What is a Personal Loan?

30 May 2014  |  14 Comments

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 098 127.

Have your Say

Comments (14)

I am going on vacation on 26/10/18 to Bali for my son’s wedding. Can I apply for a personal loan of $3000.00 and to be repaid over 3 years?

Isimeli Cokanasiga, 8th Oct 2018

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I am currently having a financial problem and would like to know if i can consolidate all my debts in one.

Robert Bravo, 25th Oct 2018

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I have a DA with Foxsymes and payments will finish earlier (this December 2018 instead of March 2019) as I increased my fortnightly payments.

Would you be able to extend me a personal loan after my last payment in December?

Thank you and regards.

Alice L. Ram, 27th Nov 2018

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Good Afternoon
I currently have a bad credit rating.I am looking for applying for a personal loan.I have applied for loans but got rejected from various financial institutions due to my current credit history.My enquiry is if you do provide personal loans so that I can improve my credit rating by making payments on time .
Appreciate if you could get get back to me.
Kind Regards
Abhinav Reddy Barenkabavi

Abhinav Reddy Barenkabavi , 30th Nov 2018

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Is it possible too get a loan with you ontop of my payments and debt agreement?

Narelle Louise Kennedy, 3rd Dec 2018

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Do you do secured loans? If so, what is your fee and interest on a $10,000 loan please?

Peter Wess, 11th Dec 2018

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I am looking to consolidate my personal debts into one single payment.

Sonny Nair, 5th Feb 2019

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Hi ,5 years ago I was a client of your company,I now have a small loan which is played off in June just under $2000 ,I am looking for a new car around the 25000over a 5 year loan ,I have worked in the same job for 23 years & would like to pay the loan weekly ,I have contacted Society one ,which I have a small loan with but they declined aonline personal loan I applied for this week,Regards Jerry

Jerry Lee Skidmore, 6th Feb 2019

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I am a doctor by profession and work full time but I am going through a lot of debt and was wondering if Foxsymes could help?



Ashish Nayak, 12th Mar 2019

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Hi there intrested in seeing how i can get a personal loan as i have finished my part ix just teying to establish a credit rating jusy unsure how to go about this is all with previous problems any help would be awesome

Nicholas belshaw, 21st Mar 2019

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Hi just want to know if i can apply for personal loans $15.000 thanks you

Lata Evile, 21st Mar 2019

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I’m looking at a personal loan of $5000 to assist with bills until I receive my full pension in May.

Looking to see what my repayments would be.

I was a previous Debt Agreement Client - DRS57951

Peter Lavelle, 27th Mar 2019

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Hi iam looking for a personal loan to pay some debts and legal fees and do some renovations on my home. I have recently completed a debt agreement last year

Tracey mial, 7th May 2019

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I have my home loan with you. And ive previously had a debt consolidation loan. Im after a $2500 loan to pay my daughters tafe fees over 6 months

Samantha Watts, 12th Jun 2019

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