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Peer-to-peer personal loans

Learn about P2P loans and compare them.

Last updated:

RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter Unsecured Personal Loan - 3yr Variable


7.02 % p.a.

variable rate


9.01 % p.a.

comparison rate

Rate dependent on risk profile

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Finding a personal loan with favourable terms can be difficult no matter what you're borrowing for. If you're looking for a competitive personal or business loan, consider the benefits peer-to-peer (P2P) lending has to offer.

Compare peer-to-peer loan products

Updated April 3rd, 2020
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
RateSetter Unsecured Personal Loan - 3yr Variable
From 7.02% (variable)
6 months to 5 years
$299 (Based on $10,000)
You'll receive a variable rate between 7.02% p.a. and 14.99% 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.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
2 to 5 years
from 3% of loan amount
You'll receive a fixed rate between 7.5% p.a. and 20.49% 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.
Wisr Personal Loan
From 7.95% (fixed)
3 to 5 years
$595 (Establishment Fee)
You'll receive a variable rate between 7.95% p.a. and 19.45% 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.
Symple Loans Personal Loan
From 5.75% (variable)
1 to 7 years
from 1% to 5% of the loan amount
You'll receive a personalised interest rate from 5.75% p.a. to 19.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.

Compare up to 4 providers

What is a peer-to-peer loan?

Taking out a peer-to-peer loan involves borrowing money from individual investors, where the "lender" simply acts as a facilitator for the loan. By lending their money, the investors gain access to an attractive fixed income asset class that can yield better returns than other investment options. Borrowers can also take advantage of lower rates that are based on their credit scores. All this is facilitated by a peer-to-peer lending platform that connects the people looking to borrow with people looking to invest.

Is a P2P loan right for you?

Peer-to-peer (P2P) providers do not match individual lenders directly with a borrower. Rather, they enable the lender to invest in a portfolio of consumer loans. In other words, the P2P provider facilitates a platform where investors can finance a portfolio of loans and earn interest on what they lend, while borrowers are given an individual rate based on their credit score.

  • Borrowers. To borrow, you submit an application with the P2P lender. The provider then evaluates your eligibility for a peer-to-peer loan by verifying your identity, credit history, employment and financials. It will assess the risk of the loan and give you a personalised interest rate. You will generally need to have a good credit history and be in a secure job to be eligible. After approval, your loan will be funded by one or several investors that choose to take you on. The P2P provider will usually deduct an application fee from the amount transferred.
  • Investors. Potential investors review the available applications on the website and identify the borrowers they would like to fund, in part or in full. Investors will not be able to see any personal information from borrowers. Funds are then transferred to the borrow and their repayments will be made to the investor based on how much of the loan they funded.

What lenders offer P2P loans in Australia?

Various lenders offer peer-to-peer loans in Australia, each with its own product offering and rate. The table below is a quick guide to Australia's P2P lending landscape:

Peer-to-peer lenderType of loans offeredLoan amountLoan term
MarketlendBusiness loans$2,000 up to $1,000,0003 to 5 years
MoneyPlacePersonal loans$5,000 to $45,0003 to 7 years
RateSetterPersonal loans$2,001 to $45,0006 months to 5 years
SocietyOnePersonal loans$5,000 to $50,0002 to 5 years
ThinCatsBusiness loans$50,000 to $300,0002 years and 5 years
TruePillarsBusiness loans$30,000 to $500,0001 to 5 years
BigstoneBusiness loans$10,000 to $5,000,00012 to 60 months
WisrPersonal loans$5,000 to $50,0003 to 5 years

The ins and outs of peer-to-peer loans

Government Guarantee

The Government Backed Guarantee on Deposits was set up to protect investments up to $250,000. They do not apply to funds in peer-to-peer lending as it only applies to institutions authorised by the Australian Prudential Regulation Authority (APRA).

How peer-to-peer is changing the way Australia lends

When peer-to-peer personal loans launched in Australia, one new aspect about these loans was that the interest rate was personalised to the borrower. Now, banks and other non-P2P lenders have been embracing this. You can now find many risk-based personal loans from major banks as well as smaller standalone lenders and credit unions.

Many banks and lenders are also offering more competitive rates and embracing innovative technology in order to remain competitive.

Weighing up the benefits and drawbacks of peer-to-peer loans

For borrowers

  • Borrowers are able to secure loans at rates generally lower than those offered by banks
  • A speedy application process that's administered online
  • P2P lenders offer lower loan amounts than banks, usually only up to $35,000 for a personal loan.

For investors

  • A higher return on funds than compared with other investments
  • The opportunity to diversify your investments in addition to spreading your funds over several loans for minimising your risks
  • Lenders will need to know that there is no government-backed guarantee on the funds they provide.

"How do I compare my options?"

  • Are they compliant?
    Check the credibility of the website or platform that you're considering. They should have a credit license listed on the bottom of the page and check what banks or services they are affiliated with.
  • What rates are you being offered?
    The rates offered by the peer-to-peer lender are usually lower than those offered by the banks, but you should also see whether they are fixed or variable.
  • What fees are associated with your account?
    Take a look at the comparison rate to see how much the loan is likely to cost you with the fees included, and remember to check whether you will need to pay any upfront fees to set up the loan.
  • What are your loan terms and the amount you are borrowing?
    Some peer-to-peer lenders may not be able to offer you as high a loan amount as other banks or lenders, so check to see that you'll be able to borrow what you need for as long as you need it.
  • Have you researched the lender's reputation?
    The lender's reputability should also form part of your comparison. You might want to read independent customer reviews online, see how easy the lender is to be contacted, and how transparent they are with their fee and rate information.
  • What are the requirements for an investor?
    As a borrower, you want to ensure the person you will be borrowing from is reliable and that the lender has strict guidelines in place to ensure no unscrupulous investors find their way into the lending network. Check out the lending requirements before you apply to see the type of people you will be borrowing from.
  • Are you eligible to become a borrower?
    While you want to check that you are eligible, you also want to ensure that the peer-to-peer network doesn't have borrower eligibility criteria that are too relaxed. Some overseas peer-to-peer networks who started lending to borrowers with bad credit failed due to a high number of defaulted loans, so you want to ensure the lender you go with doesn't engage in high-risk borrowing behaviour

Peer-to-peer lending is an alternative credit option to consider. With competitive rates, quick approval times, and not to mention a way for investors to diversify their portfolio, peer-to-peer lending is making its mark on the credit industry.

Compare peer-to-peer loans below

P2P Lender: Harmoney

  • Interest rate (from): 6.99% p.a.
  • Comparison rate (from): 7.69% p.a.
  • Maximum loan amount: $50,000

P2P Lender: RateSetter

  • Interest rate (from): 7.02% p.a.
  • Comparison rate (from): 9.01% p.a.
  • Maximum loan amount: $45,000

P2P Lender: Wisr

  • Interest rate (from): 7.95% p.a.
  • Comparison rate (from): 8.78% p.a.
  • Maximum loan amount: $50,000

Frequently asked questions about P2P lending

Related Posts

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 28.69% 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.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.66% p.a. to 19.59% p.a. comparison rate) 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. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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18 Responses

  1. Default Gravatar
    ChristopherMarch 29, 2019

    Hi Team i would like to apply for a combine ptop lone with my wife i have high credit score and 4 month’s working& Wife has average credit score but 2 pluss years in job is this possible please.

    • Avatarfinder Customer Care
      NikkiMarch 30, 2019Staff

      Hi Cristopher

      Thanks for getting in touch! To apply for a peer-to-peer personal loan, check the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Our page shows a list of P2P lenders. I also suggest reading the part on the page that says “How do I compare my options?” to help you decide which lender to go for!

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


  2. Default Gravatar
    SammyOctober 14, 2016

    Hi Team,

    I would like to invest in a P2P loan.

    Is this possible if I am not an institution?

    Do I need to be a ‘sophisticated’ investor?

    If not, which P2P lenders will allow me to make an investment?


    • Avatarfinder Customer Care
      ElizabethOctober 17, 2016Staff

      Hi Sammy,

      Some P2P lenders require to you be a sophisticated investor while others allow non-sophisticated investors to lend. Here are the requirements for some prominent P2P lenders:

      – SocietyOne: Need to be a sophisticated investor
      – RateSetter: Individuals over the age of 18 can lend from just $10
      – MoneyPlace: Currently need to be a wholesale or institutional investor, but retail investors are coming soon
      – Harmoney: Currently only sophisticated investors can apply, opening to retail investors soon
      – Marketlend: Open to retail investors

      Hope this helps,


    • Default Gravatar
      JJuly 8, 2017

      Do you have a comparison page for investors? Specifically I want to know which platform and investment has the lowest default rate.

    • Default Gravatar
      DanielleJuly 10, 2017

      Hi J,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You may refer to this page for options that may suit your needs.

      I hope this helps.


  3. Default Gravatar
    IanJune 16, 2015

    I am looking at investing in buying a 20 year lease on a Holiday Park which has excellent proven turnover of a million plus per annum and approx six to seven hundred thousand profit after running costs and GST. The problem is that they are asking for $1,250 000.00 up front. I am unable to borrow that much from a bank as I don’t have that much security to cover it. Do you know of any business that could assist me in obtaining this amount of money. I would be asking for a 5 to 7 year loan to pay it back with interest of course.


    • Avatarfinder Customer Care
      ElizabethJune 17, 2015Staff

      Hi Ian,

      Thanks for your question.

      You can take a look at our business loans guide on this page that also provides you with a few options, but the maximum loan amount from the lenders available on is $500,000. While you might not be able to provide security you still might want to get in touch with banks, if you can provide a business proposal they may be able to offer you financing. You can also think about getting in touch with a business loan broker to help you source financing. The business loan guide provided in the link may offer some more guidance.

      I hope this has helped.



  4. Default Gravatar
    josephApril 15, 2015

    am joseph from question is am i eligible for a loan of 500$ or its only citizens of australia who qualify alone.

    • Avatarfinder Customer Care
      ElizabethApril 16, 2015Staff

      Hi Joseph,

      Thanks for your question.

      You may be eligible for a loan from peer-to-peer lenders such as Society One, as they simply require you to hold an Australian bank account and be over the age of 21. For your other loan options, you can take a look at this page.

      I hope this has helped.



  5. Default Gravatar
    ristoFebruary 24, 2015

    I need to borrow $25000 to settle my separation..since my separation i took on all the family debt and in 5 yrs have paid off a 26000 personal loan and credit cards to 36000, my credit rating is below average but i only wish to borrow this money till late July 2015 4mths because i can them access my superannuation which i have $390000.

    • Avatarfinder Customer Care
      ShirleyFebruary 25, 2015Staff

      Hi Risto,

      Thanks for your question.

      Please note that is an online comparison service and is not a product issuer.

      If you would like to discuss your eligibility or options, please get in touch with a lender on this page.

      We also have a page on bad credit personal loans that may assist.


  6. Default Gravatar
    JoFebruary 18, 2015

    I need to borrow around $50000 to clear credit cards and a personal loan. No-one will consider this loan because I am currently unemployed even though I am already carrying this debt and making the repayments but am trying to consolidate to lower the interest rate and make 1 payment.

    • Avatarfinder Customer Care
      ShirleyFebruary 18, 2015Staff

      Hi Jo,

      Thanks for your question.

      Please note that is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with a lender featured on this page.


    • Default Gravatar
      TobiasAugust 5, 2016


      I am starting a new premium designer brand an clothing line. I was originally going to go to a business accountant that i know for assistance an i saw this so i thought i would just want know if yourselves could help me, an inturn help you. My venture is yet to get off the ground but is in build up phase, i would need the funds to help in start up an leases an what not. If you could crunch up some figures on the amount $1000000 over a flexible term 3 to 5years. If yourselves would consider such thing just let me know what would yourselves would think an would need to see such as business plan etc.

      Thanks. IT

    • Avatarfinder Customer Care
      ElizabethAugust 9, 2016Staff

      Hi Tobias,

      Out of the P2P lenders on the page above, RateSetter is the only one that offers business finance. You’ll be offered a custom rate so this will depend on the details you give in your application. You can get in touch with RateSetter to find out more information.

      I hope this helps,


    • Default Gravatar
      robertruizJanuary 29, 2018

      Hello! I’d like to know about particular which platform and investment currently has the lowest default rate.

    • Avatarfinder Customer Care
      CarloJanuary 31, 2018Staff

      Hi Robert,

      Thank you for contacting finder.

      I understand that you are inquiring about investments. The rates offered by peer-to-peer are usually lower than those offered by the banks, but you should also see whether they are fixed or variable. So generally you would be able to get a much lower rate compared to other financial institutions.



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