Personal loans

A personal loan lets you borrow money to pay for something special, like a holiday, car or home renovations. You have to repay it with interest over a fixed term, usually between one and seven years.

Getting the most competitive deal on a personal loan can save you thousands in interest and fees. There are a range of personal loans you can apply for including unsecured and secured personal loans. With an unsecured personal loan, you don’t need to use an asset as security but the loan may have a higher interest rate. A secured personal loan allows for higher borrowing amounts and longer loan terms than an unsecured loan.

Finding the lowest interest rate is a good indication of a competitive personal loan, but interest rates are not the only feature you should look into. You should also consider other features and fees involved. Some loans advertise low interest rates but come with high fees. In this case, the loan may cost you more than the benefit you receive from a low rate. This is why you should take note of the comparison rate. It will give you an indication of the overall cost of the loan.

Additionally, if you want features like the ability to repay the loan early, you should consider break costs. Some loans allow you to repay the loan early without penalty. If that’s a priority, you should account for this cost too.

Talk to the team at Intro Finance if you are looking to secure a personal loan.