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How to borrow money online

Rates and fees last updated on

What you need to know about borrowing money online.

Borrowing money online might feel a bit different to applying in person, but at the end of the day it’s much the same. You have similar loan options and repayment terms, a selection of offers to compare and even the same lenders to choose from. The main difference is that going online is much more efficient and convenient, as long as you know what to look for.

Compare a selection of loans you can apply for online

Rates last updated November 21st, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 9.99% (variable)
10.95%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
DirectMoney Unsecured Personal Loan
From 8.5% (fixed)
9.36%
$5,000
3 to 5 years
$0
$595
This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes.
Bank Australia Lifestyle Personal Loan
From 11.89% (variable)
12.94%
$1,000
1 to 10 years
$0
$150
A competitive variable rate loan that gives you ten years to repay.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0 (On new loan applications before 7th December 2017)
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac
St.George Unsecured Personal Loan - Fixed Rate
From 10.99% (fixed)
12.07%
$2,000
1 to 5 years
$12
$0 (On new loan applications before 18th January 2018.)
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
Bank of Melbourne Unsecured Fixed Rate Personal Loan
From 10.99% (fixed)
12.07%
$3,000
1 to 5 years
$12
$0 (On new loan applications before 18th January 2018.)
Apply for a loan from $3,000 and lock in a competitive fixed rate for up to 5 years.
BankSA Unsecured Fixed Rate Personal Loan
From 10.99% (fixed)
12.07%
$3,000
1 to 5 years
$12
$0 (On new loan applications before 18th January 2018.)
Take advantage of a competitive fixed rate and no application fee for a limited time.

Compare up to 4 providers

Rates last updated November 21st, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
RACV New Car Loans
From 6.49% (fixed)
7.03%
$15,000
1 to 7 years
$0
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$0
$250
Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
A great rate for cars under 2 years old.
Stratton Finance New Car Loan
From 5.49% (fixed)
6.62%
$18,000
1 to 7 years
$7
$499
Benefit from a car broker with over 25 years experience
Bank Australia Car Loan
From 6.45% (fixed)
6.66%
$1,000
7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
bcu Car Loan
From 5.9% (variable)
6.82%
$5,000
1 to 5 years
$8
$250
Borrow up to $65,000 for a car up to 5 years old. The New Car Loan from bcu allows you to make extra repayments and access a redraw feature
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
MoneyForJam Personal Loan
From 9.99% (variable)
9.99%
$4,000
1 to 7 years
$13
$150
Get access to a panel of lenders to find personal loans for up to $50,000.
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$5
$381.80
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
RACV Personal Loan
From 7.49% (fixed)
8.04%
$5,000
1 to 7 years
$0
$380
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
bcu Secured Freedom Loan
From 9.08% (variable)
9.99%
$4,000
1 to 5 years
$8
$250
A competitive, secured personal loan that you can use for a variety of purposes.
Bank Australia Personal Loan Property Owner
From 7.89% (variable)
8.92%
$1,000
1 to 10 years
$0
$150
Take advantage of long loan terms and use the funds for any purpose Note: Loan only available to property owners
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$0 (On new loan applications before 31st January 2018.)
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.
Latitude Car Loan
From 8.99% (fixed)
10.09%
$5,000
1 to 7 years
$10
$295
A secured loan with a competitive rate that can help you finance new or used vehicles.

Compare up to 4 providers

Rates last updated November 21st, 2017
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
$2,000
9-15 weeks
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
$396
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
24 hours
47.8% APR
$316.70
Apply for up to $2,000 as a convenient line of credit.
Nimble Short Term Loan
$2,000
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
$396
Apply for a short term loan and you could borrow up to $2,000
Ferratum Cash Loans
$1,900
up to 6 months
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
$396
A small loan from Ferratum lets you borrow up to $1,900 without a credit check

Compare up to 4 providers

What options do I have if I want to borrow money online?

You have a range of options to choose from when you borrow online:

  • Unsecured personal loans. These are loans offered on the basis of your credit history and financial situation. Because they are not supported by any kind of tangible asset, unsecured loans typically have higher interest rates than secured loans. Unsecured loans can be small loans of between $100 and $5,000, or larger loans of up to $80,000 or higher.
  • Secured personal loans. This is when you take out a loan using some kind of asset, such as a car or property, as collateral. You can either use the secured loan to purchase this asset or you could already own the asset. In the event of default the lender will take possession of the collateral. This makes it less risky for the lender, which translates into lower rates and fees for you.
  • Short-term loans. These are small loans taken out for short periods of time, usually between 16 days and one year. Also known as a payday loan or a cash loan, the purpose of a short-term loan is to offer a relatively small amount of money very quickly and with minimal credit score requirements. The interest rates on these are usually much higher than on other loans, with fees of 24% of the borrowed amount charged for loans under $2,000 with a one month loan term.
  • Bad credit loans. Someone with a bad credit history might have difficulty finding a loan, but this is where bad credit loans come in. These loans come with flexible eligibility criteria with approval being based on whether or not you can afford the repayments. This is determined by your income, employment, assets and debts. They typically have higher interest rates and fees than other types of loans, to offset their less-stringent application requirements.
  • Peer-to-peer (P2P) loans. Also known as marketplace lending, this type of loan lets you borrow money without going through a bank or typical lender. The P2P lender acts as a facilitator, with investors providing the loan funds to borrowers. When you take out a P2P loan the interest rate will usually be based on your credit score. Getting a P2P loan online typically means lower interest rates than with other lenders, but the precise terms and conditions vary a lot, and the requirements may be strict.

How can I find a loan online?

The first step is deciding what kind of loan you need, and the second is comparing your options. Comparing your options is easier to do online as you can see the features and costs of multiple loans, side by side. To work out what kind of loan you need, consider the following:

What are the benefits of borrowing money online?

  • Quicker applications and approvals. Online lenders tend to offer faster loan application processes and many offer same-day turnaround.
  • Apply at any time. You don’t have to wait till business hours to compare your loan options or to submit your loan application. Apply when it’s most convenient for you.
  • Easier to compare. Going for a loan online lets you view many of the lenders available and compare them all to find a good deal. It also makes it easier to find the right kind of loan, whether you need a small, short-term or large personal loan.

What will borrowing online cost?

As always, the total cost in interest and fees of borrowing money online depends mostly on what kind of loan you have. Find out where you can borrow money below.

Loan typeTypical feesTypical interest rates
Unsecured personal loan$100-$350 depending on the size of the loan10-15% p.a.
Secured personal loan$100-$3507-13% p.a.
Short-term loans less than $2,0004% monthly fee, 20% establishment fee(fees charged as a percentage of your principal)
Bad credit loan$100-$20011-16% p.a.
Peer-to-peer loan$0-$200, or a set percentage of the loan5-15% p.a.

These numbers are a rough guide only, and some lenders or loans may have higher or lower fees and rates. Some also offer other benefits to justify higher fees, such as:

  • Flexible repayment terms
  • Good service and ease of use
  • Added convenience
  • Fixed rather than variable interest rates

How can I apply for a loan online?

Once you know what type of loan you need, borrowing online is a straightforward process.

  1. Compare your options and click “Go to Site” when you find the right lender for you.
  2. Fill out the loan application form provided online, and submit it. You can usually do it all on the website without needing to print anything out.
  3. Wait for an answer. Many online lenders will get back to you with their decision in under an hour, so you generally don’t have to wait long.

Frequently asked questions

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SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.

DirectMoney Unsecured Personal Loan

This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.

NOW FINANCE Personal Loans

Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

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