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28-Jun
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Consolidate your debts

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Paying off your debt using a personal loan could give you the chance to take control of your finances.

Managing your finances

Paying off your debt using a loan could give you the chance to take control of your finances.

Even if you’re only borrowing or repaying small amounts, it can be hard to:

  • track interest rates and know the real cost of your debts
  • understand which debts cost you the most, and
  • choose which debts to pay back first.

Paying off your debts using a loan could leave you with 1 manageable monthly payment. This could give you the chance to take control of your finances and manage your debt at your own pace.

To apply for a loan

Is using a loan to consolidate your debts right for you?

Consolidating your debts with a loan might make your monthly payments more affordable and manageable. However, it may take longer to pay off your loan than your original credit. You could end up paying more in interest.

Loan applications involve an assessment of your individual circumstances. We can’t guarantee that your application for a loan will be successful. It’s important to consider all of your borrowing options carefully. Get independent advice if you’re unsure what to do.

If you’re in financial difficulties, we don’t recommend that you increase your debts. Don’t borrow more than you need. If you take out more credit, you’ll add to your debt, meaning you could end up taking longer to pay it off.

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*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.

© 2023 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.