Personal loans staging a comeback

For many years, personal loans have not been very popular and many people have favoured using their credit cards. However, that seems to be changing. Fixed-term personal loans borrowing for cars, boats and travel has jumped 38% since its low point in November 2008.

Personal loans for new cars were up 8%, personal loans for boats up 19%, and unsecured loans for blocks of land were up 50%.

The Australian Bureau of Statistics figures, released yesterday, also show a modest 6% growth in credit card and personal revolving credit limits. Over the year to November 2009, commercial lending is down 8%, despite the 4% jump in November.

If you are looking for a personal loan for a car, boat, holiday or to do home renovations, speak to the mortgage brokers at Intellichoice on 1300 55 10 45.