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When you take out a personal loan, you expect to pay out interest and fees, but what if there was a benefit to taking out a loan (besides actually being able to pay for the desired/necessary expense)? There are a number of personal loan lenders on the market that offer rewards points for taking out their loans.
A personal loan that offers reward points as a feature is generally a line of credit personal loan. This is because a line of credit personal loan acts similarly to a credit card (where you'd normally find reward point offers). In fact, many line of credit personal loans even have debit cards attached to them. So, like with a credit card, if you draw down from your line of credit, you earn points to spend on things like groceries or travel.
The main difference between a line of credit personal loan and a credit card is that personal loans offer access to higher levels of funding, and they also tend to have lower interest rates.
Currently, there aren't that many personal loans on the market that offer reward points (though they frequently spring up in the form of various promotional offers). However, a select number of lenders do currently advertise them. These include the following:
Before applying for a personal loan with reward points, compare all unsecured personal loans with secured personal loans to make sure that you're getting the best deal for your circumstances.
While a personal loan with reward points might seem like an attractive prospect, it's a good idea to really consider how useful the points will be to you. If you already regularly shop at Coles or fly with Qantas, a personal loan with reward points might save you money in the long run. However, if you don't, you might find that you're actually spending more money with these brands than you would have done in the first place.
After all, reward points are a marketing technique to get you to shop with certain brands more frequently (though that doesn't necessarily make them any less useful).
To apply for a personal loan with reward points, click "Go to Site" to submit an application. Eligibility criteria differ from lender to lender, so make sure that you meet all the minimum criteria of that particular lender prior to submitting an application.
You will also need to provide certain information in order to apply. This usually includes personal details such as your name and address and your financial details such as your income, assets and debts. You may also have to add your employer's name and contact details. All loan applicants must be aged 18 or over and be able to enter into a legally binding contract.
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Reward yourself with a competitive earn rate and up to 100,000 bonus points on one of these credit cards.
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