Brianna Parkins: Is a personal loan the right choice for you?

The latest figures from Banking and Federation Payments Ireland suggest that collectively we have an appetite for personal loans, but they can come at a price

There were a total of 53,404 personal loan drawdowns with the volume of loans increasing by 13.4 per cent from last year and jumping up 25 per cent in value. So not only are we taking out more loans, they’re getting bigger.‘Don’t dream it’s over’: how to move to Australia with a family The advantage of personal loans over credit cards is they usually have lower interest rates which make them better choices for larger expenses if handled responsibly. Personal loans can be used to finance cars, home improvements including renovations that will increase sustainability to add value to the property, fund weddings and pay for holidays, depending on the lender.

“Crappy debt tends to be everything else. The easier the money is to get, the more expensive it’s going to be in the long run.” His tip is to keep lending terms short for recurring annual costs like Christmas in order to clear the debt with time to allow you to concentrate on building up enough savings to cover future costs yourself instead of remaining in an endless credit loop. This means taking out loans for six- to nine-month periods.has a less strict view on personal loans being used to finance life goals, he agrees with McGee that loans that are easier and faster to get might not be the best deal.

When it comes to shopping for a deal, according to Cassidy, there’s only really one thing that counts with these types of loans and that’s finding the lowest APR. This is where an honest chat with a broker before you sign anything might help.

Source: Loan Digest (loandigest.net)

Daragh-Cassidy Bonkers-Ie Permanent-Tsb

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