Debt consolidation is the number one reason Australians take out personal loans, says Plenti


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Whether it’s spending more time at home or getting a new perspective on life, many Australians across the country have made great strides towards meeting their financial goals by taking out a personal loan.

In fact, according to a recent update to the loan book of peer-to-peer lender, Plenti, debt consolidation (27%) was the top financial reason for applying for a Plenti personal loan.

The other major reasons a personal loan was taken out were spending on renewable energy (25%) and home improvement (13%), suggesting that more Australians are looking to increase the value of their house.

Interestingly, 30% of current personal loan customers were between 30 and 39 years old, while more than half (52%) earned between $ 50,000 and $ 100,000.

If you are considering taking out a personal loan, it can be difficult to find the right option for your needs and financial goals. The good news is that if you have a decent credit history, you might have access to low interest rates, as many providers offer competitive rates to these types of borrowers.

To help you start your search, we’ve rounded up some great personal loan deals available in the Mozo database.

*DISCLAIMER: The Comparison Rate combines the interest rate, fees, and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of a loan of $ 30,000 for a term of 5 years or a loan of $ 10,000 for a term of 3 years as indicated, on the basis of monthly principal repayments. and interest, on a secured basis for secured and unsecured loans. basic unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and conditions will result in different compare rates. Costs such as drawing charges or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo provides general product information. We do not consider your personal goals, financial situation or needs, and we do not recommend any specific product. You should make your own decision after reading the PDS or offering documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to apply for a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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