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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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Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
5.65%
to 20.99%
6.27%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 5.65% 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 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
Citi Personal Loan Plus Variable, 3 - 5 Years, $5,000 - $75,000
Exclusive
Citi Personal Loan Plus
3 - 5 Years, $5,000 - $75,000
8.90%
9.18%
Variable
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.
Harmoney Unsecured Personal Loan Fixed, 3 - 7 Years, $2,000 - $70,000
Harmoney Unsecured Personal Loan
3 - 7 Years, $2,000 - $70,000
5.35%
to 19.09%
6.14%
to 19.99%
Fixed
$275 - $575
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.
Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000
Wisr Personal Loan
3 - 7 Years, $5,000 - $64,000
6.95%
to 17.95%
7.78%
to 18.37%
Fixed
$595
$0
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 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
Exclusive
NOW Finance No Fee Unsecured Personal Loan
18 Months - 7 Years, $5,000 - $50,000
5.95%
to 19.95%
5.95%
to 19.95%
Fixed
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 19.95% 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: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
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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 5.35% p.a. and 19.09% p.a. based on your risk profile.
    Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
    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
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.95% p.a. and 22.49% 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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