Borrow money & avoid paying high interest rates
There are so many things to consider when borrowing money such as how much interest you will pay and when will I need to make repayments. To make sure you make a smart choice when borrowing money follow the guide below.
Outcome
To know how to borrow money by avoiding high interest repayments
Let's start with why it is important:
- if you do not understand how much interest you will be paying, you can be ripped off
- when you borrow money you pay interest, which means you often pay more than what you borrowed
Information
Many people do not realise that when we borrow money we often end up paying a lot more than we would have if we had of just saved the money first. ABC's Australia's everyday money explains how this is possible.
For video transcript please click here.
Interest is what an organisation will ask you to pay on your borrowed money. In most cases you will pay more money back than what you borrowed, this is called interest.
There are many ways to borrow money such as applying for a credit card, lending money from a bank, using Afterpay and buy now, pay later deals. It is really important that you understand how much interest you will pay before entering into a contract.
What to do next
How much will my loan cost in interest?
Use this interest free calculator to work out how much your repayments will be.
Which credit card is right for me?
Use this web page to help you decide on a credit card that is best for you. You can also use the credit card calculator to work out how much you will need to pay each month.
Interest free loan for essential items
Need a loan for essential items such as medical treatment, household furniture or car repairs. Visit this website to get in touch with Good Shepard Australia.
How much will using AFTERPAY, ZIP, KLARNA cost me?
Thinking of using Afterpay, Zip , Klarna etc. Look at this table to find out how much you will need to pay for each of these services.
More Information & Services
CALL CENTRELINK FINANCIAL INFORMATION SERVICES 132 300 (free financial advice from Centrelink)
CALL CENTRELINK INCOME MANAGEMENT 1800 132 594 (counselling service for ATSI peoples available 24/7)
CALL INDIGENOUS CONSUMER ASSISTANCE NETWORK (ICAN) 1300 369 878 (available 3pm - midnight everyday for LGBTI peer support)
Australian Government's Moneysmart free financial counselling service available to all Australians
Salvation Army's free financial counselling service
Youth Centrals guide to a personal loan
All Money
