personal-loan-brokers

Personal loan brokers

Utilise the time and the expertise of a professional broker to take the hassle and stress out of finding your next personal loan.

Finding a personal loan can take a lot of time, effort and stress. By using a personal loan broker, you needn’t waste time searching around for a loan. A broker can help you find the option that is best suited to your situation and requirements and you’ll also have the benefit of a single contact for the total term of your loan.

Personal loan brokers can also be of significant help for those with complicated situations or poor credit scores, who are typically rejected by traditional lenders.

How do personal loan brokers work?

Personal loan brokers work in a similar way to mortgage brokers: they help you find a good deal on your loan.

Personal loan brokers can help you with the full range of personal loan products offered by lenders. Whether you are planning a holiday or buying a new car, a personal loan broker can assist you with finding a suitable product.

Personal loan brokers search for a loan within their lending panel, which is simply the group of lenders that they deal with. Once you sign up for their services they will find a product from one of these lenders. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.

Personal loans brokers you can apply with

Why should I opt for a broker?

Personal loan brokers offer you convenience. They can find you the best loan option for your unique circumstances. They may be particularly useful if you have a bad credit score or trouble meeting the standard lending requirements at larger financial institutions.

Using a broker can help you maintain a good credit score by preventing unnecessary applications and potential rejections from multiple lenders. Brokers have a better understanding of different lending requirements of various lenders, so they won’t recommend products that you are likely to be rejected for.

Loan brokers often have different minimum loan amount requirements to the lenders themselves. Some credit unions and smaller banks will lend as little as $2,000 unsecured, whereas brokers typically won’t deal with less than $5,000. If you only need a small amount to avoid using a credit card then a broker isn’t suitable for you.

How you can find a good broker

  • Loans offered. Make sure the broker you are considering offers the type of loan that you require.
  • Type of interest. Most brokers offer fixed interest loans only.
  • Loan conditions. Can you pay the loan out sooner, make additional repayments or redraw on overpaid amounts? Make sure you can access these services without having to pay a fee.
  • Lending panel. This is the group of lenders from which your broker will choose a loan. The bigger the panel, the greater the chance of you getting the best deal available.
  • How they work. Some brokers operate almost entirely online, whereas others use the more traditional phone, fax and mail. Make sure you’re comfortable with whichever system your broker uses.
  • Funding time. Brokers have different speeds at which they are able to approve and fund your loan. If you are in a hurry, an online-based broker should be able to approve your loan faster than a paper-based one.
  • Customer service. You will be dealing with the broker for the term of your loan, so make sure you are happy with the level of service they provide. Call them to see how long it takes to get an answer and find out what kind of support they offer.

What to avoid with personal loan brokers

  • A small lending panel. The more lenders your broker has access to, the better your chance of getting the best loan available. Make sure your broker compares a large range of options, otherwise you might as well just do it yourself.
  • Commissions. There isn’t anything wrong with a broker being paid a commission, just be sure of what the commissions are and how they affect the broker’s recommendations. Less honest brokers might push lenders that pay them higher, rather than the ones that offer the best option for you.
  • Fees and charges. Understand the fees and charges that you will have to pay. Ensure that they are all clearly explained to you before you commit to your broker and the loan. It may be worth doing a quick comparison with your current bank, just to get an idea of what you could get without assistance.

Have more questions about personal loan brokers?

Does it cost more to use a personal loan broker?

You may have to pay a monthly fee for using a personal loan broker, but you can try to negotiate this down when signing up for the service. All brokers make money through commissions, which are paid to them by the lenders they recommend. This is not directly added to the cost of your loan or interest rate.

Selecting the right loan requires analysing the application fees, monthly fees and interest rate. If you don’t have time to compare personal loans yourself, using a broker could save you a considerable amount of money over the life of the loan.

Can I take out a loan from my current bank via a broker?

Brokers offer products from lenders that are within their lending panel, that is, lenders that they have a relationship with. If your current bank is within the broker’s lending panel and it offers a competitive product, then yes, you might end up borrowing from your current bank. However, your broker should be looking for the best value option for you.

Can I stop using the broker’s services, or switch to another broker, once I have my loan?

This will depend on the terms and conditions of your contract. Make sure you read and understand all of them before you sign on the dotted line. You will generally need to cancel the loan and take out a fresh one if you wish to change brokers.

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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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16 Responses

  1. Default Gravatar
    July 31, 2018

    I’m a pensioner who wants to buy a mobile caravan worth 40,000

    • finder Customer Care
      JoelJuly 31, 2018Staff

      Hi Sonya,

      Thanks for leaving a question on finder.

      The guide HERE will take you through everything you need to know to help you find the right type of caravan loan for you as a pensioner.

      Caravan loans are available to people in various financial situations, including pensioners. However, lenders differ on their eligibility criteria. Lenders usually have minimum income requirements and consider certain forms of income, so lenders offering caravan loans to pensioners may consider the age pension or super payments as income, or even consider income from rental payments. More specific information is provided in the table at the bottom of the page.

      To get your application across the line, provide as much detail and documentation on your income streams and finances as possible.

      Cheers,
      Joel

  2. Default Gravatar
    FatimeJune 20, 2018

    I need loan about $30000,please

    • finder Customer Care
      AshJune 20, 2018Staff

      Hi Fatime,

      Thank you for visiting finder.

      You may check this page for Personal Loans that has competitive rates and lower fees. The minimum loanable amount is $3,000 though the approval will still depend on the Lender’s assessment of your financial situation and repayment capability.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

  3. Default Gravatar
    davidJune 7, 2018

    hi just like to know can i get $ 75o

    • finder Customer Care
      NikkiJune 8, 2018Staff

      Hi David!

      Thanks for getting in touch!

      I understand you want to get $75. Please know that there is a minimum amount to borrow for all lenders/brokers. On the page you are in, you can find more information about loans.

      Hope this clarifies!

      Cheers,
      Nikki

  4. Default Gravatar
    CZApril 12, 2018

    Hello, I have been in a small car accident and my insurance is void. I am looking to borrow around 14k to repair both their car and my own.

    I own a house worth around 800k with a 140k morgange and returning a rent of $800 per week. the problem is that I have started my own business which generates me around $1000 a week currently, but I have only been a sole trader for 6 months and my work income is not recognized yet by the bank. I have just launched my 2017 tax return which was delayed for particular reasons. is there a lender out there who I would be able to borrow off?
    thanks

    • finder Customer Care
      MayApril 12, 2018Staff

      Hi CZ,

      Thanks for reaching out.

      Sorry to hear about the accident. Whilst I cannot 100% say you’ll be approved for a loan, you may want to speak to a lender to discuss your options on this page. You’d be best to review the page first and get helpful information on how to secure a loan with your current situation.

      Hope this helps.

      Cheers,
      May

  5. Default Gravatar
    SarahMarch 28, 2018

    i am after a personal loan of $50,000 can i brow personal loans of this amount from 3 lenders

    • finder Customer Care
      MayMarch 29, 2018Staff

      Hi Sarah,

      Thanks for your inquiry.

      A $50,000 loan is already a big amount and could be risky for the lender especially if it’s an unsecured loan. If you like to borrow that amount, you may like to check the lenders on this page. For unsecured, the lenders you can contact are listed here.

      As for getting a loan from 3 different lenders, I’m afraid that may not be ideal as applying for several loans in just a short period of time can affect your credit history and may impact your future approval.

      Cheers,
      May

  6. Default Gravatar
    LukeMarch 23, 2018

    Hello, I have been bankrupt since 01/06/2017. I need to borrow $5000 to purchase a car. Can you recommend a broker to assist me. I’ve tried and have found the interest rate to be over 50%. Why do I have to be punished further do to unforeseen circumstances

    • finder Customer Care
      JeniMarch 23, 2018Staff

      Hi Luke,

      Thank you for getting in touch with finder.

      While we are not allowed to provide specific recommendations, let me give you general information to help you borrow $5,000 for a car loan. I suggest that you compare first which lender or bank you’re taking a loan with. You may check out this link to compare and find a broker within your area. Brokers offer products from lenders that are within their lending panel, that is, lenders that they have a relationship with. If your current bank is within the broker’s lending panel and it offers a competitive product, then yes, you might end up borrowing from your current bank. However, your broker should be looking for the best value option for you.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

  7. Default Gravatar
    KieranSeptember 15, 2017

    Can you recommend a personal loan broker . I live in Sydney. Thank you.

    • finder Customer Care
      HaroldSeptember 15, 2017Staff

      Hi Kieran,

      Thank you for your inquiry.

      While we cannot recommend what is best for you, we can offer you a general information. You may find helpful our guide here.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    GeoffAugust 10, 2017

    Was trying to find a personal loan broker in Perth to get me a small loan between $5000 and $10000 to move home and also help improve my credit rating. Not sure how my rating is now but think it is not really bad.

    • Default Gravatar
      JonathanAugust 10, 2017

      Hello Geoff,

      Thank you for your inquiry.

      As of this writing, we don’t have a dedicated page yet for personal loan brokers per state however, you can visit this page that we have for personal loans up to $10,000 regardless of your credit rating. Please take time to review the fine print of each product/lender and also use the calculator on the page to know your estimated repayments would be.

      We recommend that you take a look at your most updated credit score here prior applying as this affects your approval.

      Hope this helps.

      Cheers,
      Jonathan

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