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What is a Personal Loan?

30 May 2014

What is a Personal Loan?

A personal loan is a smaller and shorter loan than a mortgage and is generally used to finance a car or other vehicle, renovations to a home, consolidation of debt, to finance a vacation of one kind or another, and a significant number of other things. Instead of being for ten, twenty, perhaps thirty years, a personal loan is usually for between one and five years.

It can be used to consolidate several other loans into one which will allow you to make one payment instead of many. This type of loan is also called a debt consolidation loan.

When applying for a personal loan, you need to be careful and to be fully informed. Make sure:

  1. You fully understand what you are doing
  2. The solution you choose will be of real benefit to you and not just a short term fix
  3. You have achieved control over your debts
  4. The personal loan will mean reduced repayments and not increased
  5. You know the consequences of the steps you are taking
  6. There are no hidden costs
  7. You are better off as a result of the solution you have chosen

Fox Symes can assist you through our relationship with lenders with either a personal loan or a debt consolidation loan.

Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year to resolve their debt and take financial control.

If you are in debt and want to know more about the solutions available to you contact us on 1300 361 204.

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