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Historically, personal loans have not been a big draw for brokers. They’ve often been viewed as short-lived small fry, and something easy enough for consumers to take charge of themselves. But are brokers missing out? Annie Kane takes a look at what the personal loan space could offer the third-party channel.
If someone came to you asking for a personal loan, would you write one for them or point them to a reputable lender? If you’re doing the latter, you could be missing out. According to analysis by non-bank lender Liberty, credit card debt in Australia currently totals more than $32 billion, with the average credit card holder carrying $4,400 in debt. But, with credit card interest rates hovering at around 14 per cent, consumers could be better off with a personal loan instead.
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