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. 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 August 18th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. You’ll receive a rate of between 8.99% p.a. and 17.99% p.a. depending on your risk profile. (Comparison Rate of 9.96% p.a. to 18.91% p.a.)
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 20.49% with a SocietyOne personal loan.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
Based on your risk profile you will receive a tailored rate between 10.69% p.a. and 18.69% p.a. (comparison rates between 11.58% p.a. and 19.53% p.a.)
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
A low rate unsecured personal loan you can repay over terms of 2- to 7 years. Only available to homeowners.
Sydney CU Special Offer Unsecured Personal Loan
From 7.99% (variable)
7.99%
$5,000
1 to 7 years
$0
$0
An unsecured personal loan with a special offer low introductory rate and no annual or monthly fees.
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 26.95% p.a.. based on your credit history.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.
RateSetter 3-Years Personal Loan
From 7.17% (fixed)
9.72%
$2,001
0.5 to 5 years
$0
$220
RateSetter offers loans with terms ranging from 6 months to 5 years and comparison rates from 6.39% p.a. - 11.08% p.a. based on your risk profile.

Interest and comparison rates calculated for a 3-year loan term.
NOW FINANCE Personal Loans
From 7.95% (fixed)
9.56%
$5,000
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 7.95% p.a. to 16.95% p.a. depending on your credit score.
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 with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.
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. Interest rates range from 9.99% p.a. to 21.74% p.a. The rate you are approved for depends on individual circumstances.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
Apply for a loan up to $60,000 and keep repayments manageable with a competitive fixed rate.
MyState Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
Apply for up to $50,000 and make additional repayments at any time without penalty.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
A competitive, fixed rate personal loan that allows you to make extra repayments.

Compare up to 4 providers

Personal Loan Comparison

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
MyStateWithin 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*
HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Latitude Personal Loan (Unsecured)

An unsecured loan with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.

Citi Personal Loan Plus

Borrow up to $75,000 to use for a range of purposes. You’ll receive a rate of between 8.99% p.a. and 17.99% p.a. depending on your risk profile. (Comparison Rate of 9.96% p.a. to 18.91% p.a.)

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