Best Personal Loans

The “best” personal loan is, of course, different things for different people. Depending on why you need the loan, the best personal loan is a combination of factors tailored to your individual needs.

Best Personal Loan Comparison

Personal Loan	Details	Min Interest Rate	Min Comparison Rate	Min Loan Amount	Min Loan Terms	Apply Fee
Aussie Personal Loans	Aussie Personal Loan - a smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house.	14.49%	15.49%	$3000	1 Yr	$199*
ANZ Personal Loans	ANZ Personal Loan – a convenient and fast way to attain your desires and requirements with affordable rates and fees.	14.95%	18.06%	$5000	1 Yr	$150*
GE Money Personal Loan	GE Money Personal Loan features a fixed interest rate as well as a repayment amount for the life of the loan.	14.99%	16%	$3000	2 Yrs	$250*
Suncorp Clear Options Platinum Credit Card	Suncorp Clear Options Platinum Visa features a low balance transfer rate for the life of the card.	19.99% (interest rate)	19.75% (cash advance rate)	3.9% for life (balance transfer rate)	NA	$205 (annual fee)
Citibank Clear Platinum Credit Card	Citibank Clear Platinum Visa features a low ongoing interest rate combined with 0% on balance transfers for the first 6 months.	11.49% (interest rate)	21.24% (cash advance rate)	0% for 6 months (balance transfer rate)	NA	$65 (annual fee)

Before you decide how much your personal loan should be, you need to look realistically at your finances. The best loan is one that won’t cause you to struggle unduly in making the monthly payments. If you have a comfortable amount of discretionary income-that is, money left over each month that isn’t required to live on but that you can spend as you please-you can use part of that to make the payments on your personal loan. This will allow you to procure a larger loan while living comfortably. On the other hand, if you are already struggling to meet your financial obligations, you will need to borrow as little as possible. The best personal loan is one that doesn’t negatively impact your lifestyle.

The next thing to consider, of course, is how much you need to borrow. If you’re replacing an appliance that is a necessity, such as a refrigerator, will you need over a thousand dollars for a new one or do you plan to spend just a few hundred for a used one? If you’re repairing your car, is the repair going to make the car last until you can afford another or is it just a stop-gap until the next time it breaks down? In these two cases, the best personal loan is one that allows you to repair or replace the item without incurring further expense that would make yet another personal loan necessary! A used refrigerator may only last a few months and replacing your ten year old car’s alternator might give you respite only until the transmission goes bad. In these scenarios it may be best to get a personal loan to replace the appliance or the car with a newer model.

After you’ve decided how much you can afford to borrow and what you’ll be spending it on you should shop around for the best interest rates, terms and conditions. Is there a prepayment penalty if you’re able to pay it off early? Can you get an interest rate that’s competitive, one low enough that you won’t be paying nearly as much in interest as the principal amount itself? Will the entire balance become due if you are late making a payment of miss one altogether? Some personal loans come with a very small monthly fee that provides you insurance against job loss or physical injury. In such cases, your payments will be made for you until you are fully recovered or find another job.

As you can see, there are a lot of issues to consider in order to get the best personal loan. By taking a little extra time to compare interest rates, terms and conditions as well as extras such as payment insurance, you can get the best personal loan for your individual circumstances.