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Personal loans for laptops

Do you need a new laptop or upgrade, but don't know how you're going to cover the costs? There are a number of finance options available.

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If you don't have a laptop or you're struggling along with an old clunky model, it can really impede on your life. We're living in a more progressively digital world each day, but that doesn't necessarily mean that our finances are able to keep up with the price tag of the latest releases (or even the less-than-latest ones). Whether you need one for your studies, your job or just for organising your day-to-day tasks, having a computer is pretty much a necessity. Luckily, when it comes to financing your latest tech, there are a number of loan options available.

Young person in a yellow skirt holding a laptop and a cup of coffee

Compare personal loans for laptops

Data indicated here is 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 Fixed Rate Personal Loan

From 6.49% (fixed)
6.84%
$2,001
3 to 5 years
From $149 to $599
$0
You'll receive a fixed rate between 6.49% p.a. and 11.99% 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 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% 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.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% 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. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% 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.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 7.99% 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.
Plenti Variable Rate Personal Loan

From 5.79% (variable)
6.78%
$2,001
1 to 3 years
From $149 to $599
$0
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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.
Pepper Money No Fee Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $15,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
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 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Wisr Personal Loan

From 7.95% (fixed)
8.78%
$5,000
3 to 5 years
$595 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.45% 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.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 5 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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. Benefit from fee-free additional repayments and a redraw facility. 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.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
MoneyMe Personal Loans

From 8.99% (fixed)
10.68%
$3,001
2 to 5 years
5 - 8% of the principal borrowed, capped at $1,200
$0
You'll receive an interest rate between 8.99% p.a. and 29.99% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
Heritage Bank Standard Variable Personal Loan
11.99% (variable)
12.61%
$5,000
1 to 10 years
$200
$5
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
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 19.99% 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.
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Compare up to 4 providers

How can I finance a new laptop?

To help you afford a new computer, there are several different options for you to consider:

Unsecured personal loan

An unsecured personal loan is when you borrow money from a lender, without having to use an asset as security. You then pay the finance back in weekly, fortnightly or monthly instalments over an agreed term. With an unsecured personal loan, you receive the money upfront and then can pay for your new computer or laptop in full.

However, please be aware that most unsecured personal loans are only available from $5,000 and most laptops cost under $2,000. While unsecured loans are flexible and you can use the funds for more than one purchase, over-borrowing can be risky. This is because you will have to make interest payments on the entire principal of the loan, which can be expensive.

Short term loans

Short term loans are available from $100 to $2,000. They are quick to apply for and have minimal eligibility criteria. However, depending on your financial situation, getting a short term loan to cover the cost of a laptop can be an unsound financial decision. This is because short term loans are expensive forms of finance, with high interest rates and fees.

Repayments on short term loans are usually high, so it's a good idea to ensure that you will be able to comfortably meet these repayments prior to applying for one.

Credit card

With a credit card, you can purchase your new laptop and pay it off over an extended period of time in instalments. You might want to consider a 0% purchase card to give you an interest-free period.

In-store finance

Many shops offer in-store finance to help customers afford expensive products. With in-store finance, you can spread the cost of your new laptop over 6, 12 or even up to 18 months. Many companies even offer interest-free loans or a 0% interest period.

Student loan

If you're a student, you could be eligible for help purchasing a laptop from the government with StudyAssist. Alternatively, you may be able to borrow a laptop from your university, while you save to purchase your own.

StepUP loans

Depending on your circumstances, you could qualify for a low-interest (5.99% p.a.) StepUP loan of between $800 and $3,000 on terms of up to 3 years, to help you purchase a laptop. StepUP loans have no fees. To qualify for a StepUP loan, you must:

  • Have a Health Care Card/Pension Card or receive Family Tax Benefit Part A
  • Reside in your current premises for more than three months

If you are under 18, your parents may be able to qualify on your behalf, depending on their circumstances.

NILS

If you're on a low income, you may be able to qualify for a No Interest Loan (NILS) to cover the cost of your laptop. NILS are available up to $1,500. To qualify for NILS, you must:

  • Have a Health Care Card or Pension Card
  • Earn less than $45,000 per year after tax ($60,000 for couples or people with dependants)
  • Have lived at your current or previous address for at least three months
  • Show a willingness and the capacity to repay the loan

If you are under 18, your parents may be able to qualify on your behalf, depending on their circumstances.

Can I get a laptop loan with bad credit?

You may still be eligible for a loan even if you have bad credit, though you will usually find that your options are more limited compared to someone with good credit. If you are eligible for a No Interest Loan, your credit score will not be checked. If you are ineligible for NILS, short term loans are often available to applicants with bad credit (though they come with the aforementioned risks attached).

Unsure of your credit score? You can check it for free with Finder.

How can you compare personal loans for laptops?

If you want to opt for a personal loan to cover the cost of your laptop, there are several ways that you can compare, to ensure that you get the best deal:

  • Interest rate

    As well as obviously looking for a low interest rate, you need to decide whether you're going to opt for a fixed or a variable rate loan. A fixed rate allows you to lock in a specific rate for the life of your loan, whereas a variable rate may change over the course of the loan. Though you run the risk of a variable rate increasing, they often have fewer restrictions. For example, you can usually repay the loan early without penalty or make additional repayments. Fixed rate loans generally have shorter terms, up to five years, whereas variable rate loans can last for as long as seven.

  • Fees

    Don't forget to look at the fees when considering a loan. Common fees to take into consideration include establishment fees, annual fees, monthly fees and penalty charges if you miss a payment. These can really drive up the cost of the loan, so make sure to read all the terms and conditions prior to signing a loan contract.

  • Loan term

    Personal loans generally have a minimum term of a year and a maximum term of seven years. A longer loan term may reduce the size of the repayments you need to make, but will generally mean you pay more in interest over the life of the loan. For a personal loan for a laptop, you will only need a relatively small loan, therefore it may not be a good idea to opt for a longer loan term. And remember, many retail stores offer interest-free or low interest finance on their products for 6, 12 or 18 months.

Am I eligible for a laptop loan?

Whether or not you are eligible for a personal loan for a laptop will largely depend on the type of finance that you opt for. However, if you are planning on opting for a standard personal loan from a bank or non-bank lender, the below criteria usually applies:

  • 18 years or over
  • Australian resident or permanent citizen
  • Have a regular income
  • Have a good credit rating

Remember to compare your options thoroughly prior to submitting an application.

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 25.69% 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 NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% 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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