money-lenders

Money Lenders

Money lenders offer a wide variety of flexible financing options, which can provide funding for a variety of situations.

Simply put, money lenders provide financing for people for a range of reasons. They provide a host of financing options, which include personal loans, business loans, credit cards, bank overdrafts, equipment financing and more. The right lender, along with the most appropriate loan type, always depends on your particular personal or business situation.

Money lenders comparison

Rates last updated December 19th, 2017
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
$2,000
9-15 weeks
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
$396
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
24 hours
47.8% APR
$316.70
Apply for up to $2,000 as a convenient line of credit.
Nimble Short Term Loan
$2,000
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
$396
Apply for a short term loan and you could borrow up to $2,000
Credit24 Short Term Loan
$2,000
6-12 months
Same day
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.
Ferratum Cash Loans
$1,900
up to 6 months
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
$396
A small loan from Ferratum lets you borrow up to $1,900 without a credit check

Compare up to 4 providers

Rates last updated December 19th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
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.
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 29.99% p.a. based on credit history.
bcu Unsecured Freedom Loan
From 10.8% (variable)
13.9%
$4,000
1 to 5 years
$8
$200
A flexible personal loan available from $4,000 that you can use for any purpose.
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.
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 16.95% p.a. depending on your credit score.
Bank Australia Lifestyle Personal Loan
11.89% (variable)
12.94%
$1,000
1 to 10 years
$0
$150
A competitive variable rate loan that gives you ten years to repay.
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.
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.
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 the unsecured Loan from Westpac
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.
NAB Personal Loan Unsecured Fixed
14.99% (fixed)
15.85%
$5,000
1 to 7 years
$10
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
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 18th January 2018.)
Convenient redraw facility, flexible personal loan repayment options with a competitive interest rate. Apply before 18 Jan 2018 for a $0 application fee. Conditions apply.
Bank of Melbourne Unsecured Fixed Rate Personal Loan
From 12.99% (fixed)
14.06%
$3,000
1 to 5 years
$12
$0 (On new loan applications before 18th January 2018.)
Apply for a loan from $3,000 and lock in a competitive fixed rate for up to 5 years. Apply before 18 Jan 2018 for a $0 application fee. Conditions apply.
NAB Personal Loan Unsecured Variable Rate
14.69% (variable)
15.55%
$5,000
1 to 7 years
$10
$150
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.

Compare up to 4 providers

Rates last updated December 19th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
A great rate for cars under 2 years old.
bcu Car Loan
From 5.9% (variable)
6.82%
$5,000
1 to 5 years
$8
$250
Borrow up to $65,000 for a car up to 5 years old. The New Car Loan from bcu allows you to make extra repayments and access a redraw feature
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$0
$250
Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
Stratton Finance New Car Loan
From 5.49% (fixed)
6.62%
$18,000
1 to 7 years
$7
$499
Benefit from a car broker with over 25 years experience
RACV New Car Loans
From 6.49% (fixed)
7.03%
$15,000
1 to 7 years
$0
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Bank Australia Car Loan
6.45% (fixed)
6.66%
$1,000
1 to 7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$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.
NRMA New Car Loan
From 5.99% (fixed)
6.53%
$15,000
1 to 7 years
$0
$380
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
RACQ New Car Loan
6.17% (fixed)
6.72%
$3,000
7 years
$0
$395
A low fixed rate loan from RACQ suitable for buying a new car. Note: Loan only available to QLD residents.
MoneyForJam Car Loan
From 4.95% (fixed)
5.8%
$5,000
1 to 7 years
$6
$400
Apply for a car loan from $5,000 and get access to a panel of lenders.
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$5
$381.80
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
RACV Personal Loan
From 7.49% (fixed)
8.04%
$5,000
1 to 7 years
$0
$380
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
bcu Secured Freedom Loan
From 9.08% (variable)
9.99%
$4,000
1 to 5 years
$8
$250
A competitive, secured personal loan that you can use for a variety of purposes.
RACQ Used Car Loans
8.95% (fixed)
9.52%
$3,000
5 years
$0
$395
Benefit from a competitive fixed rate and a 21-day satisfaction guarantee when purchasing a used car. Note: Loan only available to QLD residents.
St.George Secured Personal Loan - Fixed Rate
8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
Freedom Finance Car Loan
From 5.1% (fixed)
5.94%
$35,000
1 to 5 years
$0
$380
If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.
NRMA Used Car Loan
From 6.99% (fixed)
7.54%
$15,000
1 to 7 years
$0
$380
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Latitude Car Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
A secured loan with a competitive rate that can help you finance new or used vehicles.

Compare up to 4 providers

How do money lenders work?

Money lenders work by offering money at a given interest rate. They disburse loans upfront or offer financing as needed (revolving credit) and charge an interest rate on the borrowed amount. This may be a fixed or variable interest rate depending on what you’ve applied for.

Money lenders also charge fees such as service fees, annual fees, transaction fees and other types of one-off and ongoing fees, which help them cover the cost of maintaining your account. They may also require security, such as home or business equity, to be provided as collateral for a loan, in order to approve applicants for certain types of financing.

What kinds of money lenders are there?

There are a host of Australian money lenders and they all generally fall into one of the following categories:

  • Short-term lenders. Such lenders include payday lenders and others offering short-term personal or business loans. Your loan will usually be disbursed quickly and your repayment schedule should be short. Short-term lenders require loans to be repaid over terms of 16 days to one year.
  • Bad credit lenders. These lenders specialise in lending to people or businesses with bad credit. Although there may be increased flexibility in terms of approving people with negative credit histories, the rates and fees are usually much higher in order to compensate for increased risk.
  • Branch lenders. These include more traditional lenders such as banks and deposit institutions, as well as non-bank lenders with bricks-and-mortar branches, where people can actually walk in and request a loan (as opposed to online lenders, for example).
  • Large-amount lenders. These types of lenders specialise in financing large loan amounts, anywhere from $5,000 to $10,000, for people and businesses. They include banks and deposit institutions, as well as credit unions, building societies and other non-bank lenders.
  • Equipment/vehicle lenders. This could be the actual company selling you the equipment, such as a car dealership, or it could be a third-party lender specialising in equipment financing.

How can you choose a money lender?

Keep in mind the following factors when comparing financing options between money lenders:

  • Reputation. Knowing your lender’s reputation is important as you want to make sure you choose a reliable source of funding. Therefore, details such as brand, business longevity and other elements of the lender’s reputation are important points-of-difference when choosing your lender.
  • Loan amount and efficiency. Not only should you make sure your lender offers the loan amount you require, but you should also make sure they provide it within the timeframe you need. It would be a huge waste of time applying for a loan only to find out your funds won’t be available when you need them.
  • Cost. Make sure you’re fully aware of your lender’s rate, as well as any one-off or ongoing fees. Also be aware of the difference between fixed and variable interest rates. You should use the loan’s comparison rate, which combines the lender’s interest rates with its fees, to better help you compare overall loan costs between lenders. Finally, see whether your lender requires any security, such as home or business equity, as loan collateral.
  • Loan term. Your loan term is the timeframe in which your loan is scheduled to be paid back. Depending on whether you’re applying for a short-term or long-term loan, this may be anywhere between three months (even shorter for payday loans) and several years. Your repayment schedule will be based on your loan term so make sure you’re able to meet your monthly repayments.
  • Service. Make sure you’re aware of any additional features your lender may offer such as online account management, customer support, ATM cards and additional sub-accounts for revolving credit.

Is there anything to consider before borrowing money?

Be aware of the following pitfalls before applying with any money lender:

  • Getting into too much debt. Always avoid getting into too much debt by being aware of a lender’s associated costs and making sure you’re able to afford them. Also, make sure you’re able to meet monthly repayments and never request loan amounts larger than what you actually need.
  • Shady money lenders and loan sharks. There are a great deal of shady lenders out there that offer what seem to be attractive rates or financing for bad credit applicants. Be very wary of any offer that seems too good to be true and be absolutely sure of your lender’s history and reputation before signing your name on the dotted line. Also, be wary of loan sharks who charge ridiculously high interest rates for desperate borrowers.

Frequently asked questions about money lenders

What’s the most important factor when choosing between money lenders?

There’s no single most important factor. Rather, you should consider overall factors such as your repayment ability, what your lender is offering and how it fits with your unique needs.

Will I be approved?

Your chances of approval depend on several factors determined by the lender you apply with. You usually need to be over the age of 18 and be an Australian citizen or permanent resident (although there may be loans available for temporary residents). Your credit history, income and personal assets are also important factors in determining eligibility.

How much financing can I apply for?

This depends on your personal and financial situation, as well as how much your lender approves. You can always find out the minimum and maximum loan amount offered by looking at our comparison tables. Keep in mind that you should never apply for funding that exceeds your repayment ability or what you actually need.

Picture: Shutterstock

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