powering smart financial decisions

Can I make extra repayments to a personal loan?

Paying off your personal loan is a good feeling but paying it off early by making extra repayments is an even better one. Some personal loan lenders will allow you to make additional repayments on top of your regular loan instalments.

What is the maximum amount I can borrow on a personal loan?

Whether you’re paying for home renovations or need to consolidate debt, if you’re in need of a large lump sum you may be considering taking out a personal loan. Whatever your reason, you may be curious as to how much you can request to borrow and the maximum amount a lender would give you.

What is a line of credit?

There are more ways to access credit than the standard personal loan with a set term. A line of credit may offer an alternative to borrowers looking to get cash without traditional restrictions.

How soon after paying off my last personal loan can I get another loan?

So, can you take out a personal loan while you’re still paying one off? Or how soon after paying off your last personal loan can you apply for a new personal loan? Let’s explore these scenarios in this article.

What happens if I miss a personal loan repayment?

While it’s not ideal, there may come a time when you miss a repayment for your personal loan despite your best intentions. But what could this mean for your financial health?

What is the minimum amount I can borrow on a personal loan?

When looking into getting a personal loan one of the first questions customers ask is how much money they’re eligible to borrow. But what if you only need to borrow a small amount?

When I apply for a personal loan, will the lender contact my employer?

When applying for a personal loan you need to make sure your ducks are all in a row, meaning you’ve gathered all your personal documentation and ensured you’re meeting the eligibility requirements.

Can I use a personal loan to pay off a credit card?

Paying down debt on a credit card with a high interest rate can sometimes feel never ending, especially if a fair portion of your repayments is being absorbed by interest charges and not making much of a dent in the balance owing.

Do I need insurance for a personal loan?

Taking out a personal loan can be a big commitment, and it may take several years to pay off depending on your loan term. So, you might wonder if it’s necessary to take out insurance to cover yourself in the case of unexpected loss of income.

Find out what a personal loan can now cover | RateCity

Depending on the lender, a personal loan can cover almost anything. Big-ticket items like weddings, watercraft, debt consolidation, student fees and home renovations.