Compare Personal Loan Rates
Compare how much you end up paying on top of the personal loan amount borrowed
So you have been considering applying for a small personal loan for a holiday, car repairs or home improvements. There are many things you should be aware of when you compare short-term loans, such as the different rates you’ll pay, loan types and loan terms. To help you make the right choice when selecting a short-term loan for your needs, here are several factors you need to consider.
Application and approval process
You can generally apply for a cash loan either online or by phone depending on the lender. Finding out whether your application is successful takes anywhere between a minute up to one or two weeks. A responsible lender may carry out a few extra checks to ensure you can afford the loan repayments and this may take some time.
Contract for the loan
Once you’ve been approved, the next step is agreeing to the terms of the loan contract. Some of these include: how long you’ll have to repay the loan, the fees that are incorporated with the short-term loan you signed up for, and the rate of interest you’ll need to pay for the amount of your loan.
Terms of the loan
The loan terms will be listed in the loan contract you sign and generally range from 2 months to 2 years. By paying out loans early, you may be able to save on fees but be sure to check that the lender doesn’t charge an “Early Repayment Fee”. This is an important factor to consider when comparing loans.
Costs involved with your cash loan
The cost of the loan generally correlates to the rate of interest and the time it takes to repay the loan. Also with most loans there can be late payment penalties if you haven’t completed paying off the loan in the set time.
Range of loan types
There is a wide range of personal loan types for you to select from, depending on your needs and financial situation. Each loan type has a different set of terms and applicable restrictions, which is why it is important to compare them.
View our tables below to compare personal loan rates and view our independent comparison of short-terms personal loan lenders in Australia.