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Date Published : Monday, April 14, 2008
High interest rates and tighter lending conditions may mean some Australians are currently feeling the pinch financially. Despite the current climate, many financial institutions are still willing to lend consumers struggling for money a range of personal loans which could well help consumers out.
There are, however, ways to make securing a personal loan even cheaper than you think. According the NineMSN's Chris Walker, the best bet is to shop around, looking at all lenders, before settling on the loan for you.
He said: "Many of the cheapest personal loans are available through credit unions rather than banks.
"Plenty of credit unions which once were accessible only to workers in a particular industry have opened the gates to the general public, making their lending products widely available."
Mr Walker added that a low-rate loan could be a "money saver" compared to the rates of interest charged by some credit card companies.
Currently, those looking for a personal loan could choose the offers available at St George, which allows consumers to borrow between $3,000 and $80,000 at a fixed rate of interest of 9.49 per cent.
Consumers can choose to pay the loan back weekly, monthly or fortnightly as well as track and manage repayments via the bank's internet facility.
Meanwhile, Citibank's personal loans allow consumers to borrow up to $75,000 over a maximum of five years, charging a fixed interest rate of 11.99 per cent.
However, those which choose Citibank's loan can reduce the interest rate by 0.5 per cent if they take out Loanguard Insurance on the product.
Compare loan deals.
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