Don’t get stuck in a personal loan cycle of debt

Personal loans are often cheaper than credit cards and are a great way to consolidate debt or make a big purchase like a car. However the Australian Securities and Investment Commission has been investigating some personal loan providers in the payday loan market who have not been complying with responsible lending rules.

People looking for a personal loan are advised to stick with reputable banks, credit unions, peer-to-peer lenders and personal loan providers listed on comparison sites like infochoice.com.au

Source: Bankheadlines.com.au

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