Young adulthood is full of firsts. You're out there chasing your goals, making things happen, and building a life you love.
A personal loan can give you the financial support you need to say "yes" when those exciting opportunities arise.
Greater Bank
But you know the money decisions you make today have a lasting impact on your future financial health. So, the question begs: What's the best personal loan for me?
Let's find an answer together.
Common use cases for personal loans
There are many different situations in which a young professional like you might consider a personal loan.
You want to explore the world
There's no time like right now to pack your bags and set off on the adventure of a lifetime. But travel can be costly, and saving enough money isn't always possible, particularly if you are on a tight deadline.
A personal loan can cover all the essentials, like flights and accommodation.
You need a new car
Your old hand-me-down did what it needed to do. It served you well in your younger years, but now you have a reliable income and want something a little...nicer. A car loan can help you secure a new or second-hand vehicle. Your commute just got a whole lot more comfortable!
You're getting married
Congratulations! The date is set, and you couldn't be more overjoyed—with the wedding, that is. The bill? That's another story. A personal loan can help you create a day to remember. You can also use one to fund your honeymoon.
You're improving your home
Recently purchased a property? Keen to put your own stamp on it? A personal loan is a great way to get the cash you need to breathe new life into your home. Plus, a quality home improvement can increase the property's value, making it a smart investment.
Key factors to consider when choosing a personal loan
Investing in you
Interest rate
8.99
%
p.a.
Comparison rate
9.38
%^
p.a.
Unsecured Personal Loan - Fixed rates for 1-5 years
If you’ve got big plans, but aren’t able to provide security against a loan, check out our Unsecured Personal Loan. The perfect option for travelling, furthering your career, planning a wedding or even consolidating existing debt.
Investing in you
If you’ve got big plans, but aren’t able to provide security against a loan, check out our Unsecured Personal Loan. The perfect option for travelling, furthering your career, planning a wedding or even consolidating existing debt.
You're convinced. A personal loan can help you achieve your goals. Now, it's time to look at the key factors and considerations.
Interest Rates
The lower the interest rate, the less you'll pay over the life of the loan. There are two main types:
- A fixed rate stays the same.
- A variable rate goes up and down with the market.
Rates vary between lenders and loan products, too, so do your research.
Fees
Interest rates are important, but they're not the be-all and end-all. Check the loan's fees, too. Things like application fees, early repayment penalties, and monthly account fees can add up.
Approval time
When opportunity comes knocking, you need to act fast. If approval time is important to you, add it to your priority list. Some lenders make decisions within 24 hours. This can be beneficial; just be sure to read the fine print and compare your options.
Pre-approval
Pre-approval is not a guarantee, but it's a fantastic way to set a realistic budget. The lender will review your information and, once approved, let you know how much you can borrow and your interest rate.
Online loan management
If you're like most people, online banking is a non-negotiable. Look for lenders with user-friendly online platforms or mobile apps where you can track your repayments, make extra payments, or adjust your payment schedule.
Extra repayments and early payoff options
Run into a little extra cash? Why not make an extra repayment? This can save you money in the long run, as you'll pay less interest. The catch is only some lenders let you do this. Others allow it but charge fees.
Make the most of your next opportunity
Life is for living, so make the most of it. Use a personal loan to fund a once-in-a-lifetime experience, purchase a new car, or celebrate the love of your life with your nearest and dearest. With the right approach, you can secure the funds you need while protecting your financial health.
Explore your options today.
This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Terms, conditions, fees, charges and credit criteria apply. Information in this article is current as at the date of publication.