If you have several debts, using a personal loan to consolidate what you owe into one manageable monthly payment could be a convenient way to reduce the amount of interest you’re paying and help clear your debt faster. We take a closer look to help you assess whether it’s the right choice for you. How to consolidate debt with a personal loan? Combining multiple types of debt – such as credit card and store card balances, loans, overdrafts, and payday…

While refinancing has been rising recently, Loan Market’s executive chairman has highlighted how brokers have been helping clients reprice their mortgages with existing lenders. Loan Market executive chairman Sam White has underlined the importance of brokers maintaining an ongoing relationship with their clients that stretches beyond the home loan transaction, including by negotiating for better rates on their existing loans. Addressing property investors and landlords at a webinar hosted by Loan Market and Ray White last week, Mr White observed…

The very thing that makes personal loans appealing — that they can be used to pay for almost anything — is also what makes them difficult to navigate. Unsecured personal loans can pay for almost anything. Their flexibility makes them easy to turn to when you want to consolidate your debts or put in that kitchen island. But first assessing all your financing options can save you money. As the economy shifts, so will the way a personal loan fits…

Whether it’s due to having no credit or bad credit, a day may come when a family member or friend asks you to cosign a loan. Before you answer, you need to give the situation a lot of thought. By cosigning a loan, you’re legally responsible if the other person doesn’t pay or if they die. The situation could hurt your credit score as well as your chances of getting a line of credit in the future. According to the…

These are the 5 worst ways to pay student loans during COVID-19. Here’s what you need to know - and what to do about it. Student Loans Many borrowers are asking “Should you pay off student loans during COVID-19?” Your strategy for student loan repayment can have a major impact on how much you spend on your student loans. That’s especially true during the COVID-19 pandemic, which has caused approximately 30 million people to file for unemployment benefits. Whatever you…

Imagine this: you pay a bank to hold your money in a savings account instead of the other way around. It sounds counterintuitive, but with the coronavirus throwing the global economy into a tailspin, some banking systems in other countries are offering negative interest rates on savings accounts and loans—and some economists say negative rates could make their way to the United States. Here’s what you need to know about negative interest rates and how you can use them to…

Social Security benefits can provide financial help through retirement, disability or hardship. While the income can help you pay your bills, there may be a time when you need to take out a personal loan. Lenders look at your credit score and income, and if you’re on government benefits it could be harder to qualify. Before you apply, you’ll want to understand how Social Security impacts your credit and eligibility. How to get a personal loan while on Social Security…

Situations can arise where you need to take out a personal loan. You may have to make an unexpected purchase or you may want to consolidate your debt into one payment. But sometimes one loan may not cover your needs, especially if those needs change. While there isn’t any federal regulation that prohibits how many personal loans or personal lines of credit you can have, some lenders set their own limits. It’s a good idea to understand how many personal loans you can…

Small and medium businesses have borrowed more than $150 million from the Commonwealth Bank as they battle the effects of the coronavirus pandemic. The loans are part of the federal government's Coronavirus SME Guarantee Scheme, which became available on March 23. The government guarantees 50 per cent of the loan amount. Commonwealth Bank says more than 1,850 traders have taken loans and nearly 70 per cent of the businesses are from NSW. Hospitality operators accounted for 15 per cent of…

Banks have been criticised by firms and MPs for insisting on personal guarantees to issue government-backed emergency loans to business owners. The requirement loads most of the risk that the loan goes bad on the business owner, rather than the banks. It means that the banks can go after the personal property of the owner of a firm if their business goes under and they cannot afford to pay off the debt. Their main home would be protected but the…