financing, which is where interest comes in. The interest is presented as an annual percentage. As this impacts the total amount you pay back during the loan, interest rates are a significant detail.
Comparison rates are also taken into consideration when comparing personal loans. Comparison rates reflect not just the interest rate but other factors such as fees, charges, and your repayment timetable. They can offer insight into your overall financial outlay.
So, while the interest rate is a helpful indicator of a personal loan, it’s best to take all associated fees and possible hidden charges into account, and factor in repayment conditions before deciding on the best loan for your personal circumstances.
Understand any fees or hidden charges
As with any contract, it’s important to understand what you’re signing up for. The fees included in your contract may be standard practice, but identifying them is key. These numbers should be included in your calculations when comparing personal loans.
And let’s be honest: life doesn’t always go smoothly. While you plan to pay on time, it’s worth checking exactly what fees you face if your upcoming payment is delayed. On the flipside, check if early repayment fees apply, in case of a financial windfall.
Not all loans treat the option of early repayment equally. Read the fine print around repayment conditions. In most cases, there are no extra charges if you make additional repayments, but some lenders have conditions and penalties around prepayment.
When your credit works against you
Not everyone has the best credit rating. The good news is, there are terms and conditions a lender may apply to make a personal loan viable. Be sure to find a broker committed to treating you well, who can explain what security or a guarantor will entail.
Every situation is unique. Worries around bad credit risks making you vulnerable to less scrupulous lenders. Don’t rush into a dodgy arrangement. Double check the authenticity and customer service feedback of a broker or lender before signing anything.
At Yes Loans, we don’t offer short term or “Pay Day” loans. These options can damage your credit file. A loan hard to source now could end up even more difficult in the future. It’s worth reaching out to our team to see if an alternate arrangement can be made.
Decide on a secured or unsecured loan
A secured loan means the borrower offers up assets as collateral, while an unsecured loan is given without the promise of collateral. Since a secured loan is more reassuring to the lender—as it includes security—these loans generally have lower interest rates.
They also allow you the freedom to borrow larger amounts. For example, at Yes Loans there is no cap for the maximum secured personal loan, but we do have a minimum loan amount of $5,000. In comparison, our maximum unsecured personal loan is $60,000.
If you choose a secured loan, the asset put up as security can be seized and sold if you default on the loan (and you are still fiscally responsible for the remaining balance). Before selling the security, you are legally required to obtain permission from the lender.
Choose a personal loan with a viable repayment schedule
Your repayment plan impacts the length of your loan. But set a too-high payment schedule and you risk placing yourself under unnecessary pressure. At the same time, you don’t want to extend repayment further than needed. A good broker will help you find a happy medium.
Customise your repayment conditions to suit your personal finances. A loan should work with your income stream. At Yes Loans we offer the option of weekly, fortnightly or monthly repayments that allow you to pay off the interest and the principal loan from the outset.
Our personal loan calculator can be used as a general guide to your repayment options, pending loan approval, so you can find a viable choice for your budget. We offer loan repayment periods extending from a minimum of 2 years, to a maximum of 7 years.
Trust a reputable and efficient source
An experienced broker with a great track record, who can offer fast personal loans that are flexible is a great place to start when sourcing a personal loan. Knowing that others have had extremely positive experiences when using a known reputable broker, is reassuring.
Beware of deals from unknown sources on the Internet offering terms too good to be true.
A trustworthy broker means no hidden agendas. They assess credit, income, and expenses to help you find a comfortable loan amount and well-performing repayment schedule.
In a busy world, quick online acceptance transforms the loan process. It only takes ten minutes to fill in an application for our online personal loans. But our team is also available to discuss your situation so there are no unanswered questions around the fine print.
Perfecting the personal loan search
The main takeaway? Your loan should suit your personal finances. You don’t want to pay too much over the years, but at the same time, you want to be able to live comfortably. A customised personal loan shouldn’t introduce unnecessary stress and pressure.
A great broker wants you to access the cash you need, and engage in a personal loan with minimal risk of defaulting. Want to talk about using a personal loan for debt consolidation? Whatever the financial goal, with Yes Loans you avoid long drawn-out processes.
Our financial specialists can help you decide which loan favours your personal circumstances, creating a competitive, manageable repayment program. We broker tailored loans based on informed assessments. In the market for a personal loan? Reach out to us.