5-May

Tips to Choose a Better Lender

Some of life’s decisions are simple. Do you want ketchup or BBQ sauce on your burger? Are you going to relax on the sofa with your favourite TV show, or go out for a run around your neighbourhood? Other decisions are much more difficult to make. Perhaps because they have longer lasting consequences. Or maybe because you’re choosing from a longer list of options. When you decide to apply for a loan online, both of those factors come into play. Perhaps if you compare lenders you may have further options open to you.

Compare Lenders!

Applying for a loan requires time spent thinking about the long term effects. Do you trust the company that’s providing your loan and can you afford your loan repayments? It’s also important to compare lenders to look at all your options. Use loan comparison information make sure that you’ve made the right choice.

Which loan meets your needs?

Each loan company offers something different. Before you get down to the complicated details such as interest rates and consumer protection, consider this. There are a few basic details that can help you to whittle down your list.

Think about how much money you’d like to borrow, and how long you’re borrowing it for. These two details will help you to narrow your options.

Using a loan comparison website can provide at-a-glance information about how much each loan company will let you borrow. Along with the least and greatest repayment terms. Fill in your details and MyCashOnline will remove any loans that don’t fit your requirements.

Need to borrow $1,000 over 6 months? It’s pointless looking at companies that only offer online loans of $2,500 or more. As well as those that have short-term repayment options with a 61 day loan length. MyCashOnline will let you choose your preferred amount and period.

What will you be paying back?

Compare lenders to see how much you’ll be paying back in total, and how much you’ll be paying each month.

In most cases, borrowers choose the loan with the lowest repayment figure or the most manageable monthly cost.

What else should you bear in mind?

Once you have chosen your lender and you’re ready to apply, click from your loan comparison list to see more detailed terms and conditions. Check you’re comfortable with the extra fees, charges and actions. These might come into play if you miss your loan repayments.

If you are in need to know more, take a look with My Cash Online today.



*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2022 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.