
Get exclusive money-saving offers and guides
Straight to your inbox
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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.
You have a range of options to choose from when you borrow 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:
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 type | Typical fees | Typical interest rates |
---|---|---|
Unsecured personal loan | $100-$350 depending on the size of the loan | 10-15% p.a. |
Secured personal loan | $100-$350 | 7-13% p.a. |
Short-term loans less than $2,000 | 4% monthly fee, 20% establishment fee | (fees charged as a percentage of your principal) |
Bad credit loan | $100-$200 | 11-16% p.a. |
Peer-to-peer loan | $0-$200, or a set percentage of the loan | 5-15% 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:
Once you know what type of loan you need, borrowing online is a straightforward process.
Robinhood is set to go public as soon as June. Here's what you need to do to buy in from Australia.
Learn how to compare energy providers in your state with our free online tool.
Discover exactly what you need to know about leaving Australia.
Learn about how TransferMate’s personal product works and what it can do for you.
How to get an accurate snapshot of your credit history with this free tool.
Learn more about the AAVE cryptocurrency in this beginner’s and buyer’s guide.
Here's what borrowers need to know about home loans with redraw facilities.
These are the best compact cameras for travel, low light and shoppers on a budget as chosen by thousands of online customers.
Learn the key considerations when it comes to starting and growing your smartphone app company.
From your business structure to pricing, here's what you need to know about starting a rubbish removal business.
I’m trying to find a loan to pay my credit cards and only have one payment but I already have a default on one card can you recommend any loan that might take me on?
Hi Ann,
Thanks for reaching out to Finder.
You may apply for a personal loan for debt consolidation. It allows you to take out a loan to pay off your existing debt. Essentially, it can give you a way to reduce your interest rates and fees, thereby giving you a way to get yourself out of debt. A debt consolidation loan offers reduced interest and fees, but it’s important to also consider refinancing costs and early payout fees from your existing loans to see if the cost of consolidating is more than the money you’ll save.
You can press the link above to compare your options. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this helps.
Cheers,
Rench