Personal loans are an alternative to Buy Now, Pay Later (BNPL), offering fast access to upfront funding and predictable repayment structures that take the stress out of big purchases.

MELBOURNE, AUSTRALIA / ACCESSWIRE / May 27, 2024 / The Federal Government recently requested submissions on the exposure draft legislation to regulate Buy Now, Pay Later (BNPL) products, in a move to better protect borrowers.

As their name suggests, BNPL products allow Australians to buy an item and then pay for it in interest-free instalments. However, these products are not currently subject to the same regulations banks and lenders abide by, including dispute resolution and hardship support.

According to non-bank lender Liberty, a personal loan could be a good option for borrowers seeking funds for multiple purchases or larger amounts.

Manager - Group Communications Kate Jenkinson says personal loans can provide fast funding for a variety of purposes and typically offer a higher limit.

"Personal loans support Australians to fund big purchases or projects that might have otherwise been out of reach," Ms Jenkinson said.

"This means borrowers can not only reach their goals faster, but the fixed repayments could make ongoing budgeting easier to manage."

Personal loans can help borrowers achieve various goals, from debt consolidation to buying a new car or caravan. Loans could also fund home renovations, overseas holidays, unexpected medical expenses, or bridge cash flow gaps.

"Personal loans provide quick access to funds while also offering borrowers a clearer understanding of the exact costs involved."

Liberty's free-thinking personal loans offer tailored rates based on several factors such as credit score and financial history.

While some traditional lenders might not accept borrowers that have had past financial hiccups or bad credit, Liberty takes a more holistic approach.

"At Liberty, we know not everyone fits into the same box. We look at a range of factors and take a more personal approach to helping borrowers secure the funding they need. Our goal is to help individuals reach theirs," Ms Jenkinson said.

About Liberty
As one of Australia's leading non-bank lenders, Liberty offers innovative solutions to support customers with greater choice. Over more than 26 years, this free-thinking approach to loan solutions has seen more than 850,000 customers across a wide range of home, car, business and personal loans, as well as SMSF lending and insurance products. Liberty remains the only non-bank lender with an investment-grade credit rating offering custom and prime solutions to help more people get financial.

Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 87 2 Australian Credit Licence 388133, together trading as Liberty Financial.

Contact
Kate Jenkinson
Manager - Group Communications
P: +61 3 8635 8888
E: mediaenquiries@liberty.com.au

SOURCE: Liberty