Got your eye on something special and need a little help to get you one step closer?
We understand there are times in life when you could use a little extra cash towards something special. From planning a wedding through to taking a holiday, a new car or home renovations.
A personal loan is a short term loan typically from 1 – 7 years, often with interest rates that are higher than mortgages but lower than credit cards. A personal loan is a great solution for those special times in life.
Our loan specialists can help you determine the right loan by considering your personal circumstances. Types of personal loans include:
If you are purchasing a major item such as a car, or if you own an asset of similar value already, your lender may consider taking this item as security for the loan. This could mean that you are able to access a lower rate than that of an unsecured loan as the lender has a lower risk if you fail to make your repayments.
Unsecured loans are those that do not require you to own any assets to apply. This type of loan may be suitable for a wedding, that well deserved holiday or accessing education for your children. You have the flexibility to use the funds how you wish, however it is important to note that the interest rates are often higher than secured loans. Lenders can perceive these loans as higher risk as they do not have anything to fall back on in the event that you cannot make repayments.
With a fixed interest rate, your repayments are fixed and won’t change over the loan term. You’ll know exactly how much will come out of your bank account each month.
With a variable interest rate, your repayments will change if interest rates change. If interest rates rise, your repayments will be higher. If interest rates fall, your repayments will go down.
There are many factors to consider when weighing up options so always be sure to consult your Eziway Loans specialist about which loan may be right for you!