cheap-personal-loans

Compare cheap personal loans

Rates and fees last updated on

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.

Citi Personal Loan Plus

Citi Personal Loan Plus

from

11.99 % p.a.

variable rate

from

12.77 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
Security Logo

100% confidential application

Citi Personal Loan Plus

Apply for a Citi Personal Loan Plus and get competitive interest rate offer with a reusable credit facility.

  • Interest rate from: 11.99% p.a.
  • Comparison rate: 12.77% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site

Compare cheap personal loans

Rates last updated June 28th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 11.99% (variable)
12.77%
$5,000
3 to 5 years
$199 (monthly fees waived in the first year)
Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
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.

Compare up to 4 providers

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 personal loan using one of the finder.com.au 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

RateSetter Personal Loan

Ratesetter allow you to get a personalised rate based on your credit score.

Citi Personal Loan Plus

Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

MyState Unsecured Personal Loan

Apply for up to $50,000 and make additional repayments without penalty.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback