Compare Loans for Australia

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Loans Explained

Most people at some point in their lives have experienced being short of cash. When money is tight people can use loans to tide them over, alternatively if they are making a purchase that is particularly expensive such as a house or a car, a loan can be used to finance the purchase.

Loans give consumers the flexibility to do things they otherwise would be unable to do. A loan requires the lending of cash to an individual or company on the understanding the amount loaned out will be paid back with a pre determined amount of interest. Loans usually come with a contract that specifies the terms of the loan which includes the interest rate and repayment schedules.

Loans can be used for many things, some people borrow small amounts of money using their credit card for example. Personal loans tend to have a minimum amount that can be borrowed and for smaller amounts banks tend to prefer people borrow using lines of credit such as a credit card.

The most common type of loan is the home loan. Most people cannot afford to pay for a house in full and therefore borrow money to finance the purchase of property. Another type of loan that is common is the car loan, where the bank lends cash to a consumer and secures the debt against the new vehicle.

Latest Loans News from the comparedinkum Blog

Peer To Peer Lending Increasingly Popular In Australia

Australian investors and borrowers are increasingly adopting peer to peer lending platforms according to the results of survey undertaken by ASIC. The results of the survey suggest that as much as $300 million of personal and business loans were underwritten by peer to peer lenders over the course of the last fiscal year. That represents a doubling in the amount that was lent on such platforms during the 2015/2016 financial year. Continue reading

Consolidate Your Credit Card Debt Through A Personal Loan

So we’re just into the second week of the new year and you are probably still feeling lots of resolve about sticking to your resolutions. You’ve probably been eating salads and heading to the gym as well as dusting off your piggy banks. If one of your new year’s resolutions is to get out from underneath the mountain of debt you have been under, then you should check out the new unsecured loan product being offer by Westpac.

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Banks Aggressively Cut Interest Rates On Loan Products As Year End Approaches

So the end of the holiday season is approaching and you want to either go away on holiday or finally finish renovating your kitchen. The good news is that recently many banks have cut interest rates on their personal loan products. As many as nine different banks made cuts to interest rates on car and personal loans last month. St. George paved the way with a huge 200 basis point cut on its fixed rate loan products. Continue reading

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