Loan Qualification: How to Get Approved for a Loan

Loan Qualification

Accessing the finance you need

Not sure what the requirements are for loan qualification? It can be difficult to navigate the world of online lending, so Personal Loan Pal is making it simple. We pride ourselves on making it hassle-free for Aussies to access the best loans on the market. When you apply with Personal Loan Pal we’ll search the internet for a lender capable of offering you the finance you need. So, why waste time scrolling through pages and pages of google search results? Let our team take the hard work out of finding the perfect personal loan.

Loan Qualification

Loan qualification requirements

If you’re looking to apply for a personal loan then you’re probably wondering what the loan qualification requirements are, right? Well, you came to the right place. At Personal Loan Pal, we’re a lender finder. What does that mean? Basically, our team is the middle man. We show your application to a whole range of different lenders to find you the perfect match.

With that in mind, we cannot speak on behalf of other lenders as to what their loan qualification requirements are. However, a good rule of thumb though is to make sure you meet the following basic criteria:

  • You must have an active mobile number and email address;
  • Applicants must be over the age of 18;
  • A regular income must have been deposited into your own personal bank account for the last three months;
  • Applicants must have internet banking set up;
  • You must be able to prove you are an Australian citizen or permanent resident.

If you can say yes to the list above then you’re in with a pretty good chance!

What documents will I need to show a lender?

Another good question! If you’ve been googling ‘small business loan qualification calculator’, ‘auto loan qualification calculator’ or ‘loan qualification check’ then you’re probably wondering what documents a potential lender might ask you to submit. As we mentioned, Personal Loan Pal can’t speak on behalf of other lenders but it is a good idea to have these things handy:

  • Personal info (name, D.O.B etc.);
  • Your internet banking details;
  • All applicants will need to provide the reason you are applying for a loan;
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info;
  • All applicants must be able to prove they are Australian citizens or permanent residents.

What if I have bad credit?

If you’ve got a poor credit score and have been madly googling ‘home loan qualification requirements’, ‘car loan qualification calculator’ or ‘personal loan qualification calculator’ then you’ll be pleased to know that our team could find you a suitable lender. When you apply with Personal Loan Pal, we’ll do our best to match you with a lender who could overlook bad credit. Unlike traditional lenders, many online lenders are able to look at your current financial situation rather than focus on your mistakes. In particular, some lenders might look at whether or not you have tried to reconcile bad credit. If a lender can see you have made a considerable effort to improve your credit score you could be eligible for a personal loan.

What type of loan can I apply for?

Personal Loan Pal has matched Aussies all over the nation with the cash they need to cover a whole range of expenses. Maybe you’ve been searching the web for ‘easiest personal loan to qualify for’ or ‘how much cash do I qualify to borrow’? Although we can not guarantee approval, the team at Personal Loan Pal do their very best to match applicants with the money they need as quickly as possible. Here are just a few of the loan we’ve already matched happy clients with:

Used car loans

If you’ve been dreaming of a set of new wheels why put it off for any longer? Finance shouldn’t have to stand in your way. Personal Loan Pal is the lender finder more Aussies trust to provide the quick cash they need. Maybe you’ve saved up most on your own but need a little extra help to make the car of your dreams a reality. Let our team take the stress out of finding a compatible lender. If you apply with Personal Loan Pal during AEST business hours, we could even have an outcome for you in just 60 minutes!*

Medical loans

Medical emergencies are not something you can always plan for (hence the word emergency). So, if you’re feeling under the weather, don’t let money troubles add to your stress. Personal Loan Pal is in your back pocket when you need a little extra boost. Our team do the searching for you. No hours and hours of scrolling through google search results or trying to decipher loan qualification requirements. We’ll give you the facts so you can decide which lender is the right fit. The best part is you won’t even need to leave your chair. Personal Loan Pal is 100% online for your convenience.

Holiday loans

That’s right, we’re not all about bad news! Personal Loan Pal could find you the perfect lender to make your holiday plans a reality. After all, life’s too short. Don’t put that dream vacation off for another year. We’ll cut the stress out of finding a reliable lender to provide a holiday loan. Worried about loan qualification and all the rest of it? Leave it to Personal Loan Pal. Submit an application during AEST business hours and our team could have an outcome for you in just 60 minutes. Long wait times and complicated forms are a thing of the past!

What if I receive Centrelink?

Receiving Centrelink or government benefits? Don’t stress. At Personal Loan Pal, we show your application to a whole range of different lenders so you get the best chance possible when it comes to qualifying for a loan. If you’ve been googling ‘what do you need to qualify for a loan’ or ‘how big of a loan can I qualify for’ then you’ve come to the right place. Some online lenders are able to consider Centrelink as a form of income.

However, as we mentioned, Personal Loan Pal is a lender finder and we can’t speak on behalf of all lenders. The good news is, an application with us will cost you absolutely nothing. If you’re interested in seeing whether or not you meet the loan qualification requirements, the Personal Loan Pal team encourages you to apply now. We’ll do our best to find you the perfect lender, without the hassle.

How much can I apply for?

At Personal Loan Pal, we accept applications for cash between $2,000 and $50,000. Our team will do their best to find you a suitable lender in no time! Forget wasting hours at the bank and put your trust in the Personal Loan Pal team!

Can I qualify for a home loan?

Unfortunately, at Personal Loan Pal, we do not match applicants with lenders who provide home loans. Our team does, however, do their best to find lenders that cover a wide range of different expenses.

That being said, there are a number of other financial institutions that approve homes loans. If you’d like to find out whether or not you qualify for a loan our team recommends you submit an application. Personal Loan Pal does not charge for applications. If you are unsuccessful our team will not ask you to pay a cent. So, what are you waiting for?

How does it work?

Wondering how it all works? It’s simple and stress-free to apply for the cash you need. Check it out:

Choose your loan amount

Head to the top of the page and use the Personal Loan Pal calculator to select a loan amount and a repayment period.

We find you a lender

The Personal Loan Pal team will show your application to a whole variety of different lenders. We’ll show you the results and you choose the lender.

Get your cash

Personal Loan Pal will put you in touch with your new lender. In most cases, your new lender will send over an agreement for you to sign. As soon as they receive a signed copy of your agreement the cash will be on its way to your account. Simple as that!

Apply today!

Personal Loan Pal has already helped thousands of happy Aussies get the cash they need quickly. So, why not scroll up and let us see what we can do for you?

*Subject to when you submit your application.

Looking for loans in Australia? We’re Here to Help!

Loans Australia

Loans Australia

Are you looking for loans Australia? Maybe you’ve been googling ‘Queensland loans’, ‘Northern territory loans’, ‘Sydney loans’ or ‘Melbourne loans’? At Personal Loan Pal, we understand that not many Aussies have hours to spend scrolling through pages and pages of google search results. At Personal Loan Pal, we do the hard work for you. We’re the middleman between you and your perfect personal loan. Gone are the days of pages and pages of paper forms. Personal Loan Pal is 100% online!

Loans Australia

What is a personal loan?

Before we get down to the nitty-gritty, let’s talk about what a personal loan actually is. A personal loan is an amount of cash that is borrowed and then repaid over an agreed-upon period of time. Personal loans accrue interest that is payable on top of the loan amount. A personal loan can be accessed from a variety of different credit providers including banks, credit unions, microlenders and online lenders. At Personal Loan Pal, we are proud to be matching Aussies with compatible lenders nation-wide.

Personal Loan Pal: who are we?

Personal Loan Pal is the lender finder more Aussies trust. We do show your application to a wide range of different lenders so you get the best possible chance at approval. Our team are committed to making the entire process simple and stress-free. We don’t think it should take days to find a compatible lender. We can access almost anything at the click of a button this day and age, so why should finding a personal loan be any different?

At Personal Loan Pal, our team understands how confusing it can be sifting through google search results trying to find a suitable lender. Not only can it be daunting, but it can be difficult to tell the good from the bad. When you apply with Personal Loan Pal, we’ll show you the options and make it simple for you to select the right lender for the job. It is important to keep in mind, however, that we are not the lender. Once you have selected your prefered credit provider you will deal directly with them. Looking for loans, Australia? What are you waiting for? Let Personal Loan Pal lend a hand today!

What type of loan can I apply for?

So, now you know a little more about who we are and what we do, let’s talk about what type of loan you could apply for. At Personal Loan Pal, we have already matched hundreds of Aussies with lenders who have provided personal loans for a wide variety of different circumstances. Here are just a few examples:

Car loans Australia

Have you been googling ‘car loans Australia’? Don’t worry, you’d be surprised how many Aussies are confused when it comes to selecting the perfect lender for a car loan. Never fear, Personal Loan Pal is here. We’re in your back pocket, so regardless of whether you’re looking for Brisbane loans, Gold Coast loans, Sunshine Coast loans or Townsville loans you can submit an application wherever you are and whenever you like!

Emergency loans Australia

That’s right, Personal Loan Pal could find you an emergency loan, Australia. We understand that when you’re in a sticky situation there is no time to mess around searching for a reliable lender. Our team cut out the hard work – we do it for you! If you choose to submit your application during AEST business hours you could have an outcome in just 60 minutes. Talk about speed and convenience!

Medical loans Australia

Have you been googling medical loans, Australia? Maybe you need a Darwin loan or a Geelong loan? Regardless of where you are in our great country, Personal Loan Pal is just a click away. If a medical emergency has snuck up at the most inconvenient time, you don’t have to tackle it alone? Personal Loan Pal could find you the perfect lender. We have already matched hundreds of happy customers with Wollongong loans, Hobart loans and Newcastle loans – just to name a few. So, why not scroll up and start your application now?

Who can apply for loans Australia?

Like what you hear? You’ll be pleased to know that an application is simple and straightforward. You will need to meet our basic application criteria before starting your Personal Loan Pal application though. Here are the criteria you’ll need to meet:

  • You must have an active mobile number and email address;
  • Applicants must be over the age of 18;
  • A regular income must have been deposited into your own personal bank account for the last three months;
  • Applicants must have internet banking set up;
  • You must be able to prove you are an Australian citizen or permanent resident.

Pretty simple, right! If you’ve got questions regarding the application criteria above you can get in touch with our helpful and friendly team!

What documents will I need to provide?

Don’t worry, at Personal Loan Pal we won’t ask you to provide any paper documents. When we say we’re 100% online, we mean it! We’ll ask you to submit electronic copies of any required documents so we can show a potential lender. Here is what our team recommend you have handy whilst completing your loan application:

  • Personal info (name, D.O.B etc.);
  • Your internet banking details;
  • All applicants will need to provide the reason you are applying for a loan;
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info;
  • All applicants must be able to prove they are Australian citizens or permanent residents.
  • Will a lender check my credit score?

In most cases, online lenders will conduct credit score checks on personal loan applications. The good news is, many online lenders are revolutionising the way they look at poor credit. Instead of focusing on the past, many lenders prefer to assess your current financial situation. If a potential lender can see that you’ve made a considerable effort to reconcile bad credit they could approve you for a personal loan. It is important to remember, however, that Personal Loan Pal is a lender finder. We do not provide personal loans and, therefore, can not guarantee approval for applicants. Keep in mind that an application is free of charge, so why not apply and see what we could do for you!

Employment checks

Looking for a loan, Australia? Wondering whether or not a possible lender will contact your boss? At Personal Loan Pal, we are a lender finder. That means we can not speak on behalf of a potential lender. In most cases, it is not often that a lender will get in touch with your employer but if they do it’ll be to verify some details during their assessment process. Keep in mind that this is not a bad thing, it is just a routine part of most loan assessment procedures. If you’ve got questions Personal Loan Pal encourages you to get in touch with your individual lender.

How does it work?

Simple, reliable and stress-free. That’s Personal Loan Pal! Wondering how it all works? Let us explain.

Choose a loan amount

Head to the loan calculator at the top of the page and select your cash and repayment period.

Choose a lender

Yep, that’s right! The choice is yours. The Personal Loan Pal team will show you a number of different options, all you need to do is choose a lender.

Cash to your account

Your lender will send an agreement for you to review and sign. Once that’s done, they’ll transfer the cash straight into your account. How easy is that!

We help you!

At Personal Loan Pal, we love helping local Aussies get the cash they need when they need it. Check out the personal loans we’ve already matched hundreds of happy customers with.

Toowoomba loans
Ballarat loans
Bendigo loans
Central Coast loans
Launceston loans

Our team

At Personal Loan Pal, we are dedicated to providing the best possible service for our customers. We love making it simple and stress-free for Aussies to get the cash they need without the hassle of traditional lenders. We are proud to be 100% online for your convenience. If you’ve questions don’t hesitate to get in touch with our friendly team. We do our best to get back to all enquiries as quickly as possible during AEST business hours. So, what are you waiting for? Gone are the days of searching for the perfect personal loan. Let Personal Loan Pal do the hard work for you! That’s what we’re here for.

Business loans – what you need to know?

Business loans

Understanding business loans

Wondering what a business loan actually is? Let us explain. Business loans are simply loans that are intended for specific business purposes. Much the same as most loans, a business loan is repaid over an agreed-upon period of time and will accrue interest over the life of the loan. If you’re looking for a business loan there are a number of different credit providers that could provide assistance. These may include a bank, credit union and some online lenders. Still, wondering what a business loan is and who can get one? Maybe you’ve been googling ‘business loan repayment calculator’ or ‘business loan interest rate’? If so, we recommend you keep reading to find out more.
Business loans

What is a business loan?

A business loan is simply an amount of cash that is borrowed to cover business-related purposes. What are business-specific purposes? Business-specific purposes could be anything from starting up a new business to buying equipment or supplies for an existing business. Many small business loan applicants will access a business loan through a bank, however, there are some online microlenders who provide business loans. At Personal Loan Pal, we do not provide business loans. That being said, we do approve personal loans for a variety of different financial circumstances.

Who qualifies for a business loan?

So, now you know a little more about what a business loan actually is, let us explain who qualifies. In most cases, lenders providing business loans will have their own application criteria. However, according to business.org, there are a few factors that most lenders will consider when assessing a business loan application:

  • Your credit score – a lender might look at your credit score in order to assess whether or not your credit history constitutes approval for a business loan. If your credit score is good it shows a potential lender that you are capable of repaying the loan. It is important to be aware of how your credit score could affect a business loan application.
  • Collateral – debt that is backed by collateral is viewed as less risky to a lender. This means that collateral-based loans are often easier to acquire and may have lower interest rates;
  • Time in the business – it can be challenging for new businesses to gain approval for a business loan due to the increased risk associated with start-ups. That being said, there are lenders who provide start-up business loans.
  • Cash flow – a potential lender might look at the debt-to-income ratio of a business when assessing it’s eligibility. Businesses with higher incomes are often more likely to gain approval for a business loan;
  • Debt load – businesses with higher amounts of debt may find it difficult to gain approval for a business loan;
  • The industry – a potential lender might assess the risk associated with the industry when assessing eligibility for a business loan.

What can I use a business loan for?

Wondering what expenses a business loan could cover? It is important to keep in mind that all business loan providers might be different, however, you might be eligible to apply for a:

  • Business car loan;
  • Short term business loan;
  • Long term business loan;
  • Unsecured business loan.

Secured vs. unsecured business loans

So, what is the difference between a secured and unsecured business loan? It’s pretty simple, really. A secured business loan is backed by collateral. That means the applicant might put a car, motorbike, boat or other large assets against the business loan as security. If the loan is not repaid the lender may have the right to take ownership of the asset. An unsecured business loan does not require an asset as collateral. Unsecured loans are typically for a lesser amount of cash and, therefore, are less risk to the lender.

Business credit cards – what are they?

Are you looking for a way to access fast cash to fund your business? Are you wondering what the difference between a business loan and a credit card actually is? Let us explain. The real difference is just the fact that you are provided with a card that can be used anytime and almost anywhere. This can be a positive thing, however, can also be very risky. A business credit card can rack up huge amounts of debts in a short period of time if used liberally.

That being said, if a business credit card is used for controlled spending it can be used to build your businesses credit score so you can apply for a loan that might have a better interest rate at a later date. It is important to keep in mind that a business credit card can have a positive impact on your credit score, but it can also increase your debt-to-income ratio.

Personal Loan Pal: who are we?

Personal Loan Pal is your local lender finder with a difference – we are 100% online. What does that mean? With Personal Loan Pal, you can apply for a personal loan wherever you are and whenever you like. We don’t mess around with pages and pages of paper forms. We won’t ask you to complete long-winded questionnaires and you won’t need to step foot outside your house. At Personal Loan Pal, our team cut straight to the chase so you get the cash you need when you need it. We’re here to make gaining approval for a personal loan as easy as possible.

The Personal Loan Pal team understands that when you need fast cash there is no time to waste. So, whether you’re looking for a fast loan in Darwin or a quick little loan in Tasmania – Personal Loan Pal is always in your back pocket. We could match you with the perfect local lender in just minutes. You could head to the top of the page right now and apply for cash between $2,000 and $50,000 right now. The good news is if you submit your application during AEST business hours our team will do their best to get back to you with an outcome in just 60 minutes. Talk about speed and convenience!

Who can apply?

Like what you hear? Thinking about submitting an application for a personal loan? The good news is, at Personal Loan Pal, we like to keep our application criteria as simple and straightforward as possible. Here’s what you’ll need to meet before getting started on an application:

  • You must have an active mobile number and email address;
  • Applicants must be over the age of 18;
  • A regular income must have been deposited into your own personal bank account for the last three months;
  • Applicants must have internet banking set up;
  • You must be able to prove you are an Australian citizen or permanent resident.

It’s as simple as that! If you can say ‘yes’ to the criteria above you could scroll up right now and get cracking with a Personal Loan Pal application. Don’t waste any more time, apply now!

What documents will we ask for?

As you will have already realised, we keep things as simple as possible at Personal Loan Pal. However, our assessment team will need to submit a few important documents to a potential lender. Here is what we recommend you have handy:

  • Personal info (name, D.O.B etc.);
  • Your internet banking details;
  • All applicants will need to provide the reason you are applying for a loan;
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info;
  • All applicants must be able to prove they are Australian citizens or permanent residents.

What about bad credit?

Worried that bad credit will stand in your way? At Personal Loan Pal, we look for lenders that could provide loans to individuals with poor credit scores. The Personal Loan Pal team submit your application to a wide variety of different lenders, some of which could take a fresh approach to bad credit. We do our best to match applicants with responsible loans, our team will never approve an applicant who does not have the means to repay the loan. We pride ourselves on our commitment to responsible lending.

How does it work?

Choose a loan amount

Head to our home page and use our loan calculator to select a loan amount and how long you think you will need to pay it back.

Choose a lender

The Personal Loan Pal team will show your application to a variety of different lenders. We’ll show you the options so you can decide who you’d like to borrow from.

Cash to you

Once you’ve signed an agreement with your new lender the cash will be on its way to your account!

Loans Australia could be the answer to your money woes. Let PLP find you a lender today!

Everything You Need to Know About Startup Loans

Startup Loans

Startup loans – the info you need to read! 

So, you’re looking to start a new business? Maybe you need some spare cash to fund a new entrepreneurial venture? Whatever it is you’d like to fund, a startup loan could be the cash you’re looking for. There are a variety of different lenders on the market that could offer you the perfect startup loans. At Personal Loan Pal, we’ve done the research for you. So, here’s what you need to know before applying for a startup loan. 

What is a startup loan? 

Traditionally, a startup loan was used to provide a new business with enough capital to get them off the ground. These days a startup loan can be used to cover a wide variety of different expenses that could include startup business loans, student startup loan, small business startup loans or even bad credit business loans for startups. Technically, it is up to the lender to approve what expenses a startup loan can be used to cover. 

Who provides startup loans? 

So, now you know a little more about what a startup loan is, we bet you’re wondering who provides them? There are a number of different credit providers that approve startup loans. Here are just a few:

  • Banks;
  • Credit unions;
  • Online lenders;
  • Micro-lenders. 

What type of startup loan could I apply for?

As we mentioned, there is a whole range of different startup loans on the market. The trick is finding the perfect lender. Want to know more? Here’s just a couple of startup loans you could apply for.  

Startup business loans

If you’ve been googling ‘small business startup loans Australia’, ‘new business loans’, ‘best place to get a business startup loan’ or ‘short term loans for startup business’ then we recommend you do your research. There are a wide variety of different credit providers that could approve you for a startup business loan. It is important to make sure you do your research. More often than not, online lenders could provide competitive rates on startup business loans when compared with traditional lenders. It is important to make sure, however, that you select a lender that complies with the Australian Code of Responsible Lending. So, if you’re looking for the best way to get a business startup loan, we recommend you do some shopping around.

Student startup loans 

The Australian Government provides recipients of Youth Allowance with the opportunity to apply for a student startup loan. This is a government-backed line of credit that provides individuals receiving Youth Allowance, Austudy or ABSTUDY living allowance with access to a $1,094 loan. Eligible applicants are eligible for a student startup loan 2 times a year. Student startup loans are tax-free and you won’t need to declare them to use as income for your regular student payments. Students are required to repay the loan once they start earning a certain amount of income.

Small business startup loans for bad credit

Want to apply for a small business startup loan but worried that credit could stand in your way? You’ll be pleased to know that there are lenders out there who could provide startup loans for people with poor credit scores. Some lenders are able to look at your current financial situation instead of focusing on the past. It’s just about shopping around. If you haven’t had much luck with traditional lenders, online credit providers could be a good place to start. It is important to make sure, however, that you select a reputable lender. Make sure they comply with the Australian Code of Responsible Lending before you enter into an agreement.

Secured vs. unsecured startup loans

Wondering what the difference between a secured and unsecured business loan is? It’s simple. A secured startup loan requires the borrower to attach collateral as security against a loan. Why might a borrower need to attach collateral against a loan? A secured loan is usually for a larger amount of cash and that means it is a bigger risk to the lender. Collateral provides the lender with a form of ‘insurance’. If the loan is not repaid over the agreed-upon period of time, the lender could be entitled to take ownership of the collateral. This, however, is usually just a last resort. An unsecured loan is essentially just a loan that does not require collateral as security. Unsecured business loans for a startup are usually for smaller amounts of cash and are, therefore, less or a risk to the lender.  

What are the interest rates on startup loans? 

Have you been googling ‘low-interest small business startup loans’? Keep in mind that every lender is different and, therefore, every lender has different interest rates. These rates could vary depending on the amount of cash that you borrow and the repayment period. An individual’s credit score could also have a bearing on the interest rate of the loan. We recommend shopping around for the best possible interest rate before signing an agreement with a lender. 

Personal Loan Pal – who are we?

Personal Loan Pal is your local Aussie lender-finder. What is a lender-finder? Glad you asked! Basically, we do the searching for you. When you apply with Personal Loan Pal, we’ll show your application to a wide range of different lenders and present you with the results. You then get to choose your lender. Our team are committed to providing Aussies with all their options. We want to find a lender that is right for you. 

Personal Loan Pal is dedicated to taking the hard work out of finding a reliable lender. We understand that you don’t have time to waste scrolling through pages and pages of google search results. So, why not let us do it for you! No paperwork – just simple, stress-free personal loans

Can I get a startup loan from Personal Loan Pal? 

At Personal Loan Pal, it’s all in the name. Our team finds personal loans. Unfortunately, we do not match borrowers with business startup loans. Don’t stress though, our team could still have the cash you need for other expenses. If you’re unsure as to whether or not you could be approved for a personal loan we encourage you to submit an application. The good news is, we don’t charge when you apply. If our team are unable to match you with a compatible lender, we won’t ask you to pay a cent. That means you can apply with Personal Loan Pal at no financial risk. Sound good? What are you waiting for? 

Who can apply?

We need our applicants to meet a few basic criteria before they submit an application. Don’t worry, it’s nothing too complicated. If you can tick off the following, you could scroll up and start an application right now. Here’s what you’ll need to meet: 

  • You must have an active mobile number and email address; 
  • Applicants must be over the age of 18;  
  • A regular income must have been deposited into your own personal bank account for the last three months; 
  • Applicants must have internet banking set up; 
  • You must be able to prove you are an Australian citizen or permanent resident.

What will I need to submit with my application? 

We keep it pretty straight forward at Personal Loan Pal, however, a potential lender will need a few important pieces of information. Here’s what our team might ask you to provide: 

  • Personal info (name, D.OB etc.);
  • Your internet banking details; 
  • All applicants will need to provide the reason you are applying for a loan; 
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info; 
  • All applicants must be able to prove they are Australian citizens or permanent residents. 

If you’ve got questions regarding any of the above don’t hesitate to get in touch with our friendly team. We’re here to make your life easier!

How does it work? 

Simple, straight forward and stress-free – that’s Personal Loan Pal. Ready to find your perfect personal loan? Here’s how it works. 

Choose your loan amount 

Head to our home page and use the loan calculator to select the amount of cash you would like to borrow and the amount of time you think you’ll need to pay it back. 

Choose your lender 

We’ll show you a list of compatible lenders and all you need to do is choose one!

Cash to your bank 

Once you’ve signed an agreement with your new lender the cash will be on its way to your account! 

 

 

Essential hacks to help live your best life on a budget

budget

budget

Remember being a kid and thinking, “I can’t wait to be older and have enough money and do whatever I want”? Well, more often than not, the adult world rears its big ugly head and squashes this dream. Faced with the cost of living and house prices on the rise, it’s pretty easy to feel like a lot of the joy has been sucked out of life. Now, perhaps you haven’t found that job with the dream paycheck just yet. Or perhaps life keeps getting in the way of saving for what you want. Whatever the reason, it can be really easy to feel like you’re stuck in the rat race, just spinning that wheel around.

Whether you’re trying to afford an overseas trip, or just trying to save on groceries, we’ve got a list of tips and tricks to help you live the best life possible on a budget.

Disclaimer: Personal Loan Pal is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relates to your unique circumstances.

At home

You’d be surprised as to how many expensive things you can make at home. While having supermarkets everywhere has no doubt made our lives easier, we have lost the art of doing things for ourselves.

Now, while it would be awesome to carve a dining table from scratch, there are much easier places to start when it comes to DIY. Not only is it extremely satisfying and cost-effective to DIY, but you could also easily make these into gifts for your family and friends.

Beauty Products

Not only are commercially manufactured beauty products often filled with chemicals and tested on cute animals, but they are also expensive. Making your own at home can be incredibly rewarding, and fully customizable. Products such as lip balm, lotion, shampoo and face masks are incredibly simple to make at home. You can even reuse your old empty store-bought containers or, better yet, store them in eco-friendly glass jars.

See how to hack DIY beauty products below:

Soap

Stop spending money every month on soaps, when you could easily make them at home yourself. Soap making has made a huge comeback recently, and it easy to see what all the fuss is about. Even making liquid soap or hand sanitizer is incredibly easy. The internet is full of easy, DIY soap recipes. Check out the one below:

Cleaning product

We as a society have been swindled into brand name cleaning products. Instead of buying overpriced liquids that will kill three turtles every time you pour it down the sink, make your own. A combination of a few simple ingredients like vinegar and baking soda will cut through any mess.

Sauces and condiments

You’ll be surprised how easy it is to make your own condiments and sauces. Not only that, but they’ll taste so much better than any mass-produced thing at the supermarket. Whether you’re looking to make your own tomato sauce, mustard, salad dressing or steak sauce, your homemade version will save you money and taste delicious. See how to make some excellent dipping sauces in the video below:

Gardening supplies

Learning how to make your own fertilizer or compost yourself, will save you a heap of money. Imagine making your own homemade strawberry jam out of strawberries you grew yourself with the help of your own fertilizer. You won’t have spent a cent, and you’ll have a delicious pot of jam ready to gift (or keep for yourself). The best part is that you could cut down on waste by adding your decomposable rubbish to your own compost heap!

Pest Control

With summer almost upon us, it is indeed time to face up to the pests we often share our homes with. Instead of paying for expensive pest repellents, there are plenty of homemade solutions you can make for a fraction of the costs. So whether you need to get rid of ants, moths, fruit flies or fleas, there is a homemade remedy for it.

Out and about

Want to get out the house this weekend but can’t spend much money? There are a ton of different options available to you if you’re on a budget.

Free days out

The best things in life are free, right? Well, that’s super debatable. However, there are a heap of free things to do and see. Jump on to your local council’s website to see what free events are happening near you.

Additionally, if you want to escape the city, Australia is blessed with beautiful beaches, countryside and rainforests. Most importantly, they’re often completely free.

Groupon

Groupon is an online marketplace that offers deals on goods and services of up to 70%. The discounts Groupon offers to consumers allows us to experience new restaurants, bars, hairdressers and adventures we always thought to be outside our budget.

As the vouchers offered on Groupon change all the time, there’s a massive variety on the goods and experiences you can get discounts on. No two Groupon experiences will be the same.

Travel

In a perfect world, everyone would travel, and travel often. The trouble is, as we are sure you’ve already gathered, this ain’t a perfect world. This is a world where everything costs money and plentiful leave allowances are in short supply. While we’re sure you’d love to be saving for your next overseas trip, all of life’s other bills and expenses surely keep popping up and getting in the way.

Luckily, there are still a few tips that will allow anyone, with any budget, to get out there and see the world. So, whatever shape your bank account is in at the moment, listen up.

Comparing airfares

While the modern world has its fare share of ills, shopping around to find the best deal really has never been easier. This is due to one thing – the internet.

With a few clicks, you can have access to hundreds, if not thousands, of cheap flights. The only drawback to this is, there may be too many options. It can be pretty overwhelming sometimes trying to find the best flights on a budget. There are, however, a few things you can do though, that’ll put you in good stead to save a nice chunk of dollarydoos.

Search in incognito mode

Yeah, this may sound a little conspiratorial, but bear with us. Have you ever searched for the same flight a few times and noticed the prices going up? Well, you’re not going crazy. Flight prices do increase when a particular route is searched repeatedly in the same browser. This is the site trying to trick you into panicking, and buying tickets before prices get any higher.

So, to avoid this, always search for cheap airfares in incognito or private browsing mode. It should be pretty easy to find the option to turn on private browsing in the settings. If you are having trouble with it though, just do a quick google search for a shortcut.

Use the right search-engines

While these search-engines will market themselves as the good guys trying to find you cheap flights, their sole objective is really to make a profit. They do this by inflating the price on the flights they offer. For example, sites such as expedia will jack up their prices more than most search engines.

So, finding the right search-engine will go a long way towards finding the best airfare. Here’s our favourite search engines for comparing flights:

While all of these sites are great, we recommend comparing the search results between a few of them to find the best deal. Also, keep in mind that different departure dates may have drastically different prices attached to them. So play around the departure dates to find yourself the best deal.

Be adventurous

When you’re on a budget, it can be hard to stay in touch with your adventurous spirt. Airlines can sometimes make mistakes and this can result in some seriously cheap flights. Don’t worry, these mistakes aren’t going to put you in danger. Generally, flights discounted by the airline are the result of exchange rate mishaps, technical problems or good old-fashioned human error.

So, while the destination on offer may not be somewhere you’re particularly interested in, the cheap airfare might be enough to sway you. AirFareWatchdog is great resource for finding these type of sales.

Accommodation

Whether you’re looking for a quick getaway in Australia, or for accommodation for your overseas trip if you’re on a budget, here’s how you can save:

Cut out the middleman

Just like airfare search-engines, sites that compare hotels will inflate prices to make a profit. So, if you see a room you really like, get in contact with that hotel directly to see if you can save by booking through them.

Companies like Accor Hotels and Hilton have best price guarantees. If you see one of their rooms listed cheaper somewhere else, they’ll match it.

Be open-minded

If you’re an adventurous type, consider booking a “mystery hotel”. Sites like Hotwire find hotels around the world at a discount of up to 60%. The only catch is you don’t find out the name of the hotel until you’ve paid.

Don’t worry though, you’ll get enough of a description so you know roughly where you’re staying and the quality of the hotel.

Airbnb

If you’re looking to avoid hotels and hotel prices, Airbnb is your best bet. With over 5 million listings all over the world, you’ll be hard-pressed to beat Airbnb on variety. So whether you’re looking to rent out an entire family home, or even backyard camping spaces, Airbnb has the scope to find you a great deal.

Live your best life

Saving and developing a budget for your future should not mean living like a monk. Saving and budgeting smarter can allow you to still live the life you want. Travelling to a new places and saving money for a house deposit do not have to be mutually exclusive.

Sometimes though, no matter whether you budget or not, life can catch you by surprise and there’s not a lot you can do. When this does happen, it’s reassuring to know you have a pal in your corner. We are that pal – Personal Loan Pal.

So, if you’re in a jam, and need to be put in touch with a personal loan lender, let Personal Loan Pal take the hassle and tedium out of the process. Apply now and see if we can find the lender for you.

Get ahead by learning how to save for retirement!

retirement

Retirement is something we all tend to daydream about in the middle of a boring work day. It’s the light at the end of the tunnel that makes our entire careers worth it. Just imagine having your days entirely free to do with what you will. You can do whatever you want, where you want, when you want. Hold on, that sounds amazing. Why do we have to wait until we’re old to enjoy retirement? Can’t we just do that now?

However, as much as we like the idea of retirement, it’s not really something that we like the idea of planning. As soon as we give it too much thought, it becomes more of a hassle. Retirement villages, superannuation, investments, retirement pension – all of that’s ages away. Why do we have to think about it now? Surely everything will just work itself out anyway?

If only it were that simple.

The key to having a happy and relaxing retirement (besides being filthy rich) is making yourself as financially secure as possible. Of course, that’s easier said than done. Whether you’ve just started working or you’re well into your career, you can still benefit from thinking about retirement. Here are just some of the ways you can make your money work for you when retirement rolls around.

retirement

1. Start saving early.

The best time to start saving is now. No matter what age you are, saving for retirement is a bit of a drag. You could already be semi-retired, and the concept of putting some money away for retirement would still seem like something you could worry about another time.

The truth is that if you’re earning a consistent income, you should always be saving a portion of that return. Now, that doesn’t mean you should be thinking about your retirement as soon as you get your first stable job. There will undoubtedly be a number of things you want to save for throughout your working life. Think of these as practice runs for the big one. You can always keep retirement in mind when you’re debating whether to save or spend. You’ll thank your past self way, way, way down the line.

2. Keeping fit and healthy pays off in the long run

Yeah yeah, exercise sucks. It hurts and it’s boring and you’d rather stay in bed, or do literally anything else for that matter. But consider this: staying fit and healthy by eating right and exercising regularly is a long-term investment.

It’s not going to ensure that you will definitely be 100% healthy for your entire retirement. However, regular exercise and healthy eating throughout your adult life will stave off a wide range of nutrition-related conditions. Remaining active and eating a balanced diet even as you transition out of the workforce will stand you in good stead to make the most out of your retirement. Ensure that you have the necessary health insurance.

3. Consider salary sacrificing to boost your super

If you’re super saving savvy and want to ensure that your money lasts long into your retirement, you can ask your employer about salary sacrificing. Salary sacrificing is “an arrangement between you and your employer where you pay for some items or services straight from your pre-tax salary.” The purpose of salary sacrificing is to reduce your taxable income, allowing you to boost your super fund.

Salary sacrificing for superannuation is a great way to put some extra cash into your retirement fund. Most employers will allow you to salary sacrifice into your super account, but check with yours just to make sure.

4. Decide on your ideal retirement lifestyle

As you get closer to retirement age, your thoughts will shift to what your retirement will look like. Some will want to keep their home base in the same place and wander abroad from time to time. Others might see retirement as an opportunity for a permanent change of scenery. Obviously what most of us would love is to be sipping drinks by the pool all day. However, that’s probably not going to be the reality. So, rather than setting yourself an unrealistic target, devise an ideal but achievable retirement plan. You can tailor it to your situation and finances.

Whatever you decide, it’s best to have an idea of what you want before you enter retirement. This will allow you to work out how much money you’ll need to sustain this lifestyle. Speaking of which…

5. Work out how much you’ll need to sustain your retirement plan

Once you’ve got an idea of what your retirement will look like, it’s time to plan how you’re going to make the ideal lifestyle of your twilight years a reality. This is why it’s important that your retirement plan is realistic. Trying to budget for something you clearly can’t afford is pointless, and will only cause you more stress.

As you get closer to retiring you’ll have a better idea of what your super fund will look like, how much time you have left in the workforce and what assets you will want to keep or sell. These can also contribute to the financial plan behind your ideal retirement lifestyle.

6. Transition into retirement

There is no definitive retirement age Australia, so people will exit the workforce at a variety of different times in their life. If they are in a secure enough financial position, most people will choose to retire once they reach their super ‘preservation’ age. This is the minimum age at which you can access your super fund. If you’re not sure of what your super ‘preservation’ age is, you can use the MoneySmart super and pension age calculator to find out.

At the end of the day, when you retire will depend on your own specific circumstances. If you are in a fortunate enough position to be able to dictate the terms of your retirement, it might be beneficial to wind back your work commitments rather than quitting cold turkey. Going from working to retirement is more like a slow fade than ripping off a band-aid.

This will benefit you in a number of ways. Financially speaking, you will still be earning a semi-consistent income as you scale back your hours, meaning that there’s less of a drain on your super fund. Your body will also thank you for the positive physical effects of slowly reducing the amount of time you spend at work. Psychologically, transitioning into retirement will help you to adjust to your new lifestyle. Going from seeing your co-workers on a full-time basis to having drastically less human contact can be a bit of a shock to the system.

If your situation allows it, making a steady transition from the workforce into retirement could be immensely beneficial.

7. Take advantage of entitlements

Just like the super ‘preservation’ age, your ability to access retirement pension payments will depend on your age, among other factors. The MoneySmart super and pension age calculator is your best friend for determining your eligibility on that front. Of course, there are other eligibility requirements that you must also fulfil.

If you reach your retirement pension age and find that you are eligible to receive some payments from Centrelink, don’t hesitate to claim! You’ve worked hard and it’s time to take advantage of all the benefits of retirement – that includes pension payments. If you’re eligible for retirement pension payments, you should claim as soon a possible.

8. Consider downsizing

As life goes on, your needs change, and so do your living requirements. By the time you reach retirement age, the size of your family will most likely have shrunk quite a bit. At one time you might have had a few kids and some pets running around the house, whereas now it could just be you and your partner. As you reach retirement age, it’s a great time to consider whether you need the extra space. If not, you can shop around for a new home that better suits your living situation.

If you choose to cash in on the family home and move into a more compact space, you could net yourself some sweet investment money. However, this will count towards your assets and could affect your age pension eligibility, so weigh up the pros and cons before making a decision.

9. Diversify your investments

Say that you’ve gone down the path of downsizing, and now you have some financial assets. You also have a wealth of options when it comes to what you do with that money. Do you put it in a savings account, dip your toe in the stock market or perhaps wade into the property game? These are just a few of the investment opportunities that become available once you’ve got a bit of cash in your back pocket.

Rather than putting all your eggs in one basket, it pays to put a bit of money into a few areas. In the investment world, this is known as diversification. If done strategically, you can maximise your profits and protect yourself from losing huge amounts of money if one investment doesn’t pan out.

Not sure exactly where you should invest your money to get the best returns? That’s why it pays to…

10. Get financial advice

Working out tax, super and retirement plans can be exhausting. It’s something that no one really wants to think about, which is why we procrastinate so much in the face of it. Even when we decide to face the problem head-on, we often take the view of getting through the process as quickly as possible rather than dealing with it thoroughly. When it comes to your super, retirement and investments, it pays to be informed. But, if you don’t know where to look for this information or don’t have the time, don’t be afraid to ask for help.

Accessing financial advice will cost money, but it pays for itself in the weight that it takes off your shoulders. Find a financial advisor who you trust and takes your personal situation and finances as seriously as you do. Make sure you keep an open dialogue with them about the investments they recommend so that you’re aware of what’s going on, and keep your eye on how those assets are doing.

After all, this is your retirement we’re talking about. You want to make sure that it’s as stress-free as possible so you can enjoy every second of it! Maybe try enter a $250 cash prize contest?

If you’re in need of some extra funds, hit up your Personal Loan Pal!

Even if you plan out your retirement perfectly, you can still be caught out by sudden fees. If you’re caught out by any unexpected bills, you want fast finance that you can trust. But who do you know who can find that?

Well, now you know us, Personal Loan Pal! If you’re after a personal loan, we are the people you want on your side. Our specialty is finding quick cash loans for our clients. We can even find loans for pensioners and bad credit personal loans for those with a less than perfect credit score!

Searching for fast cash loans online by yourself can be confusing, tedious and time-consuming. Apply with Personal Loan Pal instead and let us put in the hard yards to find a loan that works for you!

How to beat work stress once and for all

work stress

You would struggle to find a single person of working age in Australia who hasn’t experienced work stress at some point. We’re now at the point where we seem to treat it as a joke rather than the serious problem that it is. We’ve convinced ourselves that feeling stressed at work is just part and parcel of having a job. But behind the laughs and jokes, the truth is that work stress is having an extremely detrimental effect on our mental health.

More than 7,200 Australian workers make claims as a result of work-related mental health conditions, accounting for 6% of overall compensation claims. Approximately one in five people admit to having taken time off work due to stress and mental health. However, some mental health professionals argue that the true figure is in fact much larger and that people are often embarrassed to admit that stress has overwhelmed them.

work stress

What are the signs of work stress?

The signs of work stress can manifest themselves in a multitude of ways. Heads Up, an organisation developed by the Mentally Healthy Workplace Alliance and beyondblue has created a list of the ways in which work-related stress might present itself. The more outwardly noticeable physical indicators include:

  • Chest pain or a pounding heart;
  • Fatigue;
  • Reduced interest in sex;
  • Nausea, diarrhoea or constipation;
  • Getting colds more often;
  • Muscle tension, pains and headaches;
  • Episodes of fast, shallow breathing and excessive sweating;
  • Loss or change of appetite;
  • Sleeping problems;

As well as these more noticeable signs, work stress can have a number of detrimental effects on your mental state. For this reason, they can be easier to dismiss as being the result of other things. Be on the lookout for:

  • Feeling overwhelmed or frustrated;
  • Feeling guilty or unhappy;
  • Being irritable;
  • Losing confidence and being indecisive;
  • Thinking negatively;
  • Having racing thoughts;
  • Memory problems;
  • Excessive worrying.

Having these thoughts or experiencing these sorts of emotions every once in a while is perfectly normal. After all, everyone has bad days. However, if you notice that you start to feel down for a prolonged period, then it’s time to make a change.

As well as having a negative effect on your quality of life, work stress can also be detrimental to your work. If you’re constantly worrying, chances are you’ll notice a significant drop in both your productivity and the quality of your output.

The best way to cut down on work stress is to identify and eliminate the factors that can influence it.

What are some of the causes of work stress?

Just like its symptoms, work stress can be caused by a number of different factors. Once again, we turn to Heads Up for a register of the possible sources of workplace stress.

  • Working long hours or overtime, working through breaks or taking work home;
  • Doing shift work;
  • Time pressure, working too hard or too fast, or unrealistic targets;
  • Having limited control over how you do your work;
  • Limited input into broader decisions by the business;
  • Not receiving enough support from supervisors, managers and/or co-workers;
  • Job insecurity;
  • High mental task demands, work that requires high-level decision making;
  • A lack of role clarity;
  • Poor communication;
  • Conflict with colleagues or managers;
  • Bullying;
  • Low levels of recognition and reward;
  • Work that is emotionally disturbing or requires high emotional involvement;
  • Poorly managed change, lack of organizational justice;
  • Discrimination – whether based on gender, ethnicity, race or sexuality.

Although this list encompasses a wide variety of stressful situations that can contribute to work stress, it’s not exhaustive. If something is causing you to feel stressed at work, even if it seems trivial, you should attempt to deal with it before it becomes a bigger problem.

So how should I deal with work stress?

The best way to go about dealing with stress at work will depend on the situation or issue that elicits these feelings. You can probably find a bunch of general tips if you search “how to deal with stress at work” online, but the specifics are circumstantial. So, that’s why we’ve decided to go through some of the most common causes of stress at work. The solutions we’ve come up with are easy to implement and can make a world of difference. Let’s get started!

Maintain your health

You’ve probably heard it from your doctor a thousand times before, but the importance of sleep, exercise and a balanced diet cannot be overstated. You’re probably aware that maintaining this will improve your physical state, but it can also have a profound impact on your mental health. Doctors recommend getting at least eight hours of sleep per night, and exercising for around between 30 minutes and one hour daily.

You don’t have to tell us that sometimes this is physically impossible. We totally understand.

However, there are some lifestyle changes that you can implement to at least gradually improve your habits. Think of it like climbing a mountain. It can be hard going, but each step brings you closer to the summit.

Start off with achievable goals, and be honest with yourself about the unhealthy habits that you can cut out of your life. Do you really need to drink a coke with your dinner, or could you just have water? Instead of watching TV every night before you go to bed, why not go to the gym a few times a week, or even work out at home? Wouldn’t you be better off going to bed a bit earlier, rather than staying up watching random YouTube videos?

Remember, even a little bit is better than nothing.

Use your commute to unwind

Whether you live close to work or have a long distance to cover, use this travel time as an opportunity to relax, but beware of secret costs. Thinking and fretting about all the things you have to do at work that day won’t help get them done, and will only result in even more stress at work. Instead, take the time to entertain yourself or even switch your brain off for a bit in preparation for the day ahead.

You can listen to music, an audiobook or a podcast while you’re commuting to take a little break from life. The options are almost endless! If you can find a way to relax during your travels, your brain and body will thank you for it later.

Avoid personal conflict

You would think that gossip and drama would have died out after high school, but apparently not. You will find in some workplaces that rumours and chit chat tend to spread. While it may be fine and even entertaining to engage in this in small doses, you don’t want to get too involved. Before you know it, you might find yourself at the centre of a needlessly dramatic situation that you don’t want to be a part of it.

To limit the possibility of any further work stress, it’s better to avoid too much gossip. You should, of course, feel free to talk with your colleagues. However, if the conversation shifts to a topic that you’re not sure of or comfortable talking about, then quietly excuse yourself and move on to something else.

Make sure your workspace is comfortable

You might not realise it, but something as small as an uncomfortable chair can affect how you think about work.

That might sound ridiculous, but hear us out.

Imagine this: You wake up on a workday, get yourself ready and leave your house. Chances are you’d already rather be at home than going to work, or just about anywhere else for that matter. You finally arrive and sink down into your awful chair. The backrest gives you no support, there are no armrests and it feels like there are nails poking up just below the seat cover. This is all you’ll be able to think about for the rest of your shift.

Obviously this is specific to an office-type work environment, but anything in your workspace that irritates or distracts you can cause unnecessary work stress. If you’re going to be at work, you might as well be as comfortable as possible.

Separate your lunch breaks from your work time

Just like your commute, you should treat your lunch break as you-time. Whether it’s an hour or half an hour, use this time to disconnect from your daily tasks. It might be beneficial to leave your place of work during this time as well. Go for a walk to a nice spot and eat your clean lunch in peace. Even that small period of recuperation can boost your mood for the rest of the day.

Stay organised and don’t put too much pressure on yourself

Demanding too much from yourself is a sure fire way to allow work stress to overwhelm you. It’s extremely important to be honest about your abilities and the time that it will take to complete certain tasks. Make sure that you’re organised so that you don’t have to spend too much time getting your bearings, and take the time to do each task as well as you can. There’s no point rushing and doing a dodgy job which you’ll have to fix up later, as that will only cause further stress.

Establish some clear work-life boundaries

With the current state of technology, more and more people are taking their work home with them. Having email alerts on your phone means that you are constantly notified when someone needs something from you.

There might be an expectation in your line of work to respond to these no matter where you are or what time it is. However, your job should not encroach on your life outside of work. If you are able to, switch off these notifications on your devices and make it clear that you will not be dealing with these matters outside of work hours. There will no doubt be some exceptions from time to time, but it’s important to not let this become a trend. You deserve to have your own life, free of interruptions from work!

Raise any issues with your boss and/or co-workers

If you can’t reduce your work stress through your own actions, never be afraid to ask others for help. Issues with fellow staff, your workload or the overall workplace environment are serious concerns and should be taken to either your supervisor or HR representative(s). If they are doing their jobs correctly, they will hear you out and help to find solutions to the problems that you’re having.

Consider taking mental health leave or seeking compensation

Feel like you need a break as a result of work stress? Don’t be ashamed or embarrassed; many people experience the same feelings. Safe Work Australia states that work-related stress has been linked with high levels of:

  • Unplanned absences including sick leave;
  • Staff turnover;
  • Withdrawal and presenteeism;
  • Poor work and poor product.

If your job is causing you such stress that it is proving detrimental to both your health and work, then leave and/or compensation might be an avenue worth exploring. You can find out more on the Fair Work website’s sections regarding leave advice and workers’ compensation

If all else fails, seek better working conditions

At the end of the day, a job simply isn’t worth it if it’s negatively impacting your health. If you’ve done all you can but you’re still suffering, then it might be time to quit and look for work elsewhere. Besides, if you bring up your concerns with your boss and co-workers and they fail to take you seriously, that’s not a workplace you want to be a part of. Unfortunately, not everyone is in a position where they can simply leave their job.

Finding a new job can be a bit of a lottery. However, if your current position is causing you so much stress that it’s affecting your health, and there seems to be no end in sight, then handing in your resignation might be the best option. A new start could be just what you need.

Work stress isn’t the only issue that Australians face

Unfortunately, pressure and feelings of anxiety can crop up as a result of many different things. Apart from work stress, you might also find yourself having to deal with financial stress from time to time. Just like this blog post has (hopefully) helped you to deal with work stress, Personal Loan Pal can help to find an affordable loan for you!

We understand how costs can spring out of nowhere and hit you all at once. Not only that, but we know better than anyone that time is of the essence. That’s why we find quick cash loans, fast cash loans, cash loans faster than the speed of light, or on the spot loans! We make finding easy loans… well, easy! Not only that, but you can even apply for a loan through us if you’ve recently received a Centrelink cash advance. If there’s a personal loan out there that works for you, then Personal Loan Pal will find it. To take some stress off your plate, apply today!

PLP can find loans to get your business up and running. Learn more!

Superannuation and Retirement: Find out how to live your best life

superannuation

That feeling of bliss when payday is upon us. Ah, it’s a beautiful feeling. When your bank account chokes back into life and you are free to spend a few extra dollars on a fancy coffee. The illusion, however, is somewhat shattered when we glace over our payslip and notice tax contributions. Then, there’s superannuation. At the bottom of your payslip, you may have noticed a small sum of money and think “where has that money gone?” Well, it’s going into hibernation for your future!

Whether the future is far away or frighteningly close, it’s important to understand superannuation and how it works. So, let’s dive into superannuation and find out how it’ll really help your future.

Close up: Superannuation

What is superannuation?

The most befitting (and cutest) analogy to explain why we have super and how it works is by looking at bears. Over the span of autumn, summer and spring bears gather supplies and food for the winter hibernation, where they enjoy a nice dose of sleep and relaxation. Sound familiar? Superannuation is essentially us gathering food for the winter (retirement).

The winter of our lives (many would call the golden years), is a time to relax after 40 years of hard work. For rejuvenation and epic holiday naps. However, for all these perks, much like the bears, we do need a hefty nest egg of moolah to equal a stress-free hibernation.

So, taking bears out the picture, superannuation is essentially an effective way to save for your retirement. It’s a pool of money you cannot dive into until you’ve hit that sweet retirement age. Lucky for us Australians, our employers are legally required to contribute to our super. We can also make are our contributions to our little nest egg if you’re feeling generous towards your future self.

How does superannuation work?

Essentially your employer contributes to your superannuation every paycheck. Legally your employer must pay superannuation as part of your salary. The laws guarantee that your employer will contribute 9.5% of your earnings into your superannuation. If you’re a low-income earner (if you earn less than $37,000), then the government will also contribute an extra 15% of your income per year.

How to contribute to your superannuation

Of course, your employer’s contributions are the minimum requirement for superannuation. Don’t be afraid to chuck a couple of bucks in your fund for your future self. After all, getting older doesn’t mean you won’t want to treat yourself! Here are a few ways you can personally contribute to your superannuation:

  • Salary sacrificing: If you wish to salary sacrifice for superannuation, then your employer will direct some of your pre-tax income into super. From one loanpal to another doing this will also save you tax come tax return time!
  • Personal contributions from your income: You can also ask your employer to contribute a portion of your post-tax income into your superannuation
  • Straight from the bank: If you love to save then superannuation is the ultimate prize. If you feel like your savings account is looking healthy, then why not transfer some of the future savings?

What’s the role of your employment in super?

As mentioned above, your employer is required to contribute The Superannuation Rate Guarantee (9.5% of your income) to superannuation. Precisely when your super is paid depends on the employer. They are required to at least make contributions quarterly. However, they may make the contributions every pay. You must be paid superannuation no matter what contract you have. Whether you’re working as a casual, part-time, or full-time employee, or a contractor, you are entitled to super. Even temporary residents are entitled to superannuation payments in Australia.

Self-employment and superannuation

If you’re self-employed you have no legal requirement to pay yourself super. However, it’s obviously essential for your retirement. If you need some motivation to contribute to your future self, then, good news, because self-employed superannuation contributions are tax deductible!

What to look for in a good super fund?

Now, we know why we need superannuation and how it works, however, much like bears, we have many caves to choose from when it comes to storing food. For bears, they know exactly what to look for when they choose a cave. It should feel safe for the bears and the food. Same goes for us humans for superannuation. You want a fund that keeps your future money safe and protects your current finances. A trope many Australians conform to when choosing a superannuation fund is paying too much in fees. Apart from low fees, there are plenty of other good things to look for in a superfund:

Things to compare when searching for a superfund

  • Fees: the lower fees the better. You don’t want to waste too much retirement holiday moolah on storage fees. Even the slightest difference in fees can eat into your grey-hair-wandering funds
  • Extra benefits: For certain superfunds, your employer may volunteer more than 9.5% to contribute to your superannuation
  • Performance: Select a fund that has seen regular returns in the last 5 years. Look for solid consistency, not necessarily the best performer from the previous year
  • Insurance: Some people opt for insurance with their superannuation. Some super funds offer life insurance, total & permanent disability insurance (TPD) and income protection insurance. If you’re interested in taking out insurance with your superannuation fund, then perhaps consider a fund that offers cover that works for you
  • Service: Do they offer everything you’re looking for in your super fund? Your superannuation is your money, so you need to find a fund that works for your needs.

Loanpal tip: To help guide your senses towards the right superannuation fund, devise a checklist of all the things you are looking for in your super fund.

When it comes to searching for the right superannuation fund there are many options to explore. Like most things, the internet has made superfund searching easy. There are several sites that offer tools to compare super funds, such as Canstar.

Industry super funds

When mulling over superannuation funds, also consider an Industry Superfund. We’ve all seen the ads, encouraging us to be part of a superfund that understands your industry. Industry Super Funds is the largest collections of funds in Australia, with 5 million workers already opting for one of their funds. In some cases, your employer may already have a default super fund in mind. If that’s the case, check if it’s relevant to your industry. Industry relevant superannuation funds are a great option if you’re looking for a fund catered to your needs.

Here are a few major funds in the Industry Super Funds group that cater to a variety of industries:

  • Australian Super: Largest superfund in Australia, works for a wide variety of industries
  • Cbus: Perfect for workers in building construction and related industries
  • Hesta: Dedicated to employees in health and community services
  • Hostplus: Perfect for young workers in short-term jobs, such as hospitality and retail
  • Media Super: Long history working with the media industry, including print, digital, entertainment and arts
  • Maritime Super: Perfect for employees in the maritime industry
  • Legal Super: Dedicated to helping employees in the legal industry
  • REI Super: Perfect for employees working in the real estate industry and other related industries

So, as you can see there are plenty of options for your superannuation fund. Research and choose carefully, you don’t want to put your food in the wrong cave!

How the market affects your super fund

To understand your superannuation, keeping up with the volatile market is important. It may seem a little foreign to anyone who doesn’t work on the stock market. However, the market can affect the state of your super fund. If you see your super fund drop a little, don’t panic! Your superannuation is a long-term investment and it will most likely perform well in some years and fall in others. That is the fate of our capitalistic market, so, keep track of the market to avoid unnecessary panic attacks.

What about the government pension?

In Australia, the government provides us with a government pension on top of our superannuation. On average, a pensioner may receive around $410 a fortnight as single and $310 each for a couple. This may be enough to survive, but certainly not enough to thrive. That’s where planning for your retirement and superannuation comes in handy to give your retirement the star treatment it deserves.

How super do you need to retire?

On average retirement lasts 25 years – that’s over half of your work life! That means you need a lot of moolah to sustain a comfortable lifestyle. However, before you enter your golden years, it’s important to decide what you define as comfortable. It’s best to begin planning what you want from your retirement. It’s time for a vision board! A physical or digital one will do and begin visualizing what you want from your retirement. Ask yourself,

“What do I want from my retirement?”

Do you want to travel the world? Monkey about with your grandkids? Or invest your time in a much-loved hobby? The sky’s the limit, however, you need to find the right funds to reach that limit.

The Super Guide has calculated the ideal retirement package for anyone looking for a comfortable lifestyle. If you’re a couple you can expect to enjoy a comfortable lifestyle with an annual income of $60,457 with a superannuation sum of $620,000. In addition, add a lump sum from your age pension and you and your partner are ready for a comfy retirement.

If you’re livin’ it up as a single you can enjoy a comfortable lifestyle if you generate an annual income of $44,011 with a superannuation sum of $590,000 in conjunction with an age pension.

Of course, you know you best, so decide what necessities you need to survive the next 25 years and work that into your superannuation contributions.
If your dream retirement is just out of reach, why not consider easy loans to get you cruising around the Caribbean.

Let’s be Pals

Unlike bears, we don’t sleep through our retirement – we have to live and live well! So, keep reminding yourself to treat yo’ future self. You’ll thank yourself one day!
When it comes to financing, we can find the right lender that works for you, so get in touch today! We are 100% online, so we’re always there to help you on your loan journey. Simply hop onto our website and send us a quick message and our loan finding specialists will get back to you.

Want more of Personal Loan Pal? Great! Follow us on Facebook, Instagram, and Twitter and also keep up to date with the latest personal finance and lifestyle trends via our blog.

Have A Case of Bad Credit? Learn The Best Remedies To Improve Your Credit Score

credit score

Measuring the quality of products and services is something is that deeply entrenched in today’s thinking. We measure and draw conclusions from our income, jobs, homes, cars etc. Well, the same goes for borrowing and how you handle your finances. A credit score measures and displays how you handle your finances.

Your credit score is a very powerful ally when it comes to your borrowing a few bucks (or quite a few bucks). A credit score is a metric in which a lender will judge whether you’re eligible for a personal loan, home loan or car loan. Therefore, it’s incredibly important to maintain a good score, to make borrowing easy and hassle-free. However, life doesn’t always go to plan and sometimes our finances can go off track. A bad credit score isn’t a death sentence, you can always rebuild for a better financial future. So, let’s divine into the world of credit score and see how to rebuild one when things to south.

What is a credit score and who looks at it?

A credit score essentially represents your reputation to a financial lender. Without a credit score, they wouldn’t know your past financial history and how you handle your financial commitments. Furthermore, it’s really important to keep your score squeaky clean. Typically, the health of your score will affect how much moolah you can borrow from a lender.

A credit score is rated in between a calculated range that ultimately demonstrates your ability to keep financial obligations and repay the credit. When you’re applying for any type of credit, including a personal loan, or credit card, the lender will include your credit score as part of the assessment. The state of your credit will affect whether or not you are approved for a personal loan or credit card.

Calculating a credit score

Your credit score is akin to a school GPA. It simply calculates how your finances fair compare to others. Lenders will typically assign different interest rates depending on the quality of your credit score. Furthermore, if you have a poor score, they will deem you a risky investment and will increase your interest rates. Therefore, keeping your credit score healthy will save you money in the long run. Make sure you know the relationship between your credit cards and your credit score.

The most widely sourced score is calculated by FICO and ranges from 300 to 850. 850 is the top (virtually unattainable) score and 300 is considered a bad credit score. The slightest change in your credit score (even by 10 points) will affect the interest rates you are offered by a lender.

In general, any score over 740 is excellent and will give you the best interest rates. If your score is below 660 then it’s like you’ll be offered poor rates compared to other customers.

To calculate a credit score, FICO examines your credit report. A credit report is a document containing all the information of your past financial interactions. Your credit score is made of different facets and each is weighted differently. Here’s a breakdown of how FICO calculates your credit score:

  • 35% payment history
  • 30% amount owed
  • 15% length of history
  • 10% new credit
  • 10% types of credit used

And the greatest of these is…payment history. Payment history largely dictates the result of your credit score. Payment history is a record of whether you’ve paid your bills on time. So, when you’re looking to improve your credit score, repaying your loans on time is a key factor. More on that later on.

Payment history may be the heavyweight, however, FICO examines all the listed components of your finances and calculates them into a credit score.

A Bad Credit Score

Having a good credit score is extremely beneficial when it comes to borrowing credit. Therefore, when you have a bad credit score it can significantly damage your ability to borrow credit and also incur higher interest fees. There are many contributing factors that could hurt your credit score. Here’s a list of top culprits that can topple your credit score (so, keep an eye out!):

  1. Late repayments

    If you are late to pay any of your loan or credit card repayments, it can heavily affect your credit score. Furthermore, it’s vital to stay on top of all your repayments and to not commit to a loan you cannot repay.

  2. Top tip: To avoid late payments, always make sure you have your repayment funds in a separate account to eliminate the temptation to spend.

  3. Loan Defaults

    Loan defaults are just as detrimental to your credit score as late repayments. Defaulting on your loan demonstrates a lacking in financial stability and will generally incur higher interest fees.

  4. Having an account charged off/sent to collections

    If your lender has reason to believe you’re not going to repay your loan, they will charge off your account. Sometimes they might send your account to collections. Lenders often use third-party debt collectors to collect payment from you. Both of these actions deeply affect the health of credit score.

  5. Filing for bankruptcy

    Bankruptcy is the last resort for most people after they have exhausted all other options. Before filing for bankruptcy, it’s a good idea to seek alternatives, such as debt consolidation.

  6. Receiving a judgement

    If a case of late repayments involves the court, then you’ll receive a judgement. It’s important to pay your judgement, as an unpaid judgment will further worsen your credit score.

  7. High credit card balances

    Your level of debt is extremely important when it comes to calculating a credit score. Level of debt is measured by credit utilization, having a high credit utilization decreases your credit score.

  8. Closing credit cards that still have remaining balances

    Stopping a credit card that still has a remaining balance could imply that the credit card maxed out, causing your credit score to drop.

  9. Closing old credit cards

    The length of your credit card history makes 15% of your score, so, it’s important to keep all your credit on the report. Closing old credit cards implies that your credit history is shorter than it really is.

  10. Applying for credit cards and loans in bulk

    Credit inquiries only account for 10% of your credit score, however, it’s an easy 10% to maintain. Simply limit your loan and credit card applications. So, shop around for the best personal loan for you before applying (having trouble finding a loan? That’s where we come in!).

  11. Only having one type of credit on your history

    Only applying for one type of your credit will look poor on your credit history. Diversity in credit accounts for 10% of your credit score, so keep an eye on the type of credit you apply for.

How does bad credit affect you?

Unfortunately, having bad credit does affect how lenders see you when you apply for a loan or credit card. Typically, an applicant with poor credit is viewed as a riskier investment. With sufficient evidence that you’ve struggled with repayment or finance in the past, it may be hard to be approved for new credit.

When you apply for credit with bad credit, you’ll likely to (unfortunately) encounter a sea of rejections and extra costs. You’re also likely to run into problems with renting apartments. Some landlords may not approve your application due to poor credit history or simply demand a higher security deposit. If you’re looking to rent, see how to rent with bad credit.

Other essential expenses that may increase with bad credit is insurance premiums, car loans, utilities, cell phone contract. So, if you have a poor score, account for the potential increase in these expenses in your budget.

From this testimony, you may be thinking that bad credit is a death sentence. Well, it’s not. Life happens and the most important thing to pick yourself up when you’re down.

So, dust yourself off and listen to this!

The power of the internet has forged a path for a generation of money lending online sites that are more lenient than traditional lenders. We are one of them! We find you the loan that is suitable for your financial circumstances. So, whether it’s bad credit or you’re receiving Centrelink payments, we would love to help!

How to improve your credit score

We told you there was light at the end of the tunnel! When there’s a problem, there is always a solution. You simply have to find it. So, to help you on your credit score cleanse here are some top tips on how to improve your credit score.

Admitting and seeing that there is a problem is the first step to solving it. The second step is to start paying your bills on time. It may seem obvious, however, it’s the most important step to start repairing your credit score. 35% of your score accounts for payment history, so it’s a vital makeup of your score.

Other remedies that can rebuild your credit score include:

  • Not applying for new credit: Focus on repaying your old credit on time. Set up goals, charts and rewards for when you make repayments on time.
    Paying off any outstanding loans and debts: Again, focus on repaying your old debt on time. Set a goal on your calendar to be debt-free and count down the days until the celebration can begin!

  • Keep credit card balance low: Refrain from borrowing more money on your credit card. Credit card debt can be like a cotton wash cycle that never ends.

  • Keep your debt-to-credit ratio balanced: For example, if your credit card has $2,000 limit and your credit card balance is $300, then 15% debt-to-credit ratio. Furthermore, if you tend to spend a similar amount of your credit card month-to-month consider applying for a card with a higher limit to lower your ratio.

  • Diversify your credit: If your credit history was a movie it should look like Hidden Figures; inclusive of all types of credit!

Personal Loan Pal and bad credit personal loans

At Personal Loan Pal we believe that you don’t plan emergencies, that’s why you need a quick Plan B that will see you through a tough time. We will pair with you a lender that is suitable for your financial needs. Someone who can understand the situation and help get your finances back on track. Bad credit personal loans are a variable option when you have bad credit and need a tiny boost in your funds.

Let’s be Pals!

We are 100% online, so, unfortunately, we can’t be there in person, however, we’d love to help you on your loan journey.

Have questions about our loan service or about bad credit personal loans? Simply hop onto our website and send us a quick message and our loan finding specialists will get back to you.

Want more of Personal Loan Pal? Great! Follow us on Facebook, Instagram, and Twitter and also keep up to date with the latest personal finance and lifestyle trends via our blog.

Loans Australia could be the answer to your money woes. Let PLP find you a lender!

Private health insurance: Is it worth it?

private health insurance

The question of whether to get private healthcare insurance is something that Australians debate often. Even one of Australia’s largest private health insurance companies, Medibank, are asking Australia the same question. Is private health insurance better? Their latest ad campaign asks the question “who is private health insurance right for?” The ad tackles a variety of issues for and against private health insurance. Sayings like,

“I don’t need health insurance. I’m fit as a fiddle.”

“Good to know the public health system is always there.”

“Health insurance is quick – if you need it now you can get it now.”

Every Australian has their own reason for either taking out private health or forgoing the expense – and it is a notable expense. So, let’s dive into private health insurance, what is it and why it’s worth considering, and does cheap health cover Australia exist?

Firstly, let’s look at the types of hospital costs

As you can imagine when you delve into hospital costs, there is plenty you don’t think about, which is why many opt for private hospital health insurance. Unfortunately for us, staying healthy can sometimes be a costly experience (whether you have health insurance or not).

Here’s a list of costs you might encounter at the hospital:

  • Intensive care
  • The difference between the doctor’s fee and Medicare payment (that’s where private health insurance comes in)
  • Hospital accommodation (some surgeries require patients to remain in the hospital for several days)
  • Operating theatre fees (doesn’t involve films or popcorn)
  • Blood tests, x-rays, or CT scans
  • Any required medication
  • Extra doctors’ fees (cause doctors don’t get paid enough)

If you are treated in an emergency unit in a private hospital (without insurance) you may be required to pay more as this unit is not covered by Medicare.

Private health insurance: basic facts

What does Private Health Insurance cover?

The flexibility of choice is the main argument for private health. Opting for private health means you’ll have access to private facilities. For example, if you’re a private patient at a private hospital, you’ll have a choice of hospital and doctor. However, if you’re a public patient at a public hospital you are limited to public hospitals (or suffer the terrifying costs) and have no choice in a doctor.

In therapy, private health insurance should cover that extra 25% of MBS for associated medical costs. Never heard of MBS? Well, it stands for the Medicare Benefits Schedule. Medicare will cover 75% of the MBS fee, and the patient pays the remaining gap. Furthermore, private health insurance should cover over 25%, depending on which cover you choose.

This last sentence is key. When it comes to private health insurance, it all hangs on how much you pay. The variety of plans that cover everything from the basic emergency hospital cover to nerve treatment (or other terrifying surgery you can think of).

Some private health insurance providers can offer the age private health insurance, so essentially health plans that are age-appropriate.

What is the best private health cover for singles?

So, let’s imagine your a single private health patient in a private hospital and you’re selected the base level of private health insurance cover. Your plan would most likely cover:

  • Ambulance services
  • In-hospital medical services
  • Overnight accommodation in private hospital or shared room in public
  • Same-day admission
  • Intensive care
  • Theatre fees
  • The minimum benefit for surgical implant prostheses included on the Australian Government Prostheses List (benefits for prostheses depend on what you require)

Now, to look at surgeries that are included in most basic plans:

  • Appendicitis
  • Rehabilitation services (only partially some plans)
  • Accidents sustained after joining
  • Removal of tonsils and adenoids
  • Wisdom teeth
  • A hernia
  • Palliative care (only partially some plans)
  • Spinal fusion
  • Colonoscopies
  • Pregnancy and birth related services

Note: This list was compiled from looking at Bupa, ahm and Medibank and the services they cover on their basic plans. It is not a complete list of surgeries that each company covers.

Top Australian Health Insurance Providers

In case you don’t watch TV, go on the internet or commute on a train, let’s take a look at private health insurance comparison to help find what suits you best:

Medibank: known for adding value to standard packages

Bupa: known for value packs, such as optional pharmacy saver

Ahm: “the cheap one.” Offers $200 off hospital plans for couples and families until 30 April

HCF: known for My Health Guardian chronic condition program

Australian Unity: known for granting freedom to tex mex for your hospital covers

Teachers Health: known for developing new programs that provide more cover

Defence Health: known for providing discounts on glasses (common though, in the field of private health). Strictly for the defence community.

CBHS: known for access to their Best Doctors network

Nib: known for offering a 30-day guarantee to new customers. You can cancel your plan within 30 days without losing your premiums

HBF: known for flexi-options that give you the freedom to update your cover

What are the benefits of private health insurance Australia?

Gap cover

You may be thinking, “Medicare covers 75% of my medical costs, so why private health insurance?” Well, depending on the surgery or procedure that 25% gap can seem like an abyss of endless payments. So, that’s when private health insurance gap cover.

Gap payments are the outstanding amount of what a hospital or specialist charges and what Medicare covers. Depending on your level of private health cover and costs, your private health may not completely cover your gap.

Gap cover is when your private health insurance provider has an agreement with the hospital or doctor to cover out-of-pocket expenses. When you’re on the hunt for a private health provider, look at gap cover and see what plans provide it. It can certainly help to reduce hefty expenses if you have any specialist appointments you’re GP urges you to book.

Avoid hideously long hospital waiting lists

When you require scheduled surgery, private health insurance no waiting period comes in handy. Scheduled surgery or elective surgery is a surgery that is not particularly urgent. It can include anything from cataract removal to joint replacements or appendix removal.

In the public health system, the waiting list for elective surgeries can be long and gruelling. Some surgery lists are years long. However, the average waiting list length in 2016-27 was 38 days. So, the waiting period and whether it’s worth taking out private health insurance would depend on the surgery required.

Another aspect of the public health system is priority patient order. Priority patient order gives priority to urgent cases in the public system. Therefore, you can have surgery scheduled months in advance, yet, if another patient needs surgery urgently, your surgery may be pushed back.

So, you guessed it, health insurance eliminates the priority patient order. You’ll be granted a surgery time and date with the doctor and hospital of your choice.

Luxury hospital accommodation (a.k.a you have access to a private room)

Being covered by private health insurance also entitled to the 5-star hospital experience. Well, actually just a private room (you can’t expect too much for a hospital). If you opt for the public health system, you’ll often have several roommates while you’re recovering.

Dental cover

Living in the public health system will give you GP visits, surgery at a public hospital and discount medications, however, for the dental care you still pay the big bucks. A dentist is considered a specialist and isn’t covered by Medicare. Even the most basic treatments like a checkup or clean are very expensive. There are state-run public dental clinics available, however, they are typically for pension or concession cardholders. In addition, paying for private health will save the stress of saving your hard own moolah for a dentist appointment.

Selecting your doctor or surgeon

When your doctor delivers the bad omen; you need surgery, you have the freedom with private health insurance to find and select your own health insurance. Having your surgery in the public system means the doctor on duty will perform your operation.

Avoid Medicare levy Surcharge

Now, despite how to may seem, the public health system isn’t free. We pay for through tax and higher-income earners contribute more through the Medicare levy surcharge. If your income is $90,00 a year single or $180,000 as a couple you may pay an extra 1% surcharge on your income. That equals about $900, and, in addition, if your income is higher the surcharge increases to 1.25% and 1.5%.

The levy was introduced to tempt higher-income earners to health insurance to take the pressure off the public health system. So, any private health insurance hospital plan with an excess of $500 or less for single, or $1000 or less for couples is the ticket to escaping the pesky levy charge.

The costs of health insurance

Like all forms of insurance, private health is a balancing act. A weigh up between risk and cost.

When you’re applying for health insurance, you’ll be quoted different rates, depending on whether your a single, couple, family or a single-parent family.

So, when it comes to health costs, it’s important to know what you have to pay.

When you have to undergo treatment at a hospital, there are three questions to ask in regards to costs. Here are three essential questions to ask your doctor or hospital staff:

  1. Does my health insurance cover this treatment?
  2. Are there any waiting periods, exclusions or minimum benefits on my health insurance policy?
  3. Do I need to pay any excess or co-payment?

Avoid unexpected medical costs by knowing what you’re in for.

So, know your plan.

Therefore, understand exactly what your private health covers and how much extra you are required to pay. If you do find yourself with an overly steep medical receipt, take a look at our medical loans to help carry the burden.

Who does health insurance work for?

The athlete

If your weekends are overrun with rugby games and gym, then perhaps consider private health insurance. Some private health insurance plans cover physio appointments and also any surgery you may require.

When you’re Mental Health is struggling

Who doesn’t fall into this category?! One in five Australians aged 16-85 experience a mental health illness in any year. Most of these illnesses being depressive, anxiety and substance use disorder. Under Medicare, everyone has access to 10 sessions with a psychologist. However, for higher-level care, private health insurance can help to combat extra costs.

Specialists junkies

If you can’t get enough of chiropractic appointments and specialist massages, then consider health insurance. Of course, it’s best to punch the numbers and calculate how much you spend on appointments compared to the cost of private health insurance premiums.

The Sugar Obsessed

If you can’t stop snacking on sweets, consider health insurance, as dental appointments will cost you on average $288. So, if you find yourself with regular trips to the dentist, perhaps consider paying that money into private health insurance and receive more benefits!

Addicted to the latest specs

Need to wear glasses and love having the latest look? Well, health insurance may be right for you! Most private health insurance Australia plans cover eye appointments and contribute money towards a new pair of trendy specs.

Taking a look at Public Health

Approximately 45% of Australians don’t have public health. So you’re not alone if you’re thinking, you don’t need it. With our excellent public health system, we can see a GP, have surgery in a public hospital, or buy PBS medications. The system covers the basic medical expenses that an average, relatively healthy person requires. Check out benefits that can be claimed for childcare.

Already decided on Private Health? Here’s how to compare plans

Furthermore, there are different services that provide private health insurance comparison. Here’s a handy list of services if you’re looking to check out private health costs:

iSelect

Canstar

Compare the Market

Finder.com

Different private health insurance funds offer different types of cover, so shop around to suit your needs, before buying.

Ensure that if you’re struggling with financial hardship that you choose the correct loan provider.

So, that’s the complete lowdown on private health insurance. When all is said and done it comes down to how much you spend on your health and whether having private health insurance will save you money.

If you find yourself in a sticky situation with medicals and you’re not covered, chat to us and apply for a fast loan for a quick fix.