Australians owe over $100 billion in personal lending; approximately 55 percent as revolving credit and 45 percent as fixed loans.

The loan may be secured (meaning that you give the lender security over one of your assets) or unsecured. Either way, personal loan interest rates are traditionally lower than credit cards. The loan can be taken out for any number of reasons - paying for an upcoming holiday, buying a new car or furniture, or even to cover education fees. Generally the loan will tend to be for a specific purpose.

For larger expenses, a personal loan can be a more cost-effective form of borrowing than a credit card, partly due to having a lower interest rate and partly due to having a fixed loan term.

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