The western world has a curious relationship with debt and credit.
Australia, just like the UK, US, and much of Europe, racks up some very high lending rates. Many people borrow money because they feel they must, to either settle older debts or make expensive payments. Despite this, we still tend to have quite an unhealthy perspective on lending.
Not everybody understands that debt itself is not bad for financial status.
In fact, the amount of money borrowed only has an impact if you fail to meet scheduled payments. Otherwise, your financial reputation actually grows, because you’re proving that you can manage credit responsibly. This is why you shouldn’t be intimidated by the prospect of personal loans.
When applying for personal loans from Latitude Finance, you’re guaranteed a transparent and helpful service. So, keep reading to find out how a loan could help you.
There are lots of home improvement and renovation projects, which cost a great deal, even though they may be essential to the health and future of your property. Kitchens and bathrooms, for instance, require extensive upgrades every ten years or so.
If they are not improved, the appliances can become unreliable, inefficient, and unsuitable for family routines, particularly if you are a growing unit. Whether the plan is to knock down a wall, install a brand new floor, or convert the attic, a personal loan can help you achieve it.
This is the most common reason for larger personal loan applications.
The truth is that marriage ceremonies are pricey affairs. You are certainly not alone if you would like to tie the knot but currently, lack the funds to do it in the right way.
Personal loans give couples the financial breathing room they need to plan once in a lifetime ceremonies. After all, you’re only supposed to do it once, so it’s important to have the perfect day. Lending is ideal for meeting deposits on venues, catering deals, dresses, and vehicles.
Buying a Car
For many people, owning a car isn’t really an option. You might need it for work.
In fact, it is very common for employers to stipulate that applicants have ready access to a vehicle. Yet, buying one outright (even second hand) can be a serious financial prospect.
Fortunately, it is easy to take out a personal loan and break the sum down into manageable monthly payments. The thing to remember about cars is that cheaper doesn’t always mean better. Usually, you stand to save more by investing a higher amount in a top quality vehicle.
The term ‘debt consolidation’ refers to a special type of personal loan.
It tends to be recommended for people who are struggling to meet a variety of payments, across a range of lenders and creditors. The aim of this product is to roll all debts into one monthly payment.
It works by transferring your individual debts to a loan company.
That loan company awards you a larger loan, which is big enough to cover all of the individual ones. You still end up paying them off, but it is in the form of a single, manageable sum each month.
Why a Personal Loan Could Be the Right Choice
It is easier than you think to secure a personal loan. All it takes to get the ball rolling is a chat with a financial advisor. While there are eligibility criteria which you must meet first, the rules and guidelines will all be explained in simple terms.
If there is any reason why you aren’t eligible for the loan you would like, there are plenty of other options available. Even people with poor credit can lend money, but the terms are slightly different. Best of all, the process is quick, uncomplicated, and it puts you in the driving seat.