It’s important to think about why you need a loan, and which one is right for you. You might struggle to choose between a low income, Centrelink or unemployment loan, for example. Or you might not know if your situation qualifies for an emergency loan, or just a regular payday loan. Short-term, fast, or for the weekend, there are many different types of loans to consider.
Taking out lots of small loans, for example, might be worse for you than just taking out one larger loan. On the flipside, taking out a large loan when you could’ve gotten away with a small loan may also be a bad idea.
We suggest sitting down and doing your own calculations. Whether that’s on an Excel spreadsheet or just a piece of paper, it’s a good idea to do a cost approximation and set a timeline. Don’t rush this step – it’s important to have a solid understanding of your financial requirements so you can apply for the right type of loan.
If you’d like a little extra help, speak to the Cigno Loans team for recommendations and suggestions.