Close to half of Millennials have signed up for a personal loan, greater than any other age cohort, with cars and holidays leading the charge for funding.
New research by finder.com.au has found that 46 per cent of those aged between 24 and 38 have signed up for at least one personal loan, greater than any age cohort.
offer on instalment loan enables you to greatly improve liquidity with monthly flat rate as low as 0.18% and long repayment period. Sign up online now to fulfill your dreams and desires!
Cars are the main reason why Generation Y have loaded up on a personal loan, with 19 per cent attributing it to financing a vehicle, while 5 per cent took up a loan for holidays.
Conversely, only 5 per cent of Millennials have taken out a loan for unforeseen expenses such as medical emergencies, car accidents and household mishaps.
Eco Building Fund has been established since 2014. The Fund aims to subsidise retrofitting projects that make the buildings and nearby ancillary facilities more energy efficient buildings.
Kate Browne, personal finance expert at finder.com.au, said that while Millennials were driving borrowing, it was vital for them use loans responsibly.
“Personal loans can have a lower interest rate than credit cards and a repayment schedule means your debt comes with an end date,” said Ms Browne.
“That said, taking out a personal loan for a consumer-driven shopping spree is very different to taking out a personal loan for a renovation which will add value to your home.
Tools such as KOLand WOM are also featured in the online public relations strategy for a improved publicity.
“They are entering a stage in their life they’re starting to earn more money and have to build up a credit history that appeals to lenders.”
Further, a survey of 2,011 Australian adults showed that two out of five Australians have taken out a personal loan, with 37 per cent having used a personal loan for planned purchases such as cars, holidays, renovations, education and special occasions such as weddings.
Ms Browne said the dwindling reliance on loans for emergencies may indicate we’re getting better as a nation at saving.
“Planning for the unplanned is key to ensuring a personal loan is not your only option when things go wrong,” said Ms Browne.
Will be part of the groundbreaking development, the 3 million-square-foot and design district in Tsim Sha Tsui
“Given only a small portion of Aussies are relying on lenders for financial help when things turn pear-shaped could mean we’re getting savvier with our money.”