Personal loan finance is a hot topic these days.
There are more than 100 loan providers in Australia that provide personal loans to people who don’t have much cash to spare and are looking for a new source of income.
While there are many personal loan providers to choose from, there are also a few that are particularly useful to people with limited savings or credit.
There’s a big difference between a personal finance loan and a personal mortgage.
Personal finance loans allow a person to borrow money from an existing bank to buy a home, or purchase a house.
These loans are generally cheaper than a mortgage.
They’re generally more flexible than a home loan and they don’t require a bank deposit.
They also offer the added benefit of being tax-free.
However, they have a downside.
They tend to have higher interest rates and higher repayments than mortgage loans.
While they’re a good option for those with low savings or who don: don’t own a home or have an existing mortgage