Money lenders

Money lenders provide financial services ranging from personal loans to home and business loans.

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A money lender can be a financial institution such as a bank, or it can be an individual or a public or private group. They provide financial services such as home loans, personal loans, business loans and credit cards, etc. In return for their services, money lenders expect the loan to be repaid inclusive of interest or fees they charge for lending.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Money lenders comparison

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3 to 12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $300 and $2,000 that can be funded in 24 hours.
Jacaranda Finance Personal Loan
$10,000
9 to 24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
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Compare up to 4 providers

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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
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. if you're approved.
A credit limit up to $75,000 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 31 January 2022.
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250
$0
You'll receive a fixed rate from 5.45% 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 31 December 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
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: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 December 2021 for a chance to win a $2,000 Bunnings gift card.
Alex Bank Personal Loan

From 4.99% (fixed)
4.99%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 4.99% p.a. to 14.99% 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 26 January 2022.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$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 $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 variable rate from 5.75% p.a. to 25.99% p.a.

Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$5,000
3 to 7 years
$0 to $649
$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 $5,000 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Wisr Personal Loan ($5,000 to $30,000)

From 6.49% (fixed)
6.49%
$5,000
3 to 7 years
$0 - Waived Establishment Fee
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% 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.

⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 December 2021. T&Cs apply.
Wisr Personal Loan ($30,001 to $64,000)

From 6.49% (fixed)
7.11%
$30,001
3 to 7 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. if you apply and get approved by 15 December 2021. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% 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.
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.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$5,000
1 to 3 years
$0 to $649
$0
You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $5,000 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
loans.com.au - New and Dealer Used Car Loan
3.99% (fixed)
4.53%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate of 3.99% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Credit Concierge Car Loan
From 3.69% (fixed)
4.23%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.69% p.a. with a comparison rate of 4.23% p.a.
Get access to over 20 providers to fund a new or used car.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$10,001
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
IMB New Car Loan
4.88% (fixed)
5.23%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPSR fee)
$0
You'll receive a fixed rate of 4.88% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Stratton Finance New Car Loan
From 3.69% (fixed)
5.27%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.69% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
Great Southern Bank Fixed Rate Car Loan
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit 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 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% 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.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 7 years.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
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How do money lenders work?

Money lenders work by offering money with the expectation that you will repay them within a given timeframe. This is known as the loan term – it's how long you have to repay the loan.

During this time, they will expect regular repayments to be made. These payments will include the total amount borrowed and charges such as interest or fees. These repayments are incremental and will be broken down into chunks.

Interest is what you will be charged for borrowing money. It is usually presented as a percentage of the total loan amount. Some loans have fixed interest rates, while others have variable interest. Lenders may also charge fees. These may include establishment fees and annual or monthly fees. Establishment fees cover the cost of opening up a loan account, while annual or monthly fees cover the cost of maintaining the account. There may be other fees too, such as transaction fees.

Money lenders can lend the money upfront, providing the loan funds in one go. Or they may provide finance as needed, in what is called revolving credit.

Depending on the loan, lenders may also require loan security. This can be either home or business equity, or a vehicle.

What are the types of money lenders?

  • Traditional banks. Your everyday savings bank will offer a variety of loans for you to choose from. All banks are regulated by both ASIC and APRA. The lending criteria for banks is generally strict. You will need good credit to apply with them. Some of the loans offered by traditional banks include personal loans, home loans, business loans and lines of credit. With large institutions like banks, you may be able to get large loans.
  • Neobanks. Neobanks or digital banks operate exclusively in the online space, unlike traditional banks. You can access their services through an app on your smartphone. They are regulated by APRA and ASIC, same as traditional banks. The difference is that they don't have physical infrastructure, like bank branches. This means that they also have lower overheads, allowing them to provide competitive interest rates or no or low fees. They may not offer loans as large as traditional banks.
  • Nonbank lenders. This is a blanket term for a large number of lenders. They include mutuals and alternative lenders like peer-to-peer and independent lenders.
    • Mutuals. These include building societies and credit unions. They are regulated by both ASIC and APRA. Lending amounts are usually smaller than traditional banks. If you have a good relationship with your mutual, an average credit score may not be an impediment.
    • Alternative lenders. These include peer-to-peer and independent lenders. They are mostly regulated by ASIC. Lending amounts may not be large, but their lending criteria is more flexible. They often offer personalised rates and risk-based loans, opening up the lending space for people with less-than-perfect credit.
    • Dealerships. You can finance the purchase of new or used vehicles or equipment directly from a dealership.
  • Short-term lenders. Short-term or payday lenders offer small loans with short loan terms. Loans can be up to $2,000, $5,000 or $10,000. While payday loans are highly regulated, they are an expensive form of finance. They are also not a long-term financial solution and should only be used in financial emergencies.
  • Buy now, pay later services. With this service, you can make interest-free purchases and pay in instalments. Many retailers now tie up with buy now pay later service providers. This allows them to offer their customers the option to break down their repayments into smaller, more manageable chunks. There are also buy now pay later services that let you pay your bills in instalments.

Brokers vs lenders

While easy to confuse, a broker facilitates or negotiates the loan with the lender on behalf of the borrower. They are a third party or intermediary, acting on behalf of the borrower. A broker can be an individual or an institution. They don't lend the money, and they work on commission.

What to check before you borrow money

Before you borrow money, there are a number of things you should check:

  • Lender's licence. All lenders must be licensed with ASIC. You can look up the lender on ASIC Connect's Professional Register to confirm the lender is licensed.
  • The credit guide. All lenders must give you a document which has their Australian credit licence number, contact details, all fees and charges, details of your right to complain or their external dispute resolution scheme. They should also give you a quote for providing credit assistance.

How to choose a money lender

Keep in mind the following factors when looking for a lender:

  • Lender's reputation. Apart from the lender's licence, you should also consider the lender's reputation. Details such as brand, business longevity and customer experience reviews are some of the things to consider when choosing a lender.
  • Suitability of loan. The loan you're applying for should be suitable to your needs – for instance, don't apply for a car loan when you need the funds to pay for medical bills. Loans come with restrictions on how you can use the funds, so it's important you check if it's suitable for your purpose.
  • Loan amount and efficiency. Before applying, you should check if the lender offers the amount you need. Lenders have minimum and maximum borrowing amounts, which will give you an indication of whether the loan you're looking at meets your needs. You should also consider whether the lender will provide the funding when you want it. If you want a loan in 48 hours, applying to a lender that doesn't provide funding within that timeframe will be unsuitable. It would be a waste of time if you apply for a loan and then find out you won't be able to receive the funds when you need them.
  • Cost. You should make sure you know how much the loan will cost before you apply. You should take into account the lender's rate and any fees they will charge. You should also be aware of the difference between fixed and variable interest rates and how they will affect your repayments. Apart from the interest rate, you should also consider the comparison rate. This is how much the loan will cost inclusive of interest and fees. Comparing both the interest and comparison rates will help you understand the overall cost of the loan. You should also check if the lender requires an asset as loan security.
  • Affordability. Apart from working out how much a loan costs, you should also look into whether you can afford it. You should only apply for a loan if it sits comfortably in your budget. If you are likely to have trouble affording the repayments, you shouldn't apply. Lenders are obliged to lend only to borrowers who can afford it, so if it's an unaffordable loan you're applying for, your application will get rejected.
  • Eligibility. When comparing lenders, you should shortlist loans you're eligible to apply for. All lenders have their minimum requirements, so it's important to check if you meet them. If you find an affordable loan but don't meet the eligibility requirements, your application will be rejected.
  • Loan term. This is how long you have to pay back the loan. It could range from a few months to several years. Your repayment schedule will be based on your loan term, so you should make sure you're able to repay the loan within that term. Additionally, you may find that with a longer term your monthly repayments may be smaller. But you will also be paying interest and fees on those additional months, so that will drive up the overall cost of your loan.
  • Loan features. Additional features such as online account management, customer support, ATM cards and additional sub-accounts for revolving credit might be features you're looking for. You should take these into account during your comparison.

What should I consider before borrowing money?

  • Disreputable money lenders and loan sharks. Unfortunately, there are disreputable lenders that offer what appear to be attractive rates or financing for bad credit applicants. You should be wary of any offer that seems too good to be true. It's best to check if the lender is reputable and what their history is. You should also be wary of loan sharks who charge extremely high interest for desperate borrowers. You should check the lender's website and make sure they're a reputable company. Also check if they're registered with ASIC. Plus, they should be easy to contact.
  • Getting into debt you cannot afford. Check the cost of the loan and make sure you can afford it. You should be able to comfortably include your repayments in your budget. You should also avoid borrowing more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future. Select a single loan and lender that you're eligible for and that suits your needs and apply with them.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. With secured loans, your loan security can be repossessed by the lender if you fail to make your repayments.

    Frequently asked questions

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