• Mar 27th, 2022
How a personal loan can help you when you need it
Personal loans can help achieve some big financial - and of course, personal - goals in life.
They can help you buy a new car to match your needs, renovate your home to add more value, or even help you manage your debt better, so you can pay it off faster.
But, while these are the most common reasons for taking out a personal loan, they aren't the only. In fact, there are lots of other ways personal loans can help you when you need it.
Personal loans for IVF
The IVF process isn't just emotionally stressful, it can also be financially stressful too. On average, one IVF cycle costs around $10,000. Once you throw in the collection of eggs, required medication and the embryo transfer process, costs can balloon out even further.
In Australia, Medicare will cover around half the base cost. But depending on how many rounds of IVF you need, you can be left with quite a hefty out-of-pocket bill.
Not everyone will have the immediate funds to cover this, which means a personal loan can help alleviate some of the financial pressure, so you can focus on getting through treatment.
Personal loans for funerals
Losing a loved one is tough as it is, but add planning a funeral to the mix, and this makes for a very distressing time.
Typically, you'll need to cover the cost of:
- A coffin
- Death certificate
- Burial or cremation
- Cemetery plot
- Funeral director fees
- Other expenses (i.e. flowers, newspaper notices).
And according to the government's Moneysmart website, private funerals can cost somewhere between $4,000 (for a basic cremation) up to $15,000 for a more elaborate burial.
Again, not everyone is prepared for the costs of a funeral, so a personal loan can help you pay for it upfront, and repay it over a length of time that suits you and your family.
Personal loans for medical procedures
Medical costs can be pretty rough, particularly where the procedure isn't covered by Medicare or your insurance policy.
If you are undergoing a medical procedure (whether it be cosmetic, elective or necessary), there are options to help you pay the cost. One of those is a personal loan.
Personal loans can help you fund medical procedures or other medical expenses, like at-home care, equipment or medication. And, they can help you meet your day-to-day expenses while you take time off work to recover.
Personal loans for weddings
In Australia, the average wedding costs around $36,000. But, that can change depending on how many guests you're inviting, and how fancy you want to get. Just know, you'll be up for things like:
- Venue hire costs
- Food and alcohol
- Clothing (the dress!)
- Hair and makeup.
While parents and family members might provide some financial assistance for your wedding, it may not always be enough to cover the whole shebang.
So, if you don't have the savings to cover it, you may want to consider your finance options. One of these is a personal loan.
The beauty of a personal loan is that, once approved, you generally get access to your money within a few days. That means you can start locking in vendors without having to wait - and you can start paying it off before you walk down the aisle
But just remember...
Like any other loan, you'll need to remember that personal loans are a debt that need to be repaid within a set period of time.
So, before you commit to a loan, assess your budget. Is it within your means to repay it? Is this the best financial option for you?
SocietyOne offers 2, 3 or 5-year loan terms with our unsecured loans, which means we don't require assets for security or collateral to take out the loan. With an unsecured personal loan, you can borrow from $5,000 to $50,000.
We also offer a 7-year loan term with our secured loan option. And, you can borrow up to $70,000. Just remember with a secured loan, if you don't repay your loan on time, lenders have the right to seize and sell your asset to recoup their losses.
Am I eligible for a personal loan?
Each lender will have its own eligibility criteria, so double check the T's and C's before you apply.
At SocietyOne, that means:
- You need to be at least 18 years of age
- You must be an Australian citizen or a permanent resident of Australia
- You must earn more than $30,000 per annum (with Centrelink considered to be a supplementary form of income)
- You must have a good credit score.
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