Rate dependent on risk profileGo to site
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.
|Harmoney Unsecured Personal Loan||7.69% p.a. comparison rate. Tailored rate based on credit score.|
|SocietyOne Unsecured Personal Loan||9.51% p.a. comparison rate. Lower interest rates for borrowers with good credit.|
|HSBC Personal Loan||9.06% p.a. comparison rate. HSBC offers personal loans with a tailored rate based on your credit history.|
|NOW Finance Personal Loan||9.56% p.a. comparison rate. A cheap personal loan that gives you your own dedicated account manager.|
This is relative to the type of loan you require, as 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.
The actual cost of a loan is also determined by more than just the interest rate. Before applying for a personal loan, you should always consider the following:
Here is an overview of some of the loan types offered by lenders:
|Secured car loans||A loan used to purchase a vehicle, where the vehicle is used as security against the loan.|
|Secured personal loans||A line of credit that is guaranteed against an asset you own or buy, such as your house or term deposit account.|
|Unsecured personal loans||Allows you to borrow without using an asset as collateral.|
|Peer-to-peer loans||When money is borrowed from an individual investor as opposed to a traditional lender.|
Below is a rate guide for the personal loan types outlined above:
Besides the interest rate, comparison rate and associated fees, consider the following before applying for a 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 be over the age of 18, be an Australian citizen or permanent resident and be earning 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.
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:
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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 7.5% 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 8.95% p.a. and 16.95% 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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