Is a Personal Loan Right For You?
September 20, 2019

In a world full of credit cards and seller financing, have you considered if a personal loan would be a better choice for you?

While credit cards, store finance, and other types of credit may appear more accessible, a personal loan will often offer better terms and more clarity than other options.

It’s important to consider your specific circumstances whenever you choose to utilise credit for any purchase. Considering your options will ensure you find the best option for you when it comes to covering your costs.

Ask yourself the following questions to determine if a personal loan is right for you.

How Much Do You Need to Borrow?

Credit cards are useful forms of credit for purchases that you can repay within the specified no-interest repayment period. If you aren’t able to pay back the entire purchase within the billing period, a personal loan might be more suitable for you. 

How Long do You Need?

With credit cards it can be easy to just make the minimum repayments, and continue to use the same line of credit indefinitely. A loan will give you a clear repayment schedule, and importantly a date when it will be cleared after you make your final payment.

Many people will occasionally find themselves in a situation where they need to borrow money. If you know when you’ll have money to make repayments, then a personal loan can be a good option. You may have flexibility around some of the terms of the loan, and will usually be able to choose your own repayment term. While taking longer to repay a loan may mean you repay a larger amount, in the short term this could result in smaller individual repayments and thus be easier for you to manage.

How Quickly Do You Need the Money?

While credit cards might seem like the most convenient option when you need money fast, personal loans can also be simple to obtain.

With MacCredit, you can find out if you qualify for a loan in a matter of minutes and the application process is straightforward and quick. Don’t disqualify personal loans as a potential option just because you need the cash quickly!

Personal Loans are Flexible and Simple

Personal loans can help you in all sorts of situations. Personal loans will often come with much more attractive interest rates and loan conditions in comparison to other credit options. You’ll enjoy a lot more control because you will know all the finer details before you apply for and obtain the loan, and you are able to plan your personal finances with precision and care.

Disclaimer:  This article contains general comments and recommendations only.  This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.


WCF Medical Pty Ltd - Suite 104 Level 1, 30 Cowper Street, Parramatta NSW 2150

ACN 609 032 242 - Credit Representative 484002 is authorised under Australian Credit License 389087


Approved customers only. Terms, conditions, fees and charges apply. All applications are subject to our lending panel’s lending and approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms range from 18 months to 7 years. Interest rates range from 7.65% p.a. (7.65% p.a. comparison rate) to 29.99% pa (31.13% p.a. comparison rate) for unsecured loans, and from 8.95% p.a. (10.56% p.a. comparison rate)  to 29.99% p.a. (31.13% p.a. comparison rate) for secured loans.
Comparison rates are based on a loan of $30,000 over 5 years.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates are subject to change.
EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 8.95% p.a. (10.56% p.a. comparison rate) with one of our lenders would estimate to a minimum total amount payable of $38,610 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee).