More consumers are taking out personal loans than ever before, the latest data has confirmed.
Borrowers signed up for a record $2.741 billion of personal loans in August, which was 2.0% higher than the month before and 15.3% higher than the year before, according to the Australian Bureau of Statistics.
One reason people take out personal loans is to buy cars – and, indeed, 56.6% of those personal loans were used to buy vehicles.
People also use personal loans to pay for household goods, holidays, weddings, medical expenses, relocation costs and more.
Personal loans can be very handy, because they can provide fast, convenient access to finance. At the same time, it’s important to get expert advice, to ensure you can handle the repayments and you’re getting a good deal.
Contact Finestream if you’re thinking about taking out a personal loan, so I can explain your options, compare the market for you and manage your application.
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