Happy couple travelling

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.

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:

  • If you get an Equifax Score/VedaScore from Equifax, a score from 833 to 1,200 is considered excellent.
  • If you get a credit score from Experian, a score from 800 to 1,000 is excellent.

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.

Personal loans you can consider if you have excellent credit

Rates last updated February 21st, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
Borrow up to $50,000 for a term of up to 7 years with this unsecured loan. Apply before 28 February 2018 for a 1% p.a. interest rate discount. Conditions apply.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
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. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.50% p.a. to 15.99% p.a. based on your credit history.
BOQ Unsecured Fixed Personal Loan
9.99% (fixed)
10.5%
$3,000
1 to 5 years
$7.50
$0 (Application fee waived for applications received until 25 February 2018)
Apply for up to $40,000 and have up to 5 years to repay your loan. Discounted interest rate and $0 application fee if you apply before 25 Feb 2018 and your loan is settled by 18 March 2018.
Citi Personal Loan Plus
9.99% (variable)
10.95%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 18.95% p.a. depending on your credit score.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
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. If you have an Unsecured Personal Loan with any Big Four bank, Latitude will beat your rate by 1% p.a. Offer ends 18 March 2018
NAB Personal Loan Unsecured Fixed
11.99% (fixed)
12.87%
$5,000
1 to 7 years
$10
$150
An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.
Heritage Bank Standard Personal Loan
From 10.94% (fixed)
11.57%
$5,000
1 to 5 years
$5
$200
A competitive personal loan available up to $50,000.
MyState Unsecured Personal Loan
From 12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
Apply for up to $50,000 and make additional repayments at any time without penalty.
RACQ Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
Apply for up to $60,000 to use for a variety of purposes end enjoy no penalty for early repayment. Note: You must be a QLD resident to apply.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0 (On new loan applications before 28th February 2018.)
Convenient redraw facility and flexible personal loan repayment options with a competitive interest rate. Apply before 28 Feb 2018 for a $0 application fee. Conditions apply.
NAB Personal Loan Unsecured Variable Rate
15.69% (variable)
16.55%
$5,000
1 to 7 years
$10
$150
An unsecured loan up to $55,000 that you can repay early without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.
ANZ Fixed Rate Personal Loan
From 10.99% (fixed)
11.87%
$5,000
1 to 7 years
$10
$150
Apply for up to $50,000 to use however you choose and benefit from a competitive fixed rate.

Compare up to 4 providers

How can I compare personal loans?

Make sure you consider the following features when comparing 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 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 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.

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.

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.

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. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

Ask an Expert

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

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question