What is a Personal Loan and How Can I Get One?

Oct 24, 2016

If you are considering undergoing a medical procedure or need to pay for upcoming medical treatment, a personal loan is a great solution that may help you cover some or all of the cost.

Different Types of Personal Loans

In general, different types of personal loans may have different features or interest rates depending on the lender and the purpose of your loan. With MacCredit, our medical loans are only available to individuals who can provide evidence of an upcoming procedure or treatment, such as a quote from a clinic.

Variables that may apply to personal loans include:

  • Whether they are secured or unsecured
  • Whether the interest rate is fixed or variable
  • The amount you can borrow, depending on the lender and the type of loan

With MacCredit, you can borrow up to $70,000 to cover the cost of your medical or cosmetic treatment.

How Can I Get a Personal Loan?

Check Your Credit Report First

You should check your credit score and that your credit report is accurate before applying for a personal loan, or indeed for any type of credit or finance. Doing this will enable you to get an idea of how MacCredit or any other lender views you and is likely to assess an application for credit.

What are you looking to achieve by checking your credit report first?

  • You want to ensure that lenders will see accurate information when they check your credit report, so you want to check that information held by credit bureaus is accurate
  • You want to ensure that when you apply for credit you stand the best possible chance of being accepted, so you want to see what you might need to do to improve your credit score prior to making an application for credit

Checking your credit report before making an application is crucial. All credit enquiries made over the last five years are logged on your credit file. A large number of credit enquiries being made over a short period of time can be a sign of financial mismanagement or desperation for credit, can reduce your credit score and discourage lenders from accepting an application. If you check your credit score first, you need only apply for credit when you know you will be accepted.

Researching the Best Loan Provider for You

With your credit report checked and verified as being accurate, and you’re happy that you’re going to be accepted when you make an application, you can start researching loan providers that meet your needs. A useful starting point is to consider the type of loan you are looking for or whether you have a particular reason for needing a loan. For example, if you need a loan to cover the cost of a medical procedure, we’re specialists at providing these here at MacCredit, but if you need a loan to buy a car, you will need to look elsewhere.

When researching lenders, if they have eligibility criteria listed on their website, ensure you qualify to apply in respect of these. Applying without checking you’re eligible can easily lead to you getting a credit enquiry on your file unnecessarily.

Use any tools on lenders websites, including their blogs and resources, loan calculators, and anything else made available to help you make an educated decision about your personal loan.

If you still have questions, pick up the phone. If you’re considering a medical loan from MacCredit you can call us on 1300 884 355 to ask any questions or begin your application.

Applying for Your Loan

Once you have checked your credit file and have researched and identified a suitable lender, it is time to apply for your loan. If you are declined even when you thought your credit score would be good enough, we would discourage you from doing so again until your score has improved. While different lenders will have different benchmarks and credit scores at which they will accept you, remember that repeat applications can negatively affect your credit score, so consider whether it is worth taking a chance that another lender will accept you.

If you’re considering a medical loan from MacCredit, call us today on 1300 884 355 to ask any questions or to begin your application.

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 interest rate of 7.45% p.a. (9.07% p.a. comparison rate), would estimate to a minimum total amount payable of $37,741.60 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change.