What is an Instalment Loan?


With all the different types of loans available, it can be hard to understand the right loan for you. If you’re looking at an instalment loan, it’s important to know what your loan and your repayments will look like. That’s why we’ve put together this guide to help you learn all about instalment loans and be confident in your loan choices.


Instalment Loan Definition

An instalment loan is any loan, whether personal or commercial, that is repaid over time with set, scheduled payments. Each payment is a portion of the amount borrowed plus added interest on the debt.

Instalment loans are common, and examples of these types of loans are car loan, mortgage loans, and personal loans. They usually come with flexible terms and lower interest rates.


What are instalment loan interest rates like?

The interest rate on your instalment loan will differ depending on what the loan is for and who your lender is. For example, home loans have some of the lowest interest rates, while car loans have much higher interest rates. Your credit score can also affect your interest rate.

Make sure you shop around and compare loans so that you’re getting the right loan and right interest rate for you.


What is a personal instalment loan?

A personal instalment loan is a type of loan that you will repay through scheduled instalments. A personal loan could help you fund a wedding, renovations, travel, education, a car, debt consolidation, or a combination of these things and others. Talk to the loan provider to confirm the details before signing up for a loan. Most personal instalment loans will let you repay the loan on the schedule you choose – with weekly, fortnightly, or monthly repayments.

The options you choose when it comes to repayments and interest rates should depend on your finances and how frequently the interest is compounded. Make sure you know all your information before signing up for a personal instalment loan.

What happens if I default on an instalment loan?

Firstly, if you’re worried about defaulting on a loan, you should try to reschedule your repayments to avoid defaulting on the loan if possible. Defaulting on a loan is what happens when you can no longer make your repayments.

If you listed any assets as security on the loan when you made the loan agreement, the lender can sell these assets to recover the money you owe them. Defaulting on an instalment loan will also drastically affect your credit score, which will make receiving other loans in the future more difficult.

For the most part, your lender does not want you to default on your loan, and they will likely be willing to come to a new arrangement to prevent that from happening.

How Credit Scores Actually Work


Credit scores are important; they affect the kind of loans we can access in the future. But how does a credit score work? How is credit rating determined? How is credit score calculated? And can you change it? It’s time to take a deeper look at this important score that affects so much of our lives.


So, what is a credit score?

Your credit score or credit rating is a number that represents how financially trustworthy you are or how reliable you are as a borrower. There are several bands that your score can fall into.

  • “Excellent” includes all scores that range between 833 to 1,200.
  • “Very good” includes scores between 726 and 832.
  • “Good” includes scores from 622 to 725.
  • “Average” includes scores between 510 and 621.
  • Any score below 510 is considered below average or even poor. But remember that a bad credit score doesn’t necessarily prevent you from getting a loan!

It is possible to get a loan if you have poor credit, but it’s a good idea to try to improve your credit first if possible, as this can mean better interest rates.


How is credit rating determined?

There are several things that factor into your credit score, but most of it comes down to your borrowing history. Any loan you’ve ever taken out will contribute to your credit score, as will how steadily you repay your loan(s). For example, even a HECS-HELP loan that you repay automatically will help you build a healthy credit score. So will paying all your bills on time.

There are a lot of ways to improve your credit score if it’s not at the level you want it to be at; a bad credit score isn’t the end of the line.


How to find out your credit score

Improving your score is one thing, but you need to know what your score is if you want to watch it improve. The Australian government website Moneysmart has some great resources and suggestions if you need to figure out what your credit score is. There are some myths around credit scores that suggest that checking your credit score will negatively affect it, but we busted that myth (and several others about credit scores) already.


What’s the purpose of credit scores?

Now that you’re no longer wondering how a credit rating works, you might still be wondering why you even need a credit score. For lenders, each time they offer a loan they are engaging in a certain amount of risk. There’s always the possibility that a borrower could default on a loan.

Higher credit scores let lenders know that a borrower is a lower risk. This can affect the interest rates you see as a borrower. If a lender notices a low credit score and is worried about losing money if they lend to that person, they may charge more interest to mitigate losses. A lower risk borrower with a higher credit score might see lower interest rates.

How to Budget Money as a Student

University life is expensive, so knowing how to budget your money is more important than ever before. For some, being at university is the first time living out of home, which comes with a lot of new expenses and responsibilities. If you’re not sure how to budget as a uni student, we have some answers for you.


How to Make a Student Budget

It’s not exciting, but the easiest way to get a solid understanding of your finances and your budget is to start with a spreadsheet. You can make use of the built-in formulae within Google Sheets and Microsoft Excel so that you don’t have to calculate your spending allowance yourself.

Within one column, input all your income – your part-time job, your government assistance, money from family, whatever you have it goes there. Then you can easily add it up using the built-in sum formula.

After that, you can input all your expenses or costs, and add up the total.

Finally, that should bring you to your total, remaining budget.

Budgeting in a spreadsheet is the easiest way to fully understand your spending potential each month, week, or year.

No matter how much or little your income and expenses are, log them all. No one has to see this spreadsheet except for you, so feel free to include everything. You can duplicate the sheet and have a different tab for each month so that you never forget anything.

If a big spreadsheet isn’t your preferred method, there are a lot of mobile apps you can access that will help you keep on track as well. Just remember to start a budget and stick to it.


How to Budget at Uni and Save Money



The reason students should write down their budget is so that they don’t go over their budget and accidentally spend too much money. You don’t want to spend so much you can’t pay rent, though if you do find yourself in that position where you can’t make ends meet, a short-term loan might be able to help get you out of a sticky situation.

When looking at how to make a student budget, you first need to consider the things you must pay for: rent, bills, groceries, etc. Then the things that would enrich your life: a physical copy of a textbook, a backpack to make getting around campus easier, a protective case for your laptop, etc. Finally, consider the things you’d like to have but don’t need: a nice new shirt, new sunglasses, a cup of coffee, etc. Keeping this hierarchy will make budgeting simple and make life easier for anyone wondering how to budget for students.

No one wants to give up all the fun of being young at university, and with a stable budget that keeps you in control of your finances, you won’t have to.


How to Expand Your Budget

Sometimes your budget as a uni student is a little too tight and you need to expand it a bit. There are generally two ways to expand a budget.

The first is to cut down on any unnecessary spending – anything at all that you don’t strictly need.

The other option is to make more money. If you don’t already have a part-time job or you want to get another, there are plenty of options available to uni students – from tutoring high-school students (their parents are sure to pay you more if you’re getting your degree in a relevant subject) or doing odd jobs around town. Check to see if there’s a corkboard anywhere on campus with a listing of these kinds of jobs. Or check out Australia’s top money-making apps to make some extra cash.

Credit Cards for Beginners

There’s a lot to know about credit cards, whether you’re thinking of getting one or you want to learn more about the card (or cards) you have. To help you out, we put together a simple credit card guide to help you use a credit card with confidence.


The Difference Between a Credit Card and a Debit Card

You might be unsure as to how to use a credit card for the first time, but in practice, it’s no different from using your debit card. The difference you need to keep in mind is that when you pay via a debit card, you’re using your own funds from the bank account that’s linked to your card. With a credit card, you’re using the line of credit you’ve been offered by your bank or credit union.

While using a debit card and a credit card may feel the same, it’s important to know how much you’ve spent with your credit card, and to pay it off as soon as possible.


Getting a Credit Card for the First Time

Before you apply for your first credit card, shop around and compare the credit cards available from various banks and credit unions. Consider what you want to prioritise for your credit card. For example:

  • Do you want a generous limit that lets you spend a large amount?
  • Do you want a lower interest rate?
  • Do you want access to rewards offered by certain cards?

There will be benefits to each option, but you’ll need to choose what’s right for you. It isn’t as simple as there being one best credit card for beginners, but credit cards with low interest and low fees are a good idea.

Once you’ve decided what card you want, you’ll need to apply for it. Just don’t apply for a lot of cards all at once when getting a credit card for the first time. If it looks like you’re trying to get a lot of credit cards, that can negatively impact your credit score.


The Dangers of Credit Cards

Most credit cards aren’t dangerous on their own; they don’t bite. But if you don’t keep an eye on your credit limit and spending, you might find yourself in a bad situation financially. If you don’t pay back your credit card spending (it’s usually billed on a monthly basis) you could be hit with a lot of fees and much higher interest on the amount owed.

Budget in a way that works for you. Some people create spreadsheets of their budget and write down every dollar they spend or gain. There are also plenty of mobile apps to help you stay on top of your finances. What matters isn’t the method you use, but that you have a method so that you never forget to pay your credit card bill on time. Your bank or credit union may even let you transfer funds into your credit account, paying off each purchase as you make it, so that the balance is never in the red for long.


The Benefits of Credit Cards

If you can manage your finances responsibly, credit cards can be very useful. Some debit cards may have hidden fees that you’ll face for high-cost or frequent purchases, so making those purchases with your credit card can actually save you money. There’s also the useful benefit of your credit score. Poor use of a credit card will hurt your credit score, but responsibly using a credit card and paying it off in time will help build a healthy credit record.


Alternatives to a Credit Card

You might consider applying for a credit card to cover an upcoming expense. Maybe a holiday, an event, a large purchase, or to cover an emergency. But a lot of the time, a credit card isn’t the solution to that kind of spending. A short-term loan might actually give you access to more funds and have a lower interest rate. If you don’t want a credit card for everyday spending, then a loan might be the better option for you.


How Much Could You Save If You Quit Drinking?


When you want to save money, you need to look at every aspect of your life and spot any unnecessary spending. Alcohol spending is a great choice to cut out or at least minimise, since for most people it’s not a must-have item – it’s just a small luxury to enjoy every now and then.

But are the savings really that big? How much does alcohol cost and how much money could be saved by not drinking? Let’s discuss.


The Average Cost of Drinking

The Australian Bureau of Statistics reported that in 2015-2016, the average Australian household was spending $32 a week on alcoholic beverages. That’s $32 that could be going into savings each week or that could be spent on the occasional splurge meal.

Don’t forget that if you’re someone who goes out to drink at clubs and pubs more than the average person, your costs will be higher still. Consider how much a single drink costs on a night out and come up with your own average weekly spending on alcohol.

Seeing friends and spending time with them is great, but try planning cheaper activities that will keep you all just as entertained without straining anyone’s budget.


The Other Costs of Drinking

A night out will cost you money as you buy yourself drinks, but don’t forget that there are other costs too. There’s the cover fee that some venues will charge, the hot chips and kebabs you crave throughout the night, the rideshare home, the expensive hangover meal the next day… it all adds up. The money you spend on alcohol isn’t the only money you could save if you quit drinking.


Overpriced Events

Putting on some fancy new duds and going to an event is exciting but costly, especially for drinkers. Sporting events, Oktoberfest events, National Beer Day or National Wine Day events, and festivals will all overcharge you for your drinks. While some of these events aren’t something teetotallers will enjoy (National Wine Day isn’t that fun without a glass of wine), some of them can be enjoyed without a drink, which can save you a lot of money.


What You Could Purchase Instead

For those already trying to build savings, the money saved by not drinking is already worth it. But if you’re not sure if it’s worth it, consider what else you could spend your money on.

If you’re considering quitting drinking to get healthier, the money you save could fund your gym membership. You could put the funds towards a holiday. You could relax with a massage and address your aching back instead of ignoring it. You could do whatever you like if you quit drinking and save money.

If you’re saving for an investment and need a quick boost, a short-term loan might be able to help you out.


Everything in Moderation

With everything considered, quitting alcohol entirely isn’t the solution that works for everyone. A lot of people still enjoy a glass of wine at fancy dinners with family or a beer at a celebratory afternoon with friends.

What it comes down to is cutting down and enjoying alcohol in moderation. Even if you don’t cut down 100% of your alcohol spending, you can cut down some of it. Either drink less in general or consider going out less and hosting friends and drinking at home instead; that way, you’re paying a much lower price for the same drinks.

10 Hacks to Save Money Around the House

We’re all looking for clever money-saving hacks we can implement at home without drastically changing our lifestyles. Here are 10 to help you on your way.


1. Use the food you already have

We all have food in the back of the cupboard or pantry that we just keep forgetting to cook.

Take a Sunday afternoon off, pull all your food out of the cupboard, and catalogue it all. You should be able to find a few essential ingredients that you can build a meal out from, meaning your weekly shop should be a little bit cheaper this week. Saving money on groceries is a great way to save money around the house. (As an added bonus, when you put things back into the cupboard, you can tidy it, so you never forget what’s in there again.)


2. DIY what you can

There are some tasks you will need a professional for, but smaller chores around the house might be something you can do yourself as a way of saving money at home.

You can even extend the DIY attitude to other aspects, like gifts. Not only can handmade gifts save you money, but they’re often more heartfelt than bought gifts.

Want to fix up your home to save money in the long run, but don’t have the cash upfront right now? Consider getting a quick loan so you can get started on that project.


3. Avoid the AC and the heater

Minimising the power bill is one of the best and simplest hacks to save money, and heating and cooling are two of the biggest costs on most heating bills.

  • In the colder months, wear thicker clothes, warm robes, and blankets to stay cosy.
  • In the warmer months, stay cool with showers, drinks, and a swim if you can get out to the pool or beach.

Do all you can before you turn to the air conditioner or heater. If you do turn on heating or cooling, close all the doors. You don’t need to change the temperature of a room you’re not in and doing so will just waste power and prevent you from saving money at home.


4. Turn off appliances you’re not using

When looking at how to save money at home, appliances are another secretly costly element. Save electricity at home to save overall on your power bill. Turn off any appliance you’re not using, especially at night. The only appliance you need on at night is any security system you use and your alarm clock.


5. Use LED bulbs

Another of the easy hacks to save money when it comes to your power bill is to invest in energy-efficient light bulbs. Traditional bulbs waste more power than they need to use to illuminate your home. LED bulbs use the power more efficiently and so they use less power.


6. Reconsider all those streaming services

A lot of us have more than one streaming service, and we probably don’t need them all. When you add up Foxtel, Netflix, Stan, Amazon Prime, Disney+, Hayu, Spotify Premium, and anything else we’ve missed, it equals a lot of content! You don’t have enough hours in the day to watch all that content. Review which ones you really need and cancel (or at least suspend) your subscription to the rest.


7. Switch to cloth

One of the most vintage and potentially glamorous money-saving hacks is switching to cloth.

Cloth napkins and tablecloths can save you money in the long run and can make each dinner feel like a formal affair. When a cloth napkin gets dirty, you can just pop it in the washing machine instead of buying a new one like you have to with paper napkins.

Cloth nappies or diapers are also popular, especially as little ones are transitioning to no nappies and are less likely to have accidents.


8. Minimise ordering in and having takeaway

There are some days when you’re just not in the mood to cook and a burger delivered to your door sounds ideal. However, if you’re wondering how to save money around the house, try minimising your orders on UberEats/Deliveroo/DoorDash/Menulog.

Try meal prepping if you know you’ll be too exhausted to cook a full meal each evening, and you should find saving money at home gets a bit easier.

Consider starting a Meal Prep Sunday at your home. That way you can take lunch into work instead of buying lunch out and you’ll have dinner ready to go and won’t be tempted to order in!


9. Grow your own veggies

If you’ve got the garden space, invest in some seeds and seedlings and grow your own produce! Even if you only grow herbs on your balcony, that means you don’t have to buy those herbs during the next trip to the grocery shop. Stick to easier plants like mint and rosemary if you don’t have a green thumb but still want to try these organic hacks to save money at home.


10. Don’t go out

Our last tip on how to save money at home is to stay home more. Instead of going out for drinks, invite friends around. They can bring their own drinks and you can even do a potluck-style meal with everyone bringing a part of the meal and sharing the cost.

With these 10 hacks, you won’t be wondering how to save money around the house anymore – you’ll be saving those extra dollars to put towards something more important.

7 Tips to Save Electricity at Home

It’s important, now more than ever, to save on electricity at home and reduce our power bills.  That’s why we’ve put together this handy guide on how to save electricity – from easy switches like turning standby off to introducing modern technology to your smart home.


1. Switch to LED bulbs

One of the easiest electricity-saving tips is to make the easy switch to LED bulbs.

LED bulbs use less power than traditional lights and they give off more light while they’re at it! They can cost a little bit more to purchase them to begin with, but you’ll more than make up for it in your savings.

If you want to make your home a smart home, you can look into smart bulbs that can sync with your phone to adjust the colour of the bulb to whatever you like – mood lighting is just a tap away.


2. Use a smart board

We all have a lot of appliances. We know what a precious resource power outlets are, so most of us end up using power boards. The thing is, we’re hardly ever using all of the appliances that are plugged into the same power board at the same time, especially in the kitchen (it’s rare to toast something and use the blender at the same time).

A smart power board can sense when an appliance is in standby mode and it will stop sending power to the appliance, saving your power bill. This is another tip that comes with an initial cost, but it has long-term benefits.


3. Turn things off when you’re not using them

Lights and appliances that are left on in the night are known as ‘vampire appliances’ because they’re sucking away your energy while you sleep at night.

Turn off all non-essential power users before you go to bed. Or, better yet, turn them off whenever they’re not in use. Consider Earth Hour Day – the things we turn off when we celebrate Earth Hour are things we can survive without, so turn them off whenever they’re not strictly needed. The lights don’t need to be on in the bathroom when no one is in there.

Vampire appliances are one of the first things you should cut out when considering how to reduce an electricity bill.


4. Replace older, less efficient appliances

So by now you only have your appliances using power when you need them, but they’re still using more power than they need. Older products are less efficient and use more power than they need to. Check the energy ratings for your appliances and see if any are ready to be replaced with more efficient versions if you’re looking at how to save electricity at home.

If you need to complete renovations or upgrade appliances to save money in the long-term, consider a short-term loan to achieve your goals.


5. Air dry your washing

Of all the household appliances that use power, a clothes dryer is one of the worst offenders, and on a warm day, you don’t even need it! Clothes dryers use a lot of energy as they need to spin and produce heat to properly dry your clothes.

A clothes line strung up in the backyard, on a balcony, or in front of a window (if you live in a small space without an outdoor area), will do the job just as well and won’t cost you a thing. It’s one of the easiest ways to save electricity at home.

As an added bonus, UV light is a great disinfectant and will kill any germs you might have left on your clothes. That means you can rely less on higher temperatures when washing your clothes too, to save even more power.


6. Optimise your appliance usage

If you use a dishwasher, a washing machine, a clothes dryer, or any large appliance, make sure you do a complete load every time. You’ll end up costing yourself more when the power bill comes in if you run your appliances when they’re not completely full. It might mean waiting a little bit longer for your favourite top or mug to be clean and usable again, but it’s worth it when considering how to save electricity.


7. Insulate your home

Another option that will have up-front costs but long-term savings is home insulation. It can make a massive difference on your power bill.

Insulation is also one of the best ways to save electricity without you having to do anything yourself – the insulation does it for you. If you can’t afford insulation right now or maybe you rent your home, invest instead in high-quality curtains and draught stoppers for your doors. This will help to stop warm air from escaping or cool air from dispersing out.

5 Easy Steps for Getting Your Credit Score Back on Track

Having bad credit can feel like a weight holding you down, keeping you from achieving your goals. But you can change that – you just need to know how to improve your credit score, and these 5 easy steps will help you do just that.


1. Pay all your bills on time

Unpaid bills are the number one issue that will lower your credit score and should be the first thing you address when you’re considering how to improve your credit score.

When you pay your bills on time, you’re demonstrating that you could be relied on to repay a loan, so your credit score is higher. After all, a bank is less likely to offer a home loan to someone they can’t trust to meet all their repayments.

This goes for all your bills, not just your credit card bills. Paying rent, power bills, internet bills, and any other bills you have on time will help you boost your credit score.

Set up automatic payments if you can so you don’t even have to think about or remind yourself to pay your bills. If automatic payments aren’t possible, set reminders for yourself so that you don’t forget.


2. Use your credit card, but always pay it off

When looking at how to increase a credit score, we normally think that credit cards are a bad option, but they don’t have to be! Credit cards are actually a great way to build a credit score (it’s hard to develop a credit score if you never use credit).

The key factor with all credit cards is that you must pay them off as soon as possible. A common technique is to use your credit card to make purchases, but then immediately transfer funds into that account and pay off the credit. This way you’re using your credit card while never accidentally missing a card repayment and incurring bad credit. This method will also save you from nasty credit card interest, which can be quite high and hurt not only your credit score but your bank account too.



3. Don’t have too many credit cards

With the potential positives of credit cards in mind, some might be tempted to have many credit cards when looking at how to boost a credit score, but it doesn’t work like that. More credit cards won’t improve your credit score; in fact, they could harm it.

Each time you apply for another credit card, this can damage your credit score. A lot of lenders see frequent applications for credit cards as a sign of financial distress. So if you’re considering adding another credit card to your wallet to help build up your credit, you might want to reconsider. Only apply for a credit card when you need it.


4. Don’t close old, debt-free accounts

Opening new accounts is a bad idea, but closing old ones can be a bad idea as well! If you have a credit card that you never use and you have no debt on it, that’s great for your credit.

One of the easiest solutions when looking at how to improve a credit score is to do nothing. Just keep that credit account open and unused. That account establishes a history of credit, which is better than a handful of accounts that are only a year old (which can look untrustworthy).

A paid-off but unused credit card is just sitting in your back pocket and quietly working to improve your credit score while you do nothing at all.


5. Consolidate your debts


While leaving open credit accounts that are in the black is a good move, accounts that are in the red will only damage a credit score. Not to mention that several repayments can add up and hurt you financially.

Some lenders will let you buy out your other debts and consolidate them into one loan. Look for the debt with the lowest interest and try to consolidate your debts into that, as it will save you the most money. Even consider taking out a new loan if it means consolidating your debts with a lower interest rate.

This might not seem like a solution when considering how to improve your credit score, but it is. You won’t have several repayments to worry about and the interest might be lower, which will save you money, which will help you build better credit in the future. You’ll also have wiped some bad credit off the table, which is always a good thing when considering how to improve your credit score.

These steps will help you take back control of your finances and improve your credit score over time. With a better credit score, you’ll be able to apply for more appealing loans (with lower interest rates) in the future and make achieving your financial goals easier.


So You’ve Lost Your Job, Now What?

Losing a job is never easy and adjusting to your new arrangement can be complicated. But there are steps to get back on your feet after being fired or made redundant. No need to wonder what to do when you lose your job – we’ve got some ideas to help you out.


Apply for government assistance

The first step when wondering what to do when you get fired is to make sure you still have some form of an income. The last thing you want to do is burn through your savings too quickly, so file for government assistance as quickly as possible. The process might take longer than you like, so the sooner you can get your part done, the better. The government assistance money will help keep you on your feet as you plan your next moves.

Check out our guide on managing your Centrelink income so you don’t have to worry about finances while you find a new job.


Take a minute

If you’re not sure what to do after you lose your job, be gentle on yourself and take a moment to reflect and process. It can be easy to feel lost and to not know what to do when you lose your job. Look back over the events leading up to being fired.

If you can, reach out to your former boss or manager and ask for feedback on your performance and why you were let go. That feedback will not only give you some closure, but it can help you improve so that you’re better equipped to excel at your next job. Not every manager will have the time to talk to an ex-employee, but a polite email asking for honest feedback never hurt anyone.


Consider a career change

Look back at the job you’ve just left. Was it really what you want to be doing? It’s possible that being fired could be a blessing in disguise or a wakeup call.

If you’re thinking “I lost my job, now what?” maybe the answer is to explore a new field. Of course, that isn’t the case for everyone, but it’s worth reviewing the career path you’re on while you’ve got time.


Create a budget

It’s time to assess your finances. It might be one of the more dreaded parts of being unemployed, but it’s time to move past the initial feelings of “I just got fired”. Those feelings are valid but not helpful, and unless you have a financial safety net, you’ll need to budget.

Take stock of your savings, any government assistance income, and the income of your partner if you have one or parents if you live at home. Use mobile apps to plan it out if that’s easiest or do it all yourself with a spreadsheet. Just make sure you’re not spending money you don’t have as you prepare for your next job.


Consider more education

Sometimes the reason people are let go from their jobs is they just don’t have the qualifications to complete it. This could that the right thing to do is to take some courses and level up your skills.

Check your budget to see if you have the time to take on some education before you re-enter the job market or consider studying part time. Sometimes an employer will value the fact that you’re currently learning new skills and be more likely to present an offer. Whatever method you choose, remember to add this new education to your resumé.


Update your resumé

When thinking about what to do when you get fired, you should update your resumé or CV. Realistically, you should update your resumé every time you change job title or complete some new training, but a lot of us don’t keep our resumé up to date until we need it. If you just lost your job, you need your resumé to ready to send.

If you left your workplace on good terms with your manager and team, reach out and see if anyone is able to be a positive reference for you on your resumé to help you land your next job.


Start job searching

You might not want to get out there again, but it’s time to get back on the horse. Finding a new job is what comes to mind first when considering what to do after you lose your job. Make sure you’ve completed all the other steps first though. There’s no point in applying for jobs if your resumé isn’t up to date, if you’re applying for jobs you don’t really want, or if you’re still mourning your last job.

There are a lot of ways to find new jobs, from LinkedIn to services like Seek and Jora. You can even check the ‘careers’ section on the website of businesses or institutions you want to work for. Remember to write a unique cover letter for each job you apply for and to tailor it to the specific job.

If you need a job to tide you over in the meantime, check out our list of the best paying jobs with no experience required.


Don’t give up

Jobs don’t grow on trees, and finding a new job might take longer than you expect. Remember to keep trying and give each cover letter, interview and phone call your all.

If you find your finances dwindling, you might find that a short-term loan is the right solution for you until you’re back on your feet. If that’s the route for you, our team will be happy to help.

Lean on those close to you for support (financial and emotional) when you need it if you can and stay positive. You never know when that job offer will come in.

A Beginner’s Guide to Applying for a Loan

Applying for a loan is something most of us will do in our lives, but the first time applying for a loan can feel daunting.

What paperwork do you need for a loan? Are there requirements? Do you need someone else to co-sign a loan? These are all normal questions we all think of when first wondering how to apply for a loan.

That’s why we put together this handy guide to loans to make it all a little simpler.


Why You Might Apply for a Loan

The most common reason to apply for a loan is so you can make an investment now that will help you in the long run, but you don’t have the cash in hand. This could be anything from vehicle repairs, to home renovation, to covering education expenses.

You might also consider applying for a loan if you find yourself in a tricky position and you need some extra cash to keep afloat. For example, our Centrelink Loans and Loans for Unemployment are an option for anyone who has recently lost their job.

There are lots of different types of loans, so be sure you’re choosing the right one for your situation and your needs.


What You Need When Applying for a Loan

The first time applying for a loan can be confusing, especially if you can’t lean on someone else who has received a loan and can help you through it. Fortunately, all you need to get started with a Cigno Loan is:

  • Your name
  • Contact details
  • How much you want to borrow
  • What you’ll use the funds for
  • A recent bank statement.

If you ever need more help, just reach out to our Customer Service team.

Bigger loans with bigger banks will require a lot more from you when you apply with them and will likely require in-person meetings before you’re approved for a loan. In those cases, you’ll want to be prepared. Be ready to print off proof of your income (statements from your employer), bank statements, personal identification to prove you are who you claim to be (a driver’s licence, passport etc.), credit card statements, tax returns (if self-employed), current rent or mortgage statements, and an estimation of your current expenses. If you’re prepared with all that before you start applying, the application and approval process should go a lot faster.

It’s possible that the lender you speak to won’t need all this information, but being ready with it just in case will show your commitment and responsibility.


Paying Back a Loan

Most loans will let you pay back the lent amount with automatic payments. Some people may not like this, as they may forget the repayments are occurring and be surprised when the amount in their bank account is lower than expected.

However, automatic repayments are a good idea, because a lot of lenders will charge extra fees if you miss a repayment, so forgetfulness can be a big problem. Cigno will notify and remind you of your scheduled repayments, so you’ll never be caught off guard. Do your best to stay aware of your finances as you repay your loan. Make a budget and include the repayments in your budget to stay on top of your finances going forward.

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