Loan Rate Comparison launches to help you select best personal loan options
The industry of payday loans has boomed in recent years, paving the way for dozens of lenders to offer small personal loans across Australia.
Payday loans, or cash advance loans, are usually less than $2000, typically several hundred dollars, but charge higher rates of interest than the banks — sometimes equal to 300 per cent when calculated on an annualised rate.
Low-income earners often find themselves turning to payday lenders to make ends meet, but need to be careful about who they choose and the lending terms which could see them caught in a debt spiral of back-to-back loans with very high interest repayments.
The industry today is split between the traditional shopfront operators such as Cash Converters, and the new wave of online lenders such as Nimble, which have sprung up to target a slightly wealthier, tech-savvy demographic.
Recently a new service was launched to help borrowers navigate the large range of lenders and offerings. LoanRateComparison.com.au lists and compares the various lenders, showing interest rates for varying borrowing periods providing a star rating to help visitors choose the best loan or lender for their needs.
Depending on the loan features you’re after, you can compare loans based on interest rates, loan amounts, loan terms or fees.
Using detailed comparison tables and guides, LoanRateComparison.com.au takes you through the main features of different personal loans and the lenders that offer them.
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