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Three Personal Credit Options to Consider

Three Personal Credit Options to Consider

The cost of living is constantly increasing, and occasionally, most people find that their basic income alone gained from working is not enough to cover all of the costs of daily life. Sometimes, you may want to treat yourself to an expensive item such as a holiday, a new car or even a new home. In other cases, you might be met with sudden expenses such as damage to your home or vehicle that needs immediate repair that you don’t have enough spare money in the bank to afford. Whatever it may be that you are in need of extra cash for, there are plenty of personal credit options available which you might like to explore.

Short Term Loans

Also known as direct credit loans, these easy loans Brisbane are available to almost anybody, even if your credit rating is quite low. Short term loans are especially useful if you have been met with a sudden expense and don’t have immediate access to cash or a credit card to pay it quickly. Typically, direct credit loans are easy and simple to apply for. Most companies will offer anything from around $50 to a few thousand dollars, depending on your credit rating and history. If you borrow regularly from a direct loan provider, you can often build up a good reputation with them by making repayments in full and on time, each time that you borrow. These loans are also referred to as ‘payday loans’, allowing you to repay the amount borrowed on the next date that you receive your monthly income.

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Credit Cards

Most people these days are using a personal credit card. A credit card comes with a variable limit, and can be anything from just a few hundred dollars to hundreds and thousands of dollars, depending on your credit history and reputation with the lender. Most first-time credit cards will come with a smaller limit and you can increase this in time by building up trust with the lender by making regular repayments. Credit cards can be used to buy anything you like – some people use them for everyday spending on items such as groceries and clothing, others use them to only buy those items that are one-off luxuries, and in many cases they are only used for emergency financial situations such as home or vehicle repairs. Whatever you plan to use your credit card for, you can obtain one from your bank or from other, independent lenders.

Bank Loan

Bank loans tend to come with a higher limit than direct finance loans or credit cards, which is why they only tend to be used by people who need a large amount of cash to make a purchase. You may consider taking out a bank loan if you are looking to put a down payment down on a home, purchase a new car, or renovate your home, for example. To get a bank loan, you will need to have a good credit history. Usually, people will apply for a bank loan from the bank that they are currently using – but, it’s possible to obtain them from almost any bank or financial lending group. The application for a bank loan is usually longer than that for a direct finance loan or credit card, which is why they’re not usually suitable for emergency expenses.

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