Cheap personal loans*

Want access to credit without overspending on rates and fees? Find out what cheap personal loans are available.

If you're in the market for a personal loan, one of the most important features to factor into your search is how competitive the loan is. In this guide we take you through what to look for when it comes to cheap personal loans, and what to consider before you apply

* The offers compared on this page are chosen from a range of products has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer. The star ratings indicated on this page are from real users based on their feedback about the quality of this page. It is not representative of any product’s star ratings and should not be taken as a recommendation of any form of credit. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

HSBC Personal Loan Offer

HSBC Personal Loan


9.50 % p.a.

fixed rate


10.06 % p.a.

comparison rate

  • Competitive interest rate
  • Additional payments OK
  • Borrow up to $50,000
Security Logo

100% confidential application

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and you'll get access a competitive interest rate offer and a flexible range of repayment options.

  • Interest rate from: 9.50% p.a.
  • Comparison rate: 10.06% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
Go to site

Cheap personal loans comparison

Rates last updated March 24th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
HSBC Personal Loan
From 9.5% (fixed)
1 to 5 years
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.50% p.a. to 15.99% p.a. based on your credit history.
Citi Personal Loan Plus
9.99% (variable)
3 to 5 years
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
2 to 5 years
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. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.
NAB Personal Loan Unsecured Variable Rate
15.69% (variable)
1 to 7 years
An unsecured loan up to $55,000 that you can repay early without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

Compare up to 4 providers

Compare cheap loans

How cheap is a "cheap" personal loan?

This depends on the type of loan you are looking for. For example, a secured car loan will have lower rates than an unsecured personal loan. Here is a rate guide for each loan type:

  • Secured car loans. Rates can go as low as 4% p.a. or as high as 14% p.a. If you are a high-risk borrower, if you have bad credit for example, the maximum a lender can charge is 48% p.a.
  • Unsecured personal loans. Rates for unsecured personal loans vary between 8% p.a. to 17% p.a.
  • Peer-to-peer loans. Interest rates on peer-to-peer (P2P) loans vary depending on your credit score. If you have a good credit score you can get rates as low as 3%, but if you have a low score your rate may be around the 12% p.a. mark.

How do you find out if a personal loan is competitive?

You need to compare more than the interest rate to make sure a loan is competitive. Look at:

  • Upfront and ongoing fees. These fees will be added on to your principal loan amount, and will therefore affect your repayments and the interest you have to pay.
  • The comparison rate. This rate incorporates fees as well as the interest rate to show the true cost of the loan.

What else should you consider besides the cost of the loan?

Besides the interest rate, comparison rates and fees, consider the following:

  • Repayment flexibility. Check whether you will be able to make additional repayments, or pay off the entire loan amount early, without a penalty.
  • Loan terms. Some lenders offer shorter loan terms up to 5 years, while others offer 7 to 10 years.
  • Type of interest rate. Your loan can either be fixed or variable, and both rates come with different features.
  • Loan amount. Check what the minimum and maximum borrowing amounts are and if these meet your needs.

Are you eligible for a personal loan?

Lenders have different criteria to determine a customer's eligibility for loans. Generally, to be eligible for a personal loan you need to be over the age of 18, be an Australian citizen or permanent resident and be earning a regular income. You then need to prove your ability to manage the loan by providing income, asset and employment information. If you want a secured personal loan, you will need to provide details of what you intend to use as security, and this secured asset will also have to meet certain eligibility criteria.

How to apply for a cheap personal loan

After you've found a cheap personal loan using one of the comparison tables, such as the ones on this page, you can follow the secure link to the lender's online application form. The specific information you will be required to submit will differ between lenders, but it will be similar to the following:

  • Personal details, including your name, contact details and proof of identity.
  • Details of your employment, including income and type of employment.
  • Your employer's name and contact details.
  • Financial details, including your assets and debts.

Picture: Shutterstock

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
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. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with this unsecured loan.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site