A personal loan can be a way to help you pay for something if you don’t happen to have the funds available upfront.
Applications for finance are subject to credit approval and full terms and conditions would be included in any loan offer, and it's important to realise that fees and charges are payable.
With that in mind, if you’re wanting to make a big purchase or payment, a personal loan could potentially help you act straight away, so you don’t miss out.
Here are some reasons people commonly take out personal loans.
1. Make some home improvements
No matter what state your home is in, it can feel like there’s always something that could do with a little fixing up. Making a number of small changes to your property can also add value when it comes time to sell.
2. Pay for a wedding
Weddings can be expensive. A personal loan can help you have the wedding of your dreams.
3. Head off on holiday
Whether it’s a special occasion to celebrate away from home or you need a holiday break, you can use a personal loan to cover your upfront costs and repay them when you return.
4. Debt consolidation
If you’re finding yourself overwhelmed with a few different debts, and the different interest rates and repayment dates that can come with them, a personal loan to pay them all off could help. By consolidating multiple debts into a single debt you can set a clear repayment schedule on your terms, helping you budget and making repayments easier to manage. Before taking out a loan, look at the numbers closely to make sure you’ll be better off.
If the unexpected happens and you’re behind in paying what you owe, look for assistance where possible. The Department of Human Services can help you find out what services are available for you.
If you’re a CommBank customer, you can call us on 13 3095 or request financial assistance in NetBank if you are behind, or think you are likely to fall behind, in paying what you owe. Consider our support options – including our Financial Assistance Solutions teams who are here to support you in getting back on your feet in times of financial difficulty.
5. Buy a car
For many of us, a car is an expensive, but necessary part of life. If you’re in need of new wheels you may not want to compromise on quality because you don’t have time to save the full cost of the car. A personal loan may help you find the balance between affordable and fully functioning.