Do you want to crush the debt? Here are Editor Mozo’s picks to help you say “Adios! »To what you owe

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While spending can be fun, paying down personal debt isn’t.

But the truth is, the longer you leave your debt unpaid, the worse it gets for you. Not only will you pay off more interest, it can negatively affect your credit rating, which will reduce your chances of borrowing or getting a good rate later.

So whether you’ve racked up too much on your credit card or have multiple debts that you can’t control, now’s the time to crush it and finally say “Adios!” “.

From debt consolidation loans to 0% balance transfer deals, we’ve rounded up a few options that can help you clear your existing personal debt.

Compare debt consolidation loans

NOW Finance Unsecured personal loan without fees
  • Fixed rates from 5.95% pa (comparison rate of 5.95% pa *)
  • Winner of the 2021 Mozo Experts Choice Award ^ for the best unsecured personal loan
  • No charges

If settling your multiple debts needs to be simplified, you may want to consider a debt consolidation loan from award-winning lender NOW Finance. This no-fee unsecured personal loan doesn’t just come with a fee as the name suggests, it also offers competitive rates based on the customer’s credit rating. These fixed rates start as low as 5.95% pa (5.95% pa * compare rate) for applicants with excellent credit history. Be aware, however, that if you are struggling with your debt and your credit rating is not excellent, the rates go up to 17.95% (17.95% compared to the comparison rate *), which may end up costing you more than less if you choose to consolidate. Some other things to note about this loan are that the loan amounts are between $ 5,000 and $ 50,000, loan terms range from two to seven years, regular repayments can be made on a weekly basis or fortnightly and additional refunds are allowed (no withdrawals).

OurMoneyMarket low rate personal loan
  • Fixed rates from 5.45% pa (comparison rate 6.07% pa *)
  • Winner of the 2021 Mozo Experts Choice Award ^ for the best unsecured personal loan
  • Additional refunds and authorized withdrawals

Are you looking for an award winning debt consolidation loan with repayment flexibility and minimal fees? Check out the OurMoneyMarket low rate personal loan. This unsecured product has fixed rates that start at a competitive rate of 5.45% pa (comparison rate 6.07% pa *), based on a customer’s credit rating. Loan amounts range from $ 2,001 to $ 75,000 and loan terms range from one to seven years. And when it comes to paying off your loan, you have the choice of a weekly, bi-monthly or monthly repayment schedule as well as the option to make additional payments and repayments. Plus, there’s no additional repayment penalty for customers who pay off debt in advance, and there’s also no ongoing service charge. Keep in mind that there is an upfront application fee of $ 250 and for clients with less than excellent credit scores, rates can go up to 8.48% per annum (compare rate of 8.84% per year *).

Personal loan from Bank Alex
  • Fixed rates from 5.45% pa (comparison rate of 5.45% pa *)
  • Winner of the Mozo Experts Choice Award ^ for Best New Loan Product
  • No upfront, ongoing or prepayment fees (upfront fees waived for requests made before September 30, 2021)

Want to compare another award winning debt consolidation loan option? Well, the Alex Bank personal loan is just that! This competitive loan comes with fixed rates based on the applicant’s credit rating, starting at a low rate of 5.45% per annum (comparison rate of 5.45% per annum *). Keep in mind, however, that rates go up to 19.99% per annum (19.99% per annum comparison rate *) for borrowers who do not have excellent credit scores. The good news, however, is that there are no ongoing or early repayment charges on this loan. Additionally, for those applying before September 30, 2021, Alex can waive the $ 295 application fee. Clients can borrow between $ 2,100 and $ 30,000 and repay it with weekly, bi-monthly or monthly repayments over a period of one to five years. Although additional repayments are allowed on this loan, keep in mind that there is no easy redemption.

Compare balance transfer offers

Kogan Silver Black Card
  • Balance transfer rate of 0% per year for 12 months (21.74% per year after)
  • No balance transfer fees
  • No annual fee

Is Credit Card Debt Getting You Down? Crush it with a balance transfer offer! The Kogan Money Black Card comes with a balance transfer rate of 0% per annum for 12 months (which then comes down to 21.74% per annum). There is no balance transfer fee attached to this card, and there is also no annual fee either. While you don’t have to make any purchases during the balance transfer period, if you decide to use the card after you’ve paid off your debt, there are some benefits to it. There is a rewards program where you can earn up to 2 Kogan reward points spent on qualifying purchases as well as up to 55 days interest-free on qualifying purchases (terms and conditions apply).

Bendigo Bank Low Rate Credit Card
  • 0% balance transfer rate per year for 12 months (2% BT fee)
  • Rate reverts to a low of 11.99% per annum after the balance transfer offer period
  • Low annual fee of $ 45

If you need a low annual fee and a low rate of return to choose the right balance transfer offer, the Bendigo Bank Low Rate Credit Card may be of interest. Bendigo Bank offers a balance transfer rate of 0% per year for 12 months on this card, with a low return rate thereafter of 11.99% per year. a minimum of $ 45. And if you decide to continue using the card after the balance transfer period is over, you get up to 55 days interest-free on qualifying purchases. Remember, there is a 2% balance transfer fee upfront.

Westpac low fare
  • Balance transfer rate of 0% per year for 28 months (21.49% per year after) (1% BT fee)
  • No annual fee for the first year
  • Low annual fee of $ 59 from the second year

Need a balance transfer offer of a little over a year? The Westpac Low Rate Credit Card comes with a balance transfer offer of 0% per year for 28 months. Not only that, Westpac will waive the annual fee the first year, which will then drop to $ 59 each year thereafter. Plus, for those who continue to use the card after the balance transfer period has ended, there is up to 55 interest-free days on qualifying purchases. Be careful though, there is a 1% balance transfer fee and the return rate is 21.49% per annum.

Want to explore other options? Check out our Debt Consolidation Comparison Chart or our Balance Transfer Comparison Chart to see if there’s a product that’s right for you!

* DISCLAIMER: The Comparison Rate combines the interest rate, fees, and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of a loan of $ 30,000 for a term of 5 years or a loan of $ 10,000 for a term of 3 years as indicated, on the basis of monthly repayments. principal and interest, on a secured basis for secured loans and on an unsecured basis for unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^ See information on the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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