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


9.99 % p.a.

variable rate


10.95 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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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: 9.99% p.a.
  • Comparison rate: 10.95% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Compare cheap personal loans

Rates last updated October 24th, 2017
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 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.
Bank Australia Personal Loan Property Owner
From 7.89% (variable)
1 to 10 years
Take advantage of long loan terms and use the funds for any purpose Note: Loan only available to property owners
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
1 to 7 years
Apply for up to $50,000 and receive conditional approval within minutes.
DirectMoney Unsecured Personal Loan
From 8.5% (fixed)
3 to 5 years
This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.
NOW FINANCE Personal Loans
From 8.95% (fixed)
1.5 to 7 years
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.
RateSetter Personal Loan
From 8.66% (fixed)
0.5 to 5 years
$0 (Upfront fee $250 for loan terms of 2 years and above)
RateSetter offers personalised interest rates ranging from 3.7% p.a. to 9.6%.p.a. determined by your risk profile.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
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.
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.

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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.

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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.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Citi Personal Loan Plus

Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.

Latitude Personal Loans (Unsecured)

An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours.

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