Getting personal about personal loans

3 Minute Read

Everyone’s reason for getting a personal loan is, well, personal. From a brand new set of wheels, to wheeling your suitcase towards your much needed holiday, a personal loan can make whatever you’ve been dreaming of, happen.

So what is a personal loan and how can it help turn your ‘one day’ aspiration into a ‘today’ reality?

In a nutshell

The premise of a personal loan is pretty simple. You borrow a set amount of money, then pay it off with interest over a certain amount of time. The reason this type of loan is so appealing is because you don’t have to put up any collateral to be approved, such as a house or car. Your eligibility will be judged on things like your credit history, work and disposable income. And once you’ve had a personal loan and paid it off, it’ll help you in the long run by giving you a nice, shiny credit history for that next big purchase.

What can you do with a personal loan?

Buy the car

Need a new car but don’t have the cash? A personal loan can make it happen and gives you the freedom to buy from either a private seller or a car dealer because the money is going into your account, rather than through a third party. It’s a great option that gives you greater control of where and when you get your new set of wheels. 

Take a break without breaking the bank

Sometimes just saving up for a holiday requires a holiday in itself.
By taking out a personal loan, you can book that getaway now and pay it off gradually with set monthly repayments, so your bank account stays happy, while you enjoy happy hour.

Ready for renos

Whether your bedroom needs some brightening, or your living room needs some love, a personal loan can put those plans into action. Borrow up to $50,000 with an HSBC Personal Loan and you can cover all bases with a little extra for any unexpected expenses.

Consolidate your debt

If you find yourself in hot water with different debts owing to different creditors, the interest rates can really add up, not to mention how confusing it can all get with different due dates and amounts.
A personal loan is a great way to get on top of your finances by paying them off one by one and only having one single monthly repayment to think about, rather than many. 

Emergency expenses

Life can be unpredictable and has a habit of throwing a few curve balls from time to time. A personal loan is a great way to get the money you need, with most financial institutions transferring funds into your account within a couple of days upon approval. So whether it’s travel, medical or any other type of emergency expense, consider taking out a personal loan that gives you enough time to repay, while establishing your savings.

So if you’re looking to get away or get on top of your finances, a personal loan is great and easy way to do it.