When was the last time you went to a concert? Did the pandemic sideline your plans to see your favourite musical again? Speaking of sidelines, do you even remember what the inside of a sports ground looks like?

The past 18 months or so, have taught us is the importance of living for now and living life to the full.

Many of us discovered joy in the simple things that don’t cost much, but we can’t wait to get back to normal, and that might mean spending a few dollars.

Our friends at NOW Finance have shared some tips to make the most of your money.

What are you looking to drop some cash on?

Say you already budget for your season ticket for the footy, or always keep a few hundred dollars each month for going to concerts and shows. Your personal budget already considers these, right?

But what if you’re looking at a big-ticket purchase? A new car, that long wished for home reno or the opportunity to finally get abroad on that once in a lifetime trip.

To do those things, you might decide to get a personal loan.

What if your loan could help you to catch up on what you’ve missed? How great would it be to go to the cricket and the footy? Or fit in a concert or another event midweek?

You’re not going to use a loan to buy your tickets for all these things, but the loan you choose could help you get them.


Avoiding personal loan fees means you can do more

Typically, when you borrow, your loan will include several fees, including:

  • Application and establishment fees. You might have to pay a fee just to apply, with no idea if you’re eligible or the actual rate you’ll get. Some lenders charge establishment or set-up fees instead. You may not notice these at first glance because they’ll be built into your comparison rate, but you could be paying up to $600.
  • Maintenance fees. How about paying $15 a month in “admin” fees when you never call your lender or do anything other than make your repayment? If you borrow for five years, that’s 60 lots of $15 – $900 – added directly onto what you owe.
  • Additional repayment fees. Paying a fee because you can afford to clear your debt quicker – talk about no good deeds going unpunished.
  • Early termination fees. You pay when you make an extra payment, and you’ll do so again if that means you’re able to exit your loan early.

Even without the fees for making extra payments, a loan on the above basis costs you $1,500 more than it needs to.

Imagine someone gave you $1,500 to spend on tickets for your favourite events.

How quickly could you catch up on the events you’ve missed going to since 2020?

How much more fun could you have with your family and friends, be that at the footy, a musical, or a family experience?

If you’re looking for a loan to pay for your next big purchase, give yourself that $1,500 by finding a personal lending product with no fees.

Spotting loans with high fees

It’s simple.

If you’re looking at a loan with a significant jump from the interest rate to the comparison rate, that difference is all fees.

Even if there isn’t a significant jump, your comparison rate won’t include additional repayment or early termination fees. So remember to check if you’ll be hit with these before applying for a loan or accepting an offer.

No fees, none of the bank, and more money to do the things you love

All NOW Finance personal loans have no fees, meaning you can take advantage of the extra borrowing capacity or spend your savings to catch up on the things you’ve missed and love doing.

Check if you’re eligible for a NOW Finance personal loan and get your guaranteed rate, and enjoy a personal loan with no fees and none of the bank.