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 098 127.

Have your Say

All comments are moderated, and your name may appear with your public comment.

Samantha Watts

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

Tracey Mial

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

Peter Lavelle

Hi,

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

Lata Evile

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

Nicholas Belshaw

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

Ashish Nayak

Hi

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?

Regards

Ashish

Jerry Skidmore

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

Sonny Nair

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

Peter Wess

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

Narelle Kennedy

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

Abhinav Barenkabavi

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

Alice Ram

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.

Robert Bravo

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

Isimeli Cokanasiga

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?