Personal Loans

What are Personal Loans?

A personal loan enables you to pay for things like a car, renovations, even a holiday. You can also take out a personal loan to consolidate different debts you have (eg: credit cards, car loans, bills) - for the right person and financial circumstance it can save you having to keep track of multiple repayment schedules, and potentially save you a tonne of interest.

How do they work?

It is a fixed term loan - usually between 1 - 7 years - and you repay the amount over that time, including interest. Getting the best deal on a personal loan can save you thousands in interest and fees - thats where the Vadium Lending team can help!

Things to consider!

Fixed or Variable Rate

Depending on your circumstances - a fixed rate option may be better for you if you want certainty in interest rate and repayments. However there can be exit fees if you pay it off early.

Variable rate loans may suit you if you want to be able to make extra repayments, and pay it off sooner - no penalties usually apply.

Secured or Unsecured

With a secured loan you provide an asset, such as your car, as security for the loan. If you don't pay the loan back on time, the lender can take the asset and sell it to recoup their losses. With an unsecured loan, you don't have to provide an asset as security, however the interest rate will be higher. If you fail to pay back the loan, the lender can still take you to court to get back the funds they lent you.

Paying Off your loan

Always make sure you have enough in your bank account to make repayments on time. If you don't, you'll be charged a missed payment fee. Doing a budget is a great way to stay on top of loan repayments. It can also help you plan for extra repayments to pay off the loan faster. Before you start making extra repayments, check if there's an early exit fee.

Our team is on standby to get to know your needs and objectives, research your product requirements, and then tailor your loan option to help you obtain the funds you need, to get what you want!

Car Loans

Most people shop around before they choose a car. You should also shop around before you choose a car loan. It can save you thousands in interest and help you pay off your car faster. You have the option to purchase a new or a used vehicle. Be aware though that there can be limits on how old the car is.

Compare Loans Prior to Visiting the Dealership or Viewing a Vehicle It's important to look at loans before you go to a car dealership or view a vehicle.

- You'll be able to negotiate better, as you'll know:

- Exactly how much you can spend

- Competitive interest rate

- How much your repayments will be