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Critical features to look out for in a personal loan

June 6, 2019

Flexible repayments

You never know when you will find some extra cash. Make sure that the personal loan provides you with flexible repayment options.

Redraw facility

It should allow you to draw the portion of the money you have paid back out again. This is particularly useful for any unexpected health issues or bills.


The minimum amount you can borrow is $2000. The amount you can borrow often depends on what you can afford to repay.

Comparison of personal loan providers

Mainstream banks

Big banks have higher fees and often don’t offer the best interest rates. However, they offer an upper loan limit and better personal loan terms. They are also personable, reliable, and efficient.

Credit unions

Since they are non-profit financial institutions, they often offer personal loans with competitive fees and interest rates.

Peer to peer (P2P) lender

Since they have fewer overheads, P2P lenders can manage lower fees, standout rates, and same day disbursements.

Empowered Finance are finance brokers that can negotiate the best deals for you. Call us today for guidance on the right personal loan for your big furniture purchases.

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