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When choosing a personal loan you have two options – you can either apply for the loan directly through a bank or another lender, or use a personal loan broker. A personal loan broker doesn’t actually lend you the money, but they do a comparison of the different alternatives from a variety of lenders and come back to you with some finance options that best suit your circumstances. Once your loan application has been accepted and you have the money, you will then deal directly with the lender.

Should I get a personal loan broker?

There are several perceived benefits of using a personal loan broker, but some of these benefits are not as relevant these days as they might have been in the past. Traditionally, a broker saves you a lot of time and effort by negotiating with different lenders on your behalf and doing a lot of the running around between the banks. Personal loan brokers can often get you a good deal as they know the latest and greatest offers out there, and they may have good relationships with some of the lenders. But with the ease of the internet, it is now much easier to compare the latest deals and offerings from the comfort of your own home. With so much business now done online, searching online and exploring different options yourself is a much easier process and a lot less time consuming than it has been in the past.

How can a personal loan broker help me?

A personal loan broker will need to have access to your financial information so they can make an informed assessment about the personal loan that is best for you. Their research can take time, so if you’re in a hurry you may be better off to apply directly with a bank or lender who can get you express loans.

Some online lenders offer same day loans so you can get access to the money on the same day you apply for the loan! Once you decide on the personal loan you want to go with, a personal loan broker can help you with the applications process too, which at first glance looks like a big-time saver. But in reality, you’ll still need to provide them with all the information and documentation they need, so it may not save you as much time as you think.

Other times when it may be useful to use a personal loan broker is when you have a bad credit rating and are finding it hard to get a loan approval. With some of the online lenders though, such as MoneyMe, even if you have a bad credit history you still may apply for personal loans. This is because of the changes in the information a credit report now provides to lenders. These reports now also capture your most recent history to help create a bigger picture of your financial circumstances. This allows the potential lender to see if you have plans in place to manage your listed debt and whether you are making any progress. They can then make a more informed decision about whether to give you a loan.

What to expect when getting a loan broker

Although there can be benefits of using a personal loan broker, there are also some disadvantages. Firstly, some lenders will only go direct and are not prepared to work with brokers so by using a broker you will limit your personal loan options. Your personal loan broker will most likely receive a commission from whatever lender you decide to go with, but some brokers may also charge you a fee, so it’s best to ask about that upfront. Some brokers also have minimum loan amounts they are prepared to deal with, so for very small quick cash loans, you may need to deal directly with the lender. With so many personal loan brokers out there, if you decide to use one, you’ll need to make sure you find an experienced personal loan broker you can trust.

What if I don’t want to hire a loan broker?

If you are looking for an alternative to using a personal loan broker, but still want to ensure you get a great deal, MoneyMe provides quick loans at low interest rates tailored to your credit profile and history. And, depending on who you bank with, you can have up to $50,000 in your account in less than an hour. The online loans application process is simple and straightforward, and is done entirely online. Gone are the days of needing to provide extensive paperwork, fill out endless forms or partake in lengthy phone calls. At MoneyMe we use a trusted and secure portal which allows us to access 90 days of your bank statements online in a matter of seconds. But rest assured, we have read-only access to this information with no ability to change anything or access your password. It just means less work for you. Security is a priority for MoneyMe and they use the same online security measures as the banks, and other reputable payment companies. You’ll be surprised how quick and easy the loan application process is!

Not only is the application process fast, but thanks to the latest financial technology that is used by MoneyMe, you’ll know the outcome of your loan application quickly, too. Our charges are completely upfront, so you won’t be hit with any unexpected fees or charges that you didn’t know about. And if you need any help along the way, we have a dedicated support team who are able to assist you 7 days a week. 

Fast and easy cash at your fingertips

Whether you need instant loans for unexpected bills or car repairs, or a larger loan for an upcoming holiday, house renovations or a new car, with MoneyMe you can borrow small loans from as little as $5,000 and larger loans up to $50,000. With the uncertainty of life, you never know what is around the corner so it’s reassuring to know you can borrow money quickly when you need to. The cost of borrowing will vary according to your MoneyMe loan rating, whether you are getting short term loans or loans with longer terms and the loan amount. For an unsecured personal loan from $5,000 to $50,000, the repayment period is between 12 months and 60 months. With simple fortnightly or monthly repayments aligned with your pay cycle and no early exit fees, if you are over 18 years old and working in Australia, it’s a great option if you’re looking for a personal loan. Once you have your loan approved and access to your money, you’ll get your own personal loan dashboard where you’ll be able to monitor and manage your personal loan details, so you’ll always be able to keep on top of your loan. 

Although using a personal loan broker has its benefits, if you need easy loans that provide access to your money quickly, MoneyMe, one of Australia’s favourite online lenders, is a great alternative. Sign up for a MoneyMe personal loan today, and you’ll be able to start using the money even before you know it!