A personal loan is a smaller loan than a mortgage and is generally used to finance a car or other vehicle, renovations to a home, consolidation of debt, to finance a vacation of one kind or another, and a great number of other things.
A personal loan is of a shorter term than a mortgage. Instead of being for ten, twenty, perhaps thirty years, a personal loan is usually for between one and five years.
A personal loan can be used to consolidate a number of other loans into one. This will allow you to make one payment instead of many. This type of loan is also called a debt consolidation loan .
When applying for a personal loan you need to be careful and to be fully informed. Make sure:
- You fully understand what you are doing
- The solution you choose will be
of real benefit to you and not just a short term fix
- You have achieved control over your debts
- The personal loan will mean reduced repayments and not increased
- You are fully informed of the consequences of the steps you are taking
- There are no hidden costs
- You are better off as a result of the solution you have chosen
Fox Symes can assist you through our relationship with lenders with either a personal loan or a debt consolidation loan.
Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year resolve their debt and take financial control.
If you would like to find out more about a personal loan or a debt consolidation loan contact us on 1300 098 127 or fill out the short contact form .