How to compare personal loans?

In your quest to find the best personal loans, a few key features stand out as significant markers. Knowing how to perform comparisons can save you both time and money.
Start by investigating the interest rates on multiple offers. Remember, this is the cost you’ll pay over the loan term on the borrowed sum. Ensure you’re comparing apples with apples, looking at the same loan amounts and terms, for accurate comparisons.
Application fees come next on your list. It’s the charge that greets you when you step into the loan application process. But don’t stop there! Keep an eye out for other fees, such as monthly service charges, default fees, or missed payment penalties. Scrutinising the fine print of the loan terms and conditions can reveal these hidden costs.
Increasing your repayments will help you pay off your debt faster and save on interest, so check if the loan you’re eyeing allows for this without incurring penalties. Also, keep in mind the intended purpose of the loan – are you borrowing for a new car, home renovations, or something else? Ensure the loan you select aligns with your objectives.
Next, you’ll want to check out the comparison rate. It’s a comprehensive figure that combines the interest rate with most fees. A comparison rate gives you a holistic understanding of the loan’s total cost.
Lastly, consider the loan term. Shorter terms may feature lower interest rates but demand higher repayments. Longer terms, on the other hand, may have lower repayments but accrue more interest over time.
SocietyOne is with you every step of the way. As Australia’s leading digital finance platform, we make the financial maze manageable with our range of personal loans, both unsecured and secured. With our user-friendly online application process, applying for a loan is quick and hassle-free.
What sets us apart? We believe in providing fair deals for borrowers with our risk-based pricing model, meaning that a better credit profile could result in a lower rate. And the cherry on top? Getting a quote from us won’t dent your credit score. It’s safe and obligation-free.
Moreover, we have handy tools like our Credit Score Tool to check your credit rating and eligibility without affecting your credit score. Plus, our Credit Score Club is packed with practical tips to help improve your credit score over time. At SocietyOne, we stand as your trustworthy companion, guiding you to make informed financial decisions for a brighter financial future.