applying for a loan online

Online loans

For a simple application and to receive your funds quickly, apply for your personal loan online.

Finding and applying for a personal loan online can make the process much quicker. Online applications can simplify the borrowing process and it's easier to compare all of your loan options when they're online.

Find out what's involved with the online loan process in this guide.

Citi Personal Loan Plus

Citi Personal Loan Plus

From

8.99 % p.a.

variable rate

From

9.96 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.96% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Compare a range of online loans

Rates last updated March 25th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$199
$10
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 7.91% (fixed)
9.92%
$2,001
0.5 to 5 years
$299
$0
You'll receive a fixed rate from 7.91% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Get your loan approved and settled before 31 Mar 2019 and receive a $100 gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 11.99% (fixed)
13.07%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 11.99% p.a. and 18.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: Listed rate of 11.99% p.a. includes a 1% discount available if you apply and are approved before 31st March, 2019.
NAB Personal Loan Unsecured Fixed
Headline rate 12.69% (fixed)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. 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.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$200
$0
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
Pepper Money Unsecured Variable Personal Loan
From 9.99% (variable)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make extra repayments and repay early at any time.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
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.

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What are the benefits of an online loan?

Applying for a personal loan online comes with a number of benefits:

  • Fast turnaround. Online lenders can usually approve your loan, and fund it, faster than other lenders. Conditional approval usually takes place within a minute or two and your loan can be funded the same business day.
  • Compare options easily. The right personal loan isn't always the one with the lowest rate. By comparing features, rates and fees online you can find the right loan for you.
  • Track your application. When you apply for a loan online, you're usually given a tracking number so you can see what stage the application is at. If you're not
  • Find exclusive offers. You may find exclusive deals and offers cutting interest rates or dropping fees.

Are online loans are better than loans from branch-only institutions?

Both online loans and loans from bricks-and-mortar lenders have certain benefits.

Online loans

  • Online-only lenders may be able to offer better rates because they have fewer overheads
  • It's more convenient to apply for a personal loan online
  • You can compare online loans side-by-side more easily

Branch-only loans

  • Customer service reps can help you through the loan process
  • If applying with your current bank you may find out about discounts in-branch
  • If the lender has branch locations as well as letting you apply online you have a choice of how to apply

Turnaround time for some popular lenders

LenderTurnaroud time
ANZSame day if approved
Bank Australiawithin 24–48 hours
Bank of Melbourne5-7 working days
BankSA5-7 working days
Beyond Bank4-7 business days
Citibank7-10 business days
CUA3-5 business days
HarmoneyMaximum of 14 days
HSBC1 week
Latitude Financial ServicesNext day or no more than two working days if approved
MoneyPlaceWithin 2 business days of approval
MyState BankWithin 1 business day if you have a good credit
NABSame day
NOW FINANCEWithin 2 business hours
RACQWithin a matter of days.
RACVWithin 24 hours
RateSetterNext business day
SocietyOneMinimum 72 hours after applied online
St.George5-7 working days
Westpac3 business days

What types of loans are available online?

There are a variety of personal loans you can apply for online:

How do I find the best online loan?

Comparing the following features can help you narrow down the best loan option for you:

  • Interest rate. This can be fixed or variable, with both offering different advantages and disadvantages. Fixed rate loans can come with more restrictions in terms of additional repayments and repaying the loan early. Variable rate loans don’t have these restrictions, but the rate may change during your loan term.
  • Fees. Costs for online loans can be upfront, in the form of establishment and application fees, or ongoing, in the form of annual or monthly fees. You'll also be charged for late and missed payments as well as defaults. You can check the comparison rate for a better idea of the true cost of the loan.
  • Repayment flexibility. Can you choose the frequency of your repayments? Can you pay monthly, fortnightly or weekly? Can you make additional repayments without penalty? Are you able to repay the loan early without a fee? Check the flexibility of your contract before you apply.
  • Features. Some lenders offer multiple ways to contact customer service, including online chat. You may also get an online account to manage your loan with others and some lenders may offer discounts on other products.

Is it safe to apply for a loan online?

Online loans have become more common and several reputable lenders operate online. Most traditional banks and lenders now offer their loan products online.

There are a few ways to check if online lenders are reputable. First, check that the credit licence is clearly displayed on the site. You can also check contact information and see how easy the lender is to reach.

Look through the details of the loan to make sure there are no hidden fees and charges. By looking at online reviews of the lender or its products, you can check customer satisfaction. Just make sure the reviews are not on the lender's site to ensure they are real.

How do online loan applications work?

Application processes differ between lenders, but generally involve the following factors:

  • Required information. You will need to supply your name as well as your employment and financial situation. This will include your income and your employer's name and details as well as your assets, debts and liabilities.
  • Required documents. Lenders may require bank statements, payslips and other documents to support your application.

Are you eligible for an online loan?

Eligibility criteria will differ depending on the type of loan you apply for. Here is what to keep in mind:

  • Personal loans and car loans. You will generally need to be over the age of 18, employed and earning a steady income over $15,000 p.a. This minimum income may be higher depending on the lender you apply with or how much you apply for. With car loans, your car will also need to meet eligibility criteria. You can find out more about personal loan eligibility criteria here.
  • Short term loans. You will need to be over the age of 18 and earning some sort of income. Lenders have different requirements for Centrelink recipients. It's also important to keep in mind that if you have gambling transactions in the last 90 days of your banking transactions (which you have to give as part of your application) you will not be approved.

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Personal Loan Offers

Important Information*
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 7.91% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.

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