Personal loans

Posted in Banking tips
5

Whether it’s to buy your first car, upgrade your kitchen or have the wedding of your dreams there are lots of uses for personal loans and they’re mostly pretty quick and easy to get. Your challenge lies in choosing the right one.

Research and compare personal loans

Don’t restrict yourself to your bank as there are many places that lend money. To find the one that suits you best shop around to compare interest rates as they vary widely. And make sure you read the terms and conditions so that you know exactly what you will be paying over the term of the loan and what the fees are.

Secured or unsecured loan?

A secured loan

A secured loan is one in which you put up something that you own as security like a mortgage or cash you hold in a bank account. Your reward for lessening the risk to the lender is a lower interest rate and more time to pay back the loan.

An unsecured loan

An unsecured loan doesn’t need any type of security. All you need is an application, a good broker and a decent credit history. But you will pay higher interest than a secured loan.

Whatever loan you get, first work out what monthly payments you could afford and still have enough to live on. And don’t borrow more than you need. NAB’s loan repayment calculator will help.

Your credit rating

Before you apply for a personal loan you can get a credit report from one of the many online credit checking companies. This will outline the last seven years of your credit history detailing the type and amount of credit you’ve applied for and the reasons for doing so. It also lists overdue accounts, any bankruptcy and other personal information. Be aware these reports sometimes carry mistakes so check yours closely.

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Comments

5 Responses to Personal loans

  1. Cindy says:

    How long do i need to be in a paying job before i can apply for a personal loan

  2. Bradley says:

    Dear sir/madam

    I am not a customer of NAB but i know a friend of my that is, and he was thinking of taking out a loan with you but, i just need some information about getting a personel loan. Do you guys do loan protection, how many week do you need up for getting a loan to show how much income you are earning.

    Thank you

    Brad Cracknell

  3. Dylan Roe says:

    Hi there,
    I just got approved for a $6000 personal loan.
    Ive recieved the money and already started my repaymemts.
    Can I apply to change my rate from variable to fixed?

    • NAB says:

      In order to do this, Dylan – it would be considered as opening a new Personal Loan. Therefore you will need to contact us directly on 13 22 65 or visit your local NAB Branch :) ^LB

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