According to David Lennon, founder of ‘You’re Welcome Finance, and also known as the ‘Personal Loan Guy’, demand for personal loans in Australia is changing rapidly. “Once upon a time personal loans were widely used to purchase new cars, undertake renovations or buy a boat or caravan. Now they are even being used to fund surgery and lifesaving treatment for pets, cosmetic surgery and overseas destination weddings.”
“In the old days, traditional bank managers used to dictate what you could and couldn’t do with your money,” David Lennon said today.
“That’s part of the reason why people started moving away from the banks to firms like mine because we offer people more flexibility and we don’t dictate to or judge them for what they can and can’t use the money for.
“Today things have changed significantly. Among the most common reasons people now borrow money include holidays, surgery for their pets and even destination weddings.
“Obviously People are still getting personal loans to buy cars and consolidate credit card debt, but they are also using the funds for other things that are really important in their life.”
“We are seeing a lot more people getting personal loans to fund treatment for their pets. Some people are borrowing in excess of $10,000 to meet the cost of pet treatment.”
According to the Australian Bureau of Statistics, Australians are spending in excess of $12 billion a year on food, grooming, vets and insurance for their pets, making the pet care industry one of the major growth sectors in Australia. Some eight million Australians own pets.
“Australians love their pets, so it is easy to see why demand for personal loans for pet treatments is souring. While some people may have pet insurance, unfortunately in a lot of cases the insurance doesn’t cover the treatments needed,” David added.
“It can cost up to $20,000 to treat a dog with cancer. Hip replacements cost around $6,000 per hip and knee reconstructions cost around $4500. Treating a pet can be expensive and many people would prefer to pay the cost if possible if it means prolonging their pet’s life and quality of life.
“You don’t really want put these types of expenditures on a credit card, so personal loans become the best and fastest option for people needing money quickly to fund critical lifesaving surgery for their pets.”
You’re Welcome Finance is a national finance company which provides personal loans, car loans and home loans.