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6 Month Personal Loans

Rates and Fees verified correct on March 25th, 2017

Do you need a quick cash flow boost for your finances? Here’s how a six-month personal loan can help you out.

If you’re looking for a fast and easy way to access finances for an emergency or to finance a certain project, you can get the money you need with a six-month personal loan. Such a loan can come in handy when you need to access some quick cash.

Banks and other lending institutions have long approval periods and strict documentation requirements which could make it harder to access finances, especially during an emergency. With this in mind, it can sometimes help to seek alternative financing from a creditor who offers payday loans.

Comparisons of 6 month variable rate personal loans

If you have a Variable Rate Loan you will most probably not pay a fee to repay early.

Comparison of Variable Rate Personal Loans

Rates last updated March 25th, 2017
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Citi Personal Loan Plus
Borrow up to $75,000 with this personal loan offer from Citi.
From 11.99% (variable) 12.77% $5,000 3 to 5 years $199 (monthly fees waived in the first year) Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
Bank of Melbourne Unsecured Variable Rate Personal Loan
This personal loan from Bank of Melbourne offers a low minimum borrowing amount.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 Go to site More
St.George Secured Personal Loan - Variable Rate
A lower interest rate personal loan with flexible repayment options.
From 12.74% (variable) 13.62% $3,000 1 to 7 years $195 Go to site More

How does a six-month personal loan work?

Six-month personal loans are designed to help you with your finances when you need some quick cash. Unexpected costs can pop up and leave you stranded, but borrowing from banks and other lenders sometimes simply takes too long. This is why payday loans can be so convenient, especially because in most cases you are approved and can get the cash you need in a couple of days. You can usually apply for your payday loan online in a simple process and have the cash you need deposited quickly. A six-month personal loan gives you access to up to $5,000, with the option to pay it back conveniently within a period of three to six months.

What do you need to look for when comparing 6 month loans?

  • Fees and rates.
    When looking for a six-month personal loan, be sure to go for a low-rate loan without inflated fees and hidden costs. Shopping around is the best way to ensure you end up with a loan with competitive rates.
  • Repayment terms.
    Another thing you should consider when applying for a six-month personal loan is whether it offers a payment plan that suits you. The repayments should suit your income and offer you a longer repayment period so you don’t strain your finances.
  • Approval period.
    Six-month personal loans are supposed to offer you instant cash, so the faster the approval process the better it will be. Unlike bank loan applications that are in-depth and often time consuming, a payday loan should give you access to cash in a hurry, so approval should be instant and the cash transferred to your account within a couple of days.
  • Repayment penalties.
    Some payday loans carry hefty penalties for missed repayments, which could end up straining your finances more and raising the cost of borrowing.

Pros and cons


  • Instant approval.
    Lenders offering payday loans know that you need cash in a hurry, which is why they make the application and approval process much quicker than banks do. You can apply for a six-month personal loan online and get approved in a day or two, allowing you to access the cash you need instantly.
  • Flexible loan amount.
    A six-month personal loan gives you access to the amount you need. Different lenders offer different loan amounts, but you can generally borrow anywhere from $300 to $5,000. Regardless of whether you need a large sum for a holiday or you just need a small boost in your finances, a six-month personal loan could work for you.
  • Flexible loan term.
    Most six-month personal loans offer you a flexible repayment period and repayment options that suit your finances. You usually have the option to make weekly, fortnightly or monthly repayments to suit your budget.


  • Higher fees and rates.
    Payday loans are usually meant for short-term financing, which makes them more expensive than standard loans. If you opt for a variable rate loan, and pay out early you may be charged an early payout fee.

Thing to be cautious of

  • Overspending.
    The temptation to borrow more than you need is always there with payday loans because you get the cash fast without having to satisfy strict lending criteria. You should always remember that you will have to pay interest and other additional costs on your loan, so you should only borrow the amount you need and have a clear purpose for what you want to spend it on.
  • Missing repayments.
    Make sure that you can comfortably make your monthly repayments before you apply for a loan, as there are usually penalties for late payments.

How to apply

A six-month personal loan can make life a lot easier when you find yourself in a tight financial spot. If you are looking for a short-term loan, use our payday loan comparison table and get a product that suits you today. Please note that you will have to meet the following requirements:

  • You have to be at least 18 years old
  • You must be an Australian citizen or permanently reside in Australia
  • You must prove that you have lived at your current home address for three months
  • You must provide proof of income

Remember, it's always important to compare your options when it comes to loans for six months. Use the tables above to help with your comparisons/

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