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Cheap personal loans

Want access to credit without overspending on rates and fees? We've compared a few cheap personal loans*.

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Plenti Fixed Rate Personal Loan

Plenti Fixed Rate Personal Loan

From

6.49 % p.a.

fixed rate

From

6.84 % p.a.

comparison rate

Rate dependent on risk profile

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We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

Must read: Looking for the cheapest personal loan?

There is no single cheap personal loan that suits every borrower. While the lowest interest rate makes your loan cheaper there are so many other factors you need to look at including fees and future rate changes. Keep in mind that we don't compare every product in the market, but we hope that our tools and information will allow you to compare your options and find the cheapest personal loan for you.

Cheap personal loans comparison

Data indicated here is updated regularly
$
Name Product Interest rate (p.a.) Comparison Rate (p.a.) Monthly Repayment Rates View details CTA
Plenti Fixed Rate Personal Loan
From
6.49%
(fixed)
6.84%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.49%
6.84%
(fixed)
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Harmoney Unsecured Personal Loan
From
6.99%
(fixed)
7.79%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.99%
7.79%
(fixed)
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
OurMoneyMarket Personal Loan
From
6.75%
(fixed)
6.96%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.75%
6.96%
(fixed)
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
Alex Personal Loan
From
6.95%
(fixed)
6.95%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.95%
6.95%
(fixed)
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
SocietyOne Unsecured Personal Loan (2-3 years)
From
6.99%
(fixed)
6.99%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.99%
6.99%
(fixed)
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)
From
7.99%
(fixed)
7.99%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.99%
7.99%
(fixed)
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Plenti Variable Rate Personal Loan
From
5.79%
(variable)
6.78%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
5.79%
6.78%
(variable)
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Fixed
From
9.99%
(fixed)
10.88%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
9.99%
10.88%
(fixed)
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Pepper Money No Fee Personal Loan
From
6.95%
(fixed)
6.95%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.95%
6.95%
(fixed)
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $15,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $15,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
Symple Loans Personal Loan
From
5.75%
(variable)
6.47%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
5.75%
6.47%
(variable)
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Wisr Personal Loan
From
7.95%
(fixed)
8.78%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.95%
8.78%
(fixed)
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Heritage Bank Fixed Personal Loan
7.99%
(fixed)
8.62%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
7.99%
8.62%
(fixed)
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
CUA Unsecured Fixed Rate Personal Loan
9.89%
(fixed)
10.14%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
9.89%
10.14%
(fixed)
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
NAB Personal Loan Unsecured Variable Rate
From
9.99%
(variable)
10.88%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
9.99%
10.88%
(variable)
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89%
(variable)
12.15%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
11.89%
12.15%
(variable)
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
Latitude Personal Loan (Unsecured)
From
7.99%
(fixed)
9.24%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.99%
9.24%
(fixed)
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
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Compare up to 4 providers

Mixed race couple discussing and looking at their laptop

If you're in the market for a personal loan, it is always important to consider the true cost of the loan. In this guide, we explain what makes a loan competitive, the cost of different loan types and what else to consider before you apply.

Compare the cheap personal loan products below

Harmoney Unsecured Personal Loan7.79% p.a. comparison rate. Tailored rate based on credit score.
SocietyOne Unsecured Personal Loan6.99% p.a. comparison rate. Lower interest rates for borrowers with good credit.
HSBC Personal Loan9.06% p.a. comparison rate. HSBC offers personal loans with a tailored rate based on your credit history.
NOW Finance Personal Loan8.57% p.a. comparison rate. A cheap personal loan that gives you your own dedicated account manager.

What makes a personal loan “cheap”?

This is relative to the type of loan you require since interest rates can vary significantly between different types of loans. For example, a secured car loan will generally have lower rates than an unsecured personal loan.

Knowing what else to look for in a cheap personal loan is also important because the actual cost of a loan is determined by more than just the interest rate. Before applying for a personal loan, you should always consider the following:

  • Upfront and ongoing fees. These fees will be added on to your principal loan amount and will therefore affect both the size of your repayments and the interest you have to pay.
  • Additional charges. These may apply depending on the terms of the loan.
  • The comparison rate. This rate factors in fees and charges, along with the interest rate, to show the true cost of the loan.

How do I work out the cost of a personal loan?

As stated above, your personal-loan repayments will depend entirely on the type of loan you opt for as well as the loan term, loan amount, interest rate and any fees. Generally, low interest rate loans are considered to be cheaper. While, because of fees, this is not always the case, an interest rate can help you to get an idea of the cost of a loan.

To get an idea of what you might have to repay based on these variables, please see the table below.

This table is based on a fixed rate personal loan of $30,000 with $5 per month in fees:

Loan term
Interest rate
Monthly repayments
Total repayments
3 years6% p.a.$918$33,036
3 years8% p.a.$945$34,023
3 years11% p.a.$987$35,538
5 years6% p.a.$585$35,099
5 years8% p.a.$613$36,798
5 years11% p.a.$657$39,436

Source: moneysmart.gov.au

While the table above gives a good general indication as to what you might pay based on these rates and terms, the best way to get an idea of whether a personal loan is going to work out cheaply is by using our personal loans calculator:

Is it cheaper to pay off your personal loan early?

Paying off your loan early can save you money over the life of the loan since you will pay less in interest and fees. However, some lenders will charge you a penalty payment for doing so, which may negate any savings that you could make.

The best course of action if you would like the freedom to repay your personal loan early is to find a lender that offers penalty-free additional repayments and early repayment. Loans that offer these features also tend to offer redraw facilities should your circumstances change and you wish to draw money back from your additional payments.

What do I do if I can't afford my repayments?

If you can't afford your repayments on a personal loan, it's important that you contact your lender as soon as possible to let them know. Most lenders will have financial hardship measures in place for just these sort of circumstances and may be able to negotiate a payment plan with you that is more manageable.

For more information on dealing with financial hardship, please refer to our guide.

What types of cheap personal loans are available?

Here is an overview of some of the loan types offered by lenders:

Secured car loansA loan used to purchase a vehicle, where the vehicle is used as security against the loan.
Secured personal loansA line of credit that is guaranteed against an asset you own or buy, such as your house or term deposit account.
Unsecured personal loansAllows you to borrow without using an asset as collateral.
Peer-to-peer loansWhen money is borrowed from an individual investor as opposed to a traditional lender.

How “cheap” are the different types of loans?

Below is a rate guide for the personal loan types outlined above:

  • Secured car loans. Rates may go as low as 4% p.a. or as high as 14% p.a. If you are a high-risk borrower with a bad credit score, the maximum a lender can charge is 48% p.a.
  • Secured personal loans. Rates can range from 5% p.a. to 28% p.a. Like secured car loans, the rate may differ based on your risk profile.
  • Unsecured personal loans. Rates for unsecured personal loans can range from 8% p.a. to 17% p.a.
  • Peer-to-peer loans. Interest rates on peer-to-peer (P2P) loans will vary depending on your credit score. If you have a good credit score, you can get rates as low as 3% p.a. But if you have a low score, your rate may be around the 12% p.a. mark.

What can I use a personal loan for?

Benefits of getting a cheap personal loan from a non-bank vs a bank

Non-banks/neobanks

  • Cheaper rates. Non-banks and neobanks tend to be online, which gives them less overhead than banks. Less overhead means that non-banks tend to be able to offer lower interest rates on their personal loans.

  • Quick approval. As most neobanks are 100% online, application and approval times tend to be much faster than bigger lending institutions, which have lengthier processes and more documentation required.

  • Risk-based loans. While some bigger banks do offer risk-based loans, it's more common to find these products among non-bank lenders. This can help people with good or excellent credit histories get cheaper personal loans.

  • Less stringent lending criteria. Because they are able to offer personalised rates, many non-bank lenders are also able to offer loans to people with poorer credit scores. However, please note that these applicants will likely not qualify for low-rate loans.

  • Innovative features. Non-banks and neobanks tend to have modern and innovative features and tools such as sophisticated apps where you can monitor your funds, make repayments or utilise a redraw facility.

Banks

  • More product features. Because they have more capital, bigger banks may be able to offer more product features on their loans than smaller non-bank lending institutions.

  • Physical branches. If you're someone who prefers to do things face-to-face, a personal loan from a bank might work better for you.

  • Reputation. If you like to know exactly who you're borrowing money from, bigger banks are more well-established and have an easily researchable reputation.

  • Trust and customer loyalty. Borrowers may prefer to apply for a bank that they have been a member of for a long time.

  • Higher loan amounts. Again, because of their larger capital, banks may be able to offer larger loans to their customers.

an infographic comparing banks vs non-bank lenders

Other features to consider besides the cost of the loan

Besides the interest rate, comparison rate and associated fees, consider the following before applying for a loan:

  • Loan amount. Check whether the minimum and maximum borrowing amounts will meet your needs.
  • Type of interest rate. Your personal loan may be either fixed or variable, and both come with different benefits and drawbacks.
  • 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 of up to 5 years, while others offer 7-10 years.

What are the pros and cons of a cheap loan?

Pros
  • Pay for personal expenses that you otherwise would not have been able to afford
  • Generally lower cost than using a credit card
  • Lower cost than other forms of personal loan
Cons
  • You're entering into a medium- to long-term debt agreement
  • "Cheap" is relative, and some "cheap" loans may still work out as being expensive for your circumstances
  • Cheaper loans may have less additional features and flexibility than higher cost loans

Are you eligible for a personal loan?

Different lenders have different criteria to determine a customer's eligibility for a loan. Generally, to be eligible for a personal loan, you will need to meet the following criteria:

  • Be over the age of 18
  • Be an Australian citizen or permanent resident
  • Earn a regular income

You will also 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 finder.com.au comparison tables, you can follow the secure link to the lender's online application form and begin your application. The specific information you will need to provide may differ between lenders, but will generally include 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: Getty Images

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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2 Responses

  1. Default Gravatar
    MatthewJune 18, 2018

    Hey I have a existing personal loan with Commonwealth back was 4000 an I consolidated to 10000 can I consolidate it again and what would be best loan for me to do that with low interest rates fixed price unsecured?..

    • Avatarfinder Customer Care
      JoshuaJune 18, 2018Staff

      Hi Matthew,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you want to consolidate your personal loan, you may do so with other lenders. Here’s a list of some of your options.

      On that page, you will see a table that allows you to conveniently compare your options based on their interest rates. Once you find the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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