Make sure your lender can give you options when it comes to your loan term. You may be given a choice between weekly, fortnightly, or monthly repayments. Try to choose a term that lines up with your payroll dates and doesn't coincide with your due dates on rent, credit card bills, and other loans.
Another feature to look for is an early repayment option. Some lenders penalise their borrowers for early repayment, so be sure to check your lender's policy. Early repayment options help you pay off your loans faster without incurring huge penalty fees.
Lastly, look for lenders with redraw facilities. This means that if you do make extra repayments, you'll be allowed to take a portion of them back later if you need some cash. In a tight spot, redraw facilities can come in handy.
