Arranging Personal Loans in Kingscliff

What Loans Are Available?

At MoneySmith Group, we understand there are numerous options available when it comes to personal loans, each with its own advantages and disadvantages. We’ve put together a list outlining their key differences:

• Secured loans: This type of loan is great for those looking to make a big purchase or already have expensive assets. This is because secured loans usually have lower interest rates, as lenders can use your purchase or assets as security in the event you are unable to make repayments. They also have high approval rates. 
• Unsecured loans: Unsecured loans are more flexible than their secured alternatives because they don’t require you to have assets and offer more freedom regarding what you can use the loan for. They have higher interest rates, however, as there is more risk involved for lenders should borrowers fail to make repayments. 
• Fixed-rate loans: These are ideal for those who would like to take out a loan with an interest rate that stays the same until it’s completely repaid. This allows borrowers to budget more effectively. 
• Variable-rate loans: Variable-rate loans have interest rates that can fluctuate throughout the repayment period. With that said, they provide more flexibility because lenders allow borrowers to make additional repayments if they wish.