Author: LoanOne

What Are The Important Benefits Of A Personal Loan?

personal loan benefits

Personal loans have become popular with the Australian population because of the many benefits of such loans.

These loans are unsecured, meaning the customer doesn’t need to provide collateral when borrowing the funds.

However, there are certain eligibility requirements the borrower needs to fulfil when getting a personal loan.

As a bare minimum, you should have permanent employment with a stable monthly salary.

A good credit score is also essential and helps you to get a lower interest rate when applying for a personal loan. There are two ways of getting a personal loan today.

One way is to directly visit the lender and apply for the loan while the other is to apply through the internet.

The internet has made it easier to get a personal loan like never before in the past. This article provides information on the many benefits of a personal loan in Australia.


Lower Interest Rates?

A personal loan has a lower interest rate than a credit card if you have a good credit score.

You can use the cash for just about any purchase – whether you plan to renovate your home, spend it on your wedding, buy a new car or repair the existing one, starting a business or buying household appliances for your home.

Most of the other loan types have restrictions on how you can use the money. However, not with a personal loan.

Hence, many people consider a personal loan a flexible option to fit any situation.

Debt Consolidation

Because of the low-interest rate of a personal loan, many people use it to consolidate higher interest debts.

You can use one large personal loan to pay off several high-interest debts – including credit card and student loans.

When you pay off smaller debts with one loan, you save money on interest rates.

You can pay off the loan faster than trying to manage many small loans at once.

You also have the convenience of combining several loans under one umbrella to better manage your debt repayment.

This is a convenient option for people who struggle to keep track of several accounts at once.

That is why you should consider getting a personal loan to pay off smaller high-interest debts.


Bridging The Gap


A personal loan can bridge a temporary gap and help to smooth out your cash flow.

When you know that a client isn’t going to pay on time, getting a personal loan can assist in maintaining the cash flow in your business.

Each business may have different cash flow situations. Hence, you should consider whether or not a personal loan will help to smooth out your cash flow.

If it does benefit, you should definitely consider it. However, finding a reliable personal loan lender in Australia isn’t easy. There are hundreds of lenders in the country.

However, not all of them are the same. Your research is important when choosing a reliable personal loan lending agency in Australia.

If you’re looking for some personal loan options from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.


Additional Reading:

The Difference Between Good and Bad Debt

4 Simple Ways To Repay A Personal Loan Sooner

How To Put Debt To Work For Your Business

Case For Borrowing Money Instead

8 Mistakes You Should Avoid When You Get A Small Business Loan

Getting A Payday Loan Approved Instantly In Australia

Payday Loan Approved Instantly Australia

Is it time to apply for a payday loan in Australia?

One of the main requirements people have involves the application process and making sure it doesn’t take long. With a proven lender, you are able to access the funds for your personal loan within minutes.

Here is what you need to focus on when it comes to getting a payday loan approved instantly in Australia.

1) Find the Right Lender

Before doing anything, you need to take the time to find a good payday loan lender.  

This is the bare minimum and a qualified lender is always a major requirement in these situations. You don’t want to go with a lender that has negative reviews or hasn’t been in the industry for a long period of time.

With the help of a good lender, you will be able to put in the application knowing it is going to be approved within minutes. No one should have to wait around for their funds when all it takes is a good lender to get things done in a timely manner.

Please note, you should always make sure the application can be filled out online as that is going to save a tremendous amount of time right from the get-go.

2) Have Your Information Ready

When you have found the right lender, it is time to move onto the next step and that is the application process.

You want to make sure all of the necessary information (paycheck details) is ready to go well in advance. If you don’t have this information on hand, it is going to delay the process and is going to get in the way of the eventual application process.

Be smart and proactive with regards to the application and make sure your information is ready as soon as it is needed. This will help approve the loan and get the funds in your possession immediately.

3) Be Honest

Yes, this is something that has to be kept in mind when it comes to filling out an application. The lender is going to ask basic questions regarding your loan requirements and this is going to include personal details involving your paycheck.

Have all of this information ready to go but also make sure it is accurate. All of this information is essential and has to be in line with the lender’s requirements. A good lender is going to go through the process quickly and will have your funds ready as soon as you want them to be.

These are the main tips to focus on as you look to get a payday loan approved in Australia. Instead of waiting around for a loan to be approved, take the time to go through this advice and put together a plan of action that’s efficient. With these tips, you are going to be well on your way to a quick payday loan that is fully funded and accessible. All it takes is a proven lender that has a positive track record in Australia!

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE. Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

Repaying A Personal Loan

Repaying Personal Loan

Do you have a personal loan under your name?

It’s important to understand the importance of money management and being debt-free over the long-term. To do this, it’s best to understand all of your options before making a decision one way or the other.

Here’s a look at what it takes to repay a personal loan.

1) Organise Your Finances

Begin with something as simple as organising your finances because this is going to add structure to the repayment plan of your personal loan.

This includes understanding how much money is coming in per week, analysing your expenses, and pinpointing how much needs to be saved. All of this information is not only going to help with a personal loan but is also going to ensure you are well in tune with other costs that pop up during the year.

This will allow you to get on top of things as soon as possible without having to panic or make a bad decision.

2) Quicken the Payment Schedule

Your payment schedule is going to go a long way in managing a personal loan and repaying it to the lending provider in a timely manner.

What this means is making sure you are paying it off as quickly as possible. This has to do with the accumulating interest that is tacked on top of the rate that was agreed upon. When the interest rate is added on top, it increases the overall amount being paid back to the lender.

You want to be able to quicken the payment schedule, so you are not put in a tough position where the interest rate is getting in the way of your ability to pay off the balance.

3) Cut Unnecessary Expenses

Accumulating interest can become a troubling issue, which is why it’s best to cut unnecessary expenses and begin paying off your personal loan. Yes, the personal loan has value at the time it’s taken out but there’s also importance behind paying it off immediately.

To do this and avoid being charged an extended interest rate, it’s best to cut unnecessary expenses whether it’s an extra cup of coffee or a meal at your favourite restaurant. Sometimes, it’s the little things that add up!

4) Don’t Be Afraid of Lump Sums

Yes, this is a good option to keep up your sleeve if possible.

In essence, the idea is to make large payments along the way where a good chunk of the balance is paid off. This is a good way to make sure the interest rate doesn’t get in the way and you’re able to chip away at the balance.

This is how you’ll be able to repay the personal loan on time.

With these tips, you are going to be well on your way to repaying any personal loan whether it’s a small or large amount. Being able to trust on a set list of processes can go a long way in organising your approach and making sure your debt is cleared as quickly as possible!

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

Can I Repay A Personal Loan Early?

Repay Personal Loan Early

One of the perks of taking out a personal loan is that you do have the option to settle your debt earlier than the scheduled date stated in your loan agreement. Whether you choose to pay a little more every month towards settling your debt, or suddenly have a lump sum available that you would like to pay towards the loan, repaying your loan early is an option.

However, it is important to read your loan agreement carefully before taking this option. Some loan providers may penalise you for settling your debt early. It may seem a little strange that a lender would take this approach. After all, doesn’t settling your debt early benefit the loan provider?

Interest Charges Are Costly

The way that a financial institution, bank or other types of lending providers make their money is by charging you interest and other fees. These charges are spread across the entire term of the loan. The term of the loan is the period over which the loan will be repaid in instalments. The longer the term of the loan, the more you will be paying in interest and other charges and the more money the lender will be making in providing you with a loan.

So if you pay your loan off early, the loan provider will make less money and in order to prevent this from happening, they institute an early settlement or repayment penalty clause as part of the loan agreement. This does not, however, mean that it isn’t a good option.

Check The Penalties

In many cases, the penalty will not exceed the amount of interest that you would have been paying over the full term anyway and getting rid of your debt as early on as possible is always the best option. If you settle your debt very early on in the repayment period, you may even make a saving as the penalty could be lower than the interest that you would have paid over the entire term. This is the ideal scenario for settling your debt early.

Check Affordability

It is important to keep the interest in mind when taking out the loan and selecting a repayment term. Pay as much as you can possibly afford every month over the shortest period possible in order to get the greatest savings. A shorter term also means that you are unlikely to need to settle the loan early on.

This said, personal loans generally only provide short terms. Normally, this type of loan would have a repayment period of about 2 to 5 years unlike vehicle finance or a home mortgage which have much longer terms. It is best to choose a loan provider that provides flexible terms and does not dictate the repayment period. In other words, you can choose a repayment period that suits you.

Final Word

Last but not least, it is important to compare the interest as well as other charges offered by various loan providers in order to get the best financing solution. The lower the interest and the shorter the term, the more you will save on a personal loan in the long run.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

How Do You Apply Online For An Instant Personal Loan?

Instant Loan Approval For Personal Loan

When life doesn’t go as planned and unexpected expenses leave you strapped for cash, an instant approval personal loan is the best solution for you. In case you are searching instant approval personal loans in Australia, you have come to the right place. Whether you need some extra cash to treat yourself or you have an unexpected situation and need money urgently, a personal loan can help save your day. Here is how you apply online for an instant personal loan in Australia.

Instant Approval

Instant approval personal loans are – unsurprisingly – loans that are approved instantly. Instant approval loans are usually approved and transferred to your checking account within a couple of hours or a day at the most. You can benefit from such a loan to deal with whatever unexpected financial situation you are in. The best thing about an instant personal loan is that you don’t have to leave the comfort of your home or office because they are 100% online. You can save a lot of time in the process due to this reason. That is why you should be applying for an instant personal loan in Australia right now.

Loan Amounts

The amount you get via a personal loan may range from $2,100 to $8,000 depending on your income and the ability to pay back the loan. It is quite easy to apply for a personal loan. In fact, you just apply online by going to the website of the provider. One of the team members of the provider will assess your application within a very short period of time depending on the type of the loan – whether it’s an instant loan or a normal loan. Once your request is approved by the lender, you will get a contract to sign. All the work is done online, and the entire process is very quick. You can have the money within a couple of hours or a day depending on whether it is an instant or normal loan.

Unexpected Expenses

There are many reasons why people look for a fast or instant personal loan. Life is expensive at times and we may need some extra cash to fulfil life’s needs. An instant approval personal loan is what you really need under such circumstances. Here are some of the most common reasons why people apply for a personal loan.

. Wedding expenses
. Vehicle repairs
. Home remodelling
. Medical bills
. Buying goods or furniture for your home
. Car registration

The most important thing is to look for a reliable personal loan company in Australia when applying for an instant approval personal loan. With hundreds of personal loan providers in the country, choosing the right one may not be an easy task. That is why it’s important to do some research before choosing the right personal loan service.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

What Are The Main Consequences Of Personal Loan Default?

Consequences Of Personal Loan Default

A personal loan is an unsecured loan which means that there is no collateral that can be used as security in the event that you default in the loan. A default occurs when you miss one or more monthly repayments or are no longer able to repay the loan.

Unlike a secured loan where the collateral or a security deposit will be used to cover the loan, a personal loan does not have any security to fall back on. This does not, however, mean that there aren’t any consequences for defaulting. Some of the most common repercussions of non-payment of an unsecured, personal loan include:

1. Interest

You will be charged interest on the amount that is outstanding on the loan. If you have missed a payment, you will pay higher interest. A loan provider may also increase your interest rate due to a default, even if payment was made only a few days late. Interest will continue to be charged on the outstanding amount and will continue to accrue within the defined legal limits for personal small to medium loans.

2. Late Fees

Most financial institutions will charge a late fee. This fee may be applicable even if the repayment is only a few days late although some loan providers do offer a grace period of 30 days before instituting late fees.

3. Law Suit

If your loan remains in default for a period of between 30 and 90 days, you will probably start receiving calls and letters from the loan provider’s debt collection department requesting payment and informing you that your account will be handed over to lawyers should payment not be made by a specific date. The lawyers will contact you in an effort to make arrangement for payment.

If payment still is not made, they will send you a final letter of demand after which they will take you to court and sue you for the outstanding amount including interest and late fees. You may also be held liable or responsible for paying the lawyers fees.

4. Debt Collection

Some loan providers may hand your debt over to a debt collection agency before taking the legal route. This means that you no longer owe the loan provider but the debt collector who has basically bought your debt. These debt collectors can go to extreme lengths to recover their money and may even take possession of goods or assets that can be sold to cover the amount.

5.Credit Score

Late and non-payment of a personal loan will reflect negatively on your credit rating or score. If the debt remains in default for a period of more than 90 days, it may result in blacklisting. This can affect your ability to apply for credit or a loan in the future, to get a job or even rent a property.

You should always contact your loan provider if you are going to pay late or if you cannot afford the monthly repayments. It is always best to come to an arrangement to repay the loan on more affordable terms and conditions than it is to suffer the consequences of going into default.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

Personal Loans Matched To Your Credit Ratings

Personal Loans Match Credit Ratings

Personal loans are a great way to meet urgent cash shortfalls when you know how much you want to borrow. With a wide choice of payment frequencies, one has the option of repaying the loan on a weekly, bi-weekly or monthly basis. Your credit rating plays an important part when applying for a personal loan in Australia. There are a few things that you need to consider before applying for a personal loan. This article provides information on how to obtain a personal loan matches to your credit rating.

Eligibility Criteria

The first thing is to make sure that you meet the criteria before applying for the loan. No matter what type of loan you apply for, you should be:

. At least 18 years of age
. Live in Australia and be an Australian citizen
. Be employed and receive a regular income
. Meet the minimum income requirements set up by the lending agency
. Not be going through the process of bankruptcy
. Have a good credit rating.

Short Term Solution

A personal loan is designed to assist the borrower in the short term. In fact, it shouldn’t leave you with long-term debt. That is why you should plan to borrow the right amount depending on your lifestyle and income. The lender has a loan calculator where you can enter the income and repayment term and see how much you could borrow. If your income isn’t enough to support the repayment, the lender may not approve the loan. However, you can try to extend the repayment term in order to reduce the impact of the loan repayment on your current cash flow.

Money Management

Managing your finances effectively is very important if you plan to apply for a personal loan. If you already have an account with the lender, they can gauge your current financial situation by taking a look at your account history. It is important that you don’t overdraw on your account. This is important to create a good account history and make you eligible for a personal loan. Contributing to your savings account on a regular basis will demonstrate to the lender that you are financially responsible. If you are in a position to show that you can save a set amount every month, you are actually showing the lender that you can easily manage your regular loan repayments.

Final Word

Last but not least, maintaining a good credit rating is very important when you decide to apply for a personal loan. Paying your bills on time will contribute to a good credit rating over time. Delaying or missing bill or loan payments may be recorded by the credit reporting bodies and affect your overall credit rating in the long run. That is why you should maintain a good credit rating in order to get a lower interest rate when applying for a personal loan. When you get a personal loan matched to your credit rating, you can easily repay the loan in a timely manner.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

How To Get Instant Approval For A Personal Loan?

Instant Approval For A Personal Loan

Traditional loan providers such as banks have multiple requirements that need to be fulfilled in order to be eligible for a personal loan. They use these eligibility criteria in order to assess the risk of providing a loan as well as to determine factors such as the interest that they will charge. This assessment means that the approval process can be lengthy and that it can take days or even weeks for the loan amount to appear in your bank account.  

Instant Approval

There are however loan providers that offer quick or instant approval for a personal loan. There are still requirements that must be met in order to assess eligibility but they are not as strict or numerous as with traditional lenders. If you are eligible, the application process is simple and fast and in most cases, the loan amount will be transferred into your bank account on the same business day it was approved.

You will be required to complete an application form including all your personal information and contact details. You may also be required to provide your proof of employment as well as employer details. In most cases, proof of income in the form of payslips for a specified period (normally for the last 3 months) will be required. Some loan providers may accept bank statements as a proof of income for those who are self-employed or do not have payslips to prove their monthly income.

No Security

You will not be required to provide any type of security in order for the loan to be approved. This means that you won’t have to pay a security deposit or put up an asset or item of value as collateral to secure the loan.

A credit check will be performed in order to assess your risk. If you have a bad credit record, it reduces your chances of approval and may result in a higher interest rate. For those with a good credit rating, approval will be very quick. If you have been blacklisted for unpaid debt, it is unlikely that the loan amount will be approved.

Licensing

There are many online providers who offer this type of instant personal loan approval. However, it is important to ensure that the lender is a licensed financial provider through ASIC (The Australian Securities and Investments Commission). Choosing a licensed provider will protect you from being scammed and ensure that the loan agreement follows the rules and regulations governing loan and credit providers.

You also need to be aware that you may be limited to the amount that you can apply for with an instant or cash personal loan. Personal loans are commonly provided in small amounts and are not aimed at purchasing expensive items or assets such as property or a car. It is best to apply for the appropriate loan if you require larger sums of money.

A quick personal loan can be used to purchase or pay for anything. You probably won’t even need to provide a reason for the loan to be approved. Instant personal loans are ideal when you need cash in hand, fast.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:
The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

How To Get A Personal Loan Without Security?

Personal Loan Without Security

Security for a loan can come in many different forms. Some types of loans may require that you provide a security deposit such as a home loan or car finance. Other loans may request that you offer some sort of collateral such as an asset of value or property as security. If the loan is being used to purchase an asset, that asset will stand as it’s own security.

Loan Security

The reason that security is so important to the loan provider is that they will use the deposit or the collateral to cover the principal loan amount, interest and/or other charges in the event that you are no longer able to meet your financial obligation to them and cannot repay the loan. In the case of a mortgage or car loan, the bank will own the property or vehicle until the loan has been repaid in full.

Another form of security is to have a person who is in good financial standing cosign the loan. If you are unable to make the monthly repayments and have reneged on the loan agreement, the cosigner will become responsible for the monthly repayments or to settle the loan in full.

No Assets Required

A huge benefit of taking out a personal loan is that you do not need to provide any security in order for the loan amount to be approved. This makes it the ideal choice to finance the purchase of just about any item or to use the funds as you please. If you do use a personal loan to purchase an asset of value, this asset will not stand as security or collateral for the loan.

In fact, most personal loan providers do not require a reason for requiring the funds in the first place. So whether you need extra cash to pay for an unforeseen event, to open a business or buy something you cannot immediately afford, a personal loan is a good option.

Lower Amounts

That said it is important to keep in mind that a personal loan normally does not provide large amounts of money to finance the purchase of big items. For example, you probably won’t be able to get the amount you need to finance the purchase of a property or brand new car.

The term of a personal loan is also relatively short when compared to other loans. This means that you will need to repay the principal amount plus interest rather quickly. Large loan amounts are therefore generally unaffordable over this short term. It is very important to ensure that you can afford the monthly repayments when taking out a personal loan.

You can, however, offer security, collateral or a cosigner in order for a personal loan to be approved by certain loan providers. If your loan has been declined due to the fact that you have a bad credit record, you can provide a cosigner to provide security that the loan will be repaid.

Keep in mind that the short term, as well as smaller loan amounts offered on a personal loan, is the prime reason that no security is generally required.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan

Can You Have Multiple Personal Loans?

Multiple Personal Loans

Some financial institutions, banks or other types of loan providers will allow you to take out more than one personal loan at a time, provided that you can afford it. The loan provider will normally check your income and may also require some information regarding your current debt and expenses in order to determine if you can afford a second loan.

Multiple Loans Are Possible

There is nothing stopping you from having another personal loan through a second or third provider. Once again, the loan provider will probably check whether you will be able to afford the monthly repayments before approving the loan. A personal loan is probably one of the most flexible finance options available and you will also not be required to offer a reason for the loan or need to provide any type of security or collateral in order for the loan amount to be awarded.

However, other factors will play a role in determining whether a second or multiple loans will be awarded, whether through the same financial institution or another credit or loan provider. A credit check is the most common evaluation that will determine approval. A bad credit record will probably mean that you won’t get a second or third loan whereas you will have a better chance of an additional loan being approved if you have an ideal credit rating.

Check Your Affordability

Before applying for a personal loan, it is important to make your own affordability assessment. List your current expenses and deduct these from your monthly income to arrive at the amount that you will have available to repay an additional loan. If you cannot afford the monthly repayment, it is best not to take out another loan.

In general, it is not advisable to take out another loan until you have settled your current loan or other debt. Multiple loans can result in falling into a debt trap where you constantly need to apply for more credit and loans in order to repay what you owe. The more debt you have, the more likely it is that you will not be able to afford to keep repaying your loans and other credit arrangements.

Fees And Charges

Keep in mind that each loan charges interest and other fees. This means that a loan is costing you money at the end of the day. If you have multiple loans, your available income is going towards paying the interest and additional charges as it is, therefore, its best to pay cash where you can and save money on interest.

There is one very good reason where a second or even third personal loan can be of great benefit and this is to consolidate your existing debt. If you have multiple credit cards, store credit or other debts, you can repay these from the amount you receive from a personal loan.

If you are using a second personal loan to consolidate your debt, you should, however, check whether you will be paying less in interest. It is also advisable to check with your creditors if they offer a discount for settling your debt.

If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.

Visit our application page and see if you qualify today.

Additional Reading:

The Difference Between Good and Bad Debt
4 Simple Ways To Repay A Personal Loan Sooner
How To Put Debt To Work For Your Business
Case For Borrowing Money Instead
8 Mistakes You Should Avoid When You Get A Small Business Loan