Sponsored article by  Harmoney Personal Loan


When it comes to finding a personal loan to consolidate your debts, it is worthwhile investing some time and effort into understanding your needs and your options, so you don’t end up paying more than you need to. When it comes to debt consolidation, the aim of the game is to:


Borrow as little as possible

When it comes to determining how much you need to borrow, less is always better. Don’t accept a higher loan amount if it is offered to you. That extra amount will be spent and will end up accruing interest, leaving you further from your goal of paying off your loan.


Get a rate tailored to your circumstances

Risk-based lenders, like Harmoney, tailor their interest rate and maximum loan amount to each applicant individually. By accessing your credit score and credit file information, they’re able to determine creditworthy borrowers who’re looking for competitive rates, meaning if you have a good credit score, you could have a higher chance of getting a lower interest rate on your loan.


Minimise potential fees

Make sure that you are aware of any fees and charges associated with the loan to minimise your costs. An example of this are early repayment fees, which are not charged on every personal loan.

Pay attention to the comparison rate, as it will give you a comprehensive view of the loan, incorporating the fees associated with the loan.


Pay it off as soon as possible, in instalments that you can afford

When you know what your rate might be, you can use Harmoney’s Personal Loan Calculator to determine what your monthly repayments might be over different loan terms. The shorter the loan term, the higher your repayments will be and the less interest you will pay over the course of the loan.

However, you don’t want to put yourself under financial stress trying to meet unrealistic repayments that you may miss, which could damage your credit score. Create a realistic budget that factors in unexpected costs (like car repairs) to make sure you don’t find yourself struggling to make your personal loan repayments.


If you are currently in the market for a debt consolidation personal loan, visit Harmoney to find out your personal loan rate without harming your credit score today!


Visit Harmoney


Harmoney Australia Limited ABN 12 604 342 823, holds Australian Credit Licence Number 474726 and Australian Financial Services Licence Number 474726.


This article is sponsored by Harmoney