It’s important to do the things you want in life, and there may come a time when you just lack the funds. Luckily, a personal loan  is designed to ensure you don’t miss out on anything.
Whether you’re looking to buy a car, plan a wedding or if you just want to go on a well-deserved holiday, it’s always good to take a few things into consideration before taking the leap.
Do your research
Before you blindly dive into the application process, do some research. Compare personal loans, decide on the type and purpose of the loan and get a copy of your credit rating.
Ask yourself the right questions
Based on what you need the money for, how much will you realistically need to borrow? Whether it’s for a holiday, a car, or for health purposes, make sure you figure out exactly how much you need to borrow. Usually, the amount you’re looking for can help you determine the type of loan you’re after.
How long will it take to pay off the loan? The beauty of personal loans is that they’re mostly flexible, so a lot can be done on your terms. This also means determining the frequency in which you’ll pay back your loan. You can pay weekly, fortnightly or monthly. A smart way to make this choice is of course to base it on your income.
Be aware of interest and additional fees and charges
Your interest rate will determine how much your regular payments will be. Usually personal loans have lower interest rates  than credit cards. It’s often possible to calculate this online, based on the questions you’ve asked yourself previously.
Be aware that even a small variation in interest rate could really add up overtime. In the event where you can’t meet your repayments in time or at all, there will be charges. Make sure you’re aware of these before taking the leap.
Start your application
Once you’ve got your ducks in a row, you can apply for your personal loan . You can do this online, by phone or in Branch. In order to apply, you need to be over 18, an Australian citizen or permanent resident and have proof of address. You also need a good credit rating.
Aside from that, you’ll need to be able to provide proof of income and any details of other loans, credit cards or other debts. Once you’ve provided your bank with any additional documents and get approved, you will be sent a contract. When that’s signed and sent back, you’ll be good to go.