finding a cheap personal loan

Compare cheap personal loans

Rates and Fees verified correct on March 27th, 2017

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.

HSBC Personal Loan

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 Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $5,000
  • Maximum Loan Amount: $50,000

Compare cheap personal loans

Rates last updated March 27th, 2017
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 9.5% (fixed) 10.06% $5,000 1 to 5 years $150 Go to site More
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
Latitude Personal Loan (Secured)
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.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More

How cheap is a "cheap" personal loan?

This depends on the type of loan you are looking to apply 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, for example, if you have bad credit, 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. Good credit scores can get rates as low as 3%, but if you have a low credit score your rate may be around the 12% p.a. range.

How to 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 onto your principal loan amount and will therefore affect your repayments and the interest you have to pay.
  • The comparison rate. This rate incorporates the fees as well as the interest rate to show you 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 penalty.
  • Loan terms. Some lenders offer shorter loan terms up to five years while others offer seven to ten years.
  • Type of interest rate. Your loan can either be fixed or variable, and both of these rates will come with different features.
  • Loan amount. Check what minimum and maximum borrowing amounts are and if they meet your needs.

Are you eligible for a personal loan?

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

How to apply for a cheap personal loan

After you've found a personal loan using one of the finder.com.au comparison tables, such as the ones on this page, then 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 usually be something along the lines of this:

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

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Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

ANZ Variable Rate Personal Loan

A variable rate loan that lets you make and redraw additional repayments.

Latitude Personal Loan (Secured)

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.

NOW FINANCE Personal Loans

Get rewarded with a low interest rate for your good credit history.

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