New data reveals Australians are increasingly using small loans to cover critical expenses amid ongoing cost-of-living pressures. According to Swoosh Finance, loans for car repairs and medical treatments now far outweigh applications to cover discretionary items, with rental bond loans also on the rise.

Brisbane

Australians are increasingly relying on small loans to manage essential expenses, particularly car repairs, servicing, and medical or dental bills. Data from Swoosh Finance indicates that applications for loans covering holidays and household furniture have decreased, while requests for rental bond loans have risen, reflecting ongoing financial pressures.

Despite recent interest rate cuts, experts say there has been little change in borrowing behaviour, with many households still struggling to meet everyday costs. Borrowers are advised to ensure they can repay loans on time, verify lenders are licensed, and compare rates and resources before committing to a loan.

Car repairs, medical bills behind rise in small loans

From fixing the car to filling a tooth more Australians are turning to small loans to pay for life's essentials. At the moment with the cost of living you have to be very smart. A lot of people are you know having to take out small loans just to sort of get by these days. According to small loan lenders Swoosh Finance car repairs and servicing topped the list of reasons its customers are seeking financial support this year. Followed by loans to cover medical and dental expenses. The trends looking like it's going towards more essential services rather than what we call our luxury and leisure loans. Zach McDaughton is from Swoosh Finance. Especially with people going back to office now like what we're seeing people needing loans for car maintenance and even just other car expenses in general. Compared to 2024 Swoosh says loan applications to cover holidays and household furniture have fallen but inquiries for rental bond loans are up. It's so fast-paced in the rental market you need those funds quickly. Me personally I've rented with roommates and that's been a struggle. Australians are still facing quite a bit of financial pressure both from mortgage rental. Despite recent interest rate cuts lending market expert Michael Hsu says he's yet to see any real impact on borrowing behavior. Interest rate while they have been coming down there's still a lag time between the decrease of pressure in discretionary spending for Australians. All my kids are grown up but I still have to lend them money. I wouldn't be too surprised if a lot of people are having problems. So what should you consider if you need a loan? The most important thing of any borrower when they take out a loan is to ensure that they must pay back the loan on time. You don't want to go into debt to sweat. It can't be so much that you can't easily pay it back. We look at more than just a credit score. Increasingly we're seeing other lenders use AI and machine decisioning to check eligibility for their applications whereas here at Swoosh Finance we're using a human approach. And as cost-of-living pressures continue to bite the expert advice is to always do your research. My top four tips for any borrower is one to make sure that the lender is licensed and that they follow responsible lending criteria. Two that they offer flexible payment plans. Three check out any free resources and guides on lenders website and four make sure to compare rates properly.

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