Compare personal loans for excellent credit scores | finder.com.au

Compare personal loans for people with excellent credit scores

Got an excellent credit score and need a personal loan? Here’s how to find financing that suits your needs.

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If you’ve managed your personal finances so well that you boast an excellent credit score, you’ll find it much easier to access a loan than a borrower with a bad credit history. And if you’re searching for a personal loan, you’ll be able to access loans from a much wider range of lenders.

Let’s take a look at how to compare and choose personal loans, and what it takes to acquire and maintain an excellent credit score.

What is an excellent credit score?

The definition of an excellent credit score in Australia varies slightly depending on the credit reporting bureau that provides the score:

Why the difference? Each credit reporting bureau uses its own unique system to calculate your score. While those scores are based on the same financial information, the different algorithms each bureau uses lead to different scores.

How can I use my excellent credit score to get a personal loan?

When you apply for a personal loan, a lender will assess your capacity to repay the money you want to borrow. To do this, one of the main factors they look at is your credit score.

Your credit score is basically an indicator of how reliable a borrower you are. The higher your score, the more likely you are to be able to repay the loan on time and in full, so if you’ve got an excellent credit score, the lender will likely view your application in a positive light.

When you apply for a personal loan from a bank or other traditional lender, having an excellent credit score will increase the chances of your application being approved. While it’s far from the only factor the bank will consider – your income, ongoing expenses, past repayment history and desired loan amount will all be taken into account – your excellent credit score will generally stand you in good stead.

An excellent credit score is also a positive for borrowers who want to apply for a personal loan from a peer-to-peer (P2P) lender. You’ll generally need a good credit history or higher to qualify for a P2P loan, while your excellent credit score will also help you access a lower interest rate.

What personal loans are available to people with excellent credit?

There are several personal loan options available for borrowers with excellent credit:

  • Secured personal loans. By guaranteeing your personal loan with an asset, you can access large loan amounts and lower interest rates with a secured personal loan.
  • Unsecured personal loans. If you don’t have an asset to provide as collateral, unsecured personal loans offer greater flexibility but tend to have higher interest rates.
  • Car loans. You can get the funds you need to buy a new or used vehicle with a car loan.
  • P2P personal loans. P2P loans allow you to access a personalised interest rate based on your credit score and credit history.

How can I compare personal loans?

Make sure you consider the following features when you compare personal loans:

  • Interest rate. The lower the interest rate, the lower the total cost to repay your loan. Compare rates across loans to find the best value, but remember that both fixed and variable rate personal loans are available.
  • Fees. Fees can also make a big impact on the total cost of a loan, so check the fine print for any upfront and ongoing fees that apply.
  • Comparison rate. The personal loan comparison rate is calculated based on the interest rate and any fees and charges that apply. It represents the true cost of the loan and you should check this figure before applying for a loan.
  • Repayment schedule and flexibility. When will you need to make regular repayments and how much will those repayments be? Also look at whether or not you can make additional repayments and pay the loan off early without attracting any additional fees.
  • Loan term. Next, take a look at how long you will have to repay the loan. While short loan terms mean larger regular repayments, long loan terms mean that borrowing will cost you more in the long run.

Personal loans you can consider if you have excellent credit

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% 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%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% 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.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% 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.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% 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. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% 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.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% 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 can check your interest rate before applying with no impact to your credit score.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% 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.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% 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.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% 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.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
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Compare up to 4 providers

Frequently asked questions

Am I guaranteed to be approved because I have excellent credit?

No. While having an excellent credit score will usually improve your chances of approval, it certainly won’t guarantee that the lender will offer you a loan. Each lender has its own lending criteria and will approve or deny your application based on whether or not you meet those requirements.

If I’m rejected for a loan, will my credit score be affected?

Yes. Credit enquiries remain on your credit file for five years and can negatively impact your credit score.

How can I find out what my credit score is?

You can get your credit score for free from finder.com.au.

How can I improve my credit score?

There are several things you can do to improve your credit score, including checking your score regularly, disputing incorrect listings in your credit file and consolidating your debt. Check out our guide to how to improve your credit score for more information.

What do I do if I’m rejected for a personal loan?

There are several steps you can take if your personal loan application is rejected, such as reviewing your credit file, checking to make sure you meet the criteria for any loan you apply for, and staying in stable employment for an extended period.

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 24.79% 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 ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

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

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% 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.

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