A personal loan can sound good because it may offer a lower interest rate than other types of credit, plus repayments are spread over a long time. But keep in mind that the longer your loan term, the more you pay in interest.
When comparing loans, make sure the term is the same for each loan so that you're accurately comparing interest rates.
Can you afford a personal loan?
Make sure you can afford to borrow and then shop around to get the best deal on interest rates, fees and charges.
Check out MoneySmart's Personal Loan Calculator to calculate loan amounts and repayment periods.