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Cracking the facts

What is a personal cash loan?

  • February 03 2021
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Cracking the facts

What is a personal cash loan?

Have you ever found yourself in a financial pinch? You may be looking to consolidate your credit card debt, fix your house or fund your dream wedding. Whatever your financial problem is, you’re not alone. And like millions of other Australians, you may be thinking that a personal cash loan can help solve your financial problems. 

What is a personal cash loan?

What is a personal cash loan?

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  • February 03 2021
  • Share

Have you ever found yourself in a financial pinch? You may be looking to consolidate your credit card debt, fix your house or fund your dream wedding. Whatever your financial problem is, you’re not alone. And like millions of other Australians, you may be thinking that a personal cash loan can help solve your financial problems. 

What is a personal cash loan?

Here’s what you need to know about personal cash loans

There are several advantages of a personal cash loan over other types of loans. A personal cash loan is a type of secured or unsecured loan, with terms typically ranging from six to 60 months. If used wisely, an unsecured personal loan can help you settle your financial problems without risking your home or other assets. Unlike mortgages and home equity loans, you are not required to provide collateral to take out a personal loan. This is especially helpful for borrowers who have nothing of value to use as collateral. 

Unlike a car loan, a home loan or a student loan, a personal cash loan can be used for many purposes. This means that you can borrow the amount that best suits your needs, be it a few thousand dollars or $100,000. 

While the amount that you can borrow will still depend on your credit score, an excellent credit rating is not required for personal cash loans. Some lenders even focus on borrowers who have less-than-perfect credit marks. 

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Personal cash loan interest rates are favorable compared with rates on credit cards. And if you are deemed a creditworthy borrower, rates can be as low as 5 to 6 per cent. Interest rates on personal loans are also fixed, so your payment is the same every month. 

Additionally, getting an approval is easy and convenient. Most lenders can be accessed online, and the turnaround time is also a breeze. 

But like any other debt, a personal cash loan can be a financial pitfall if you are unable to make repayments on time. Explore nestegg to learn more about managing your personal cash loans.

What is a personal cash loan?
What is a personal cash loan?
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