Personal loan interest rate comparison

Personal Loan Interest Rate Comparison

Rates and Fees verified correct on October 22nd, 2016

Find the most suitable personal loan for you and potentially save money through an interest rate comparison.

With so many personal loans out there, it can sometimes be difficult to sort through the options and find one that is right for you. One way to find a suitable personal loan is to compare the interest rates that lenders set. Aside from the loan itself, the interest is often the next biggest expense so it’s essential to find a loan with a competitive interest rate.

With interest rates, you can select between a fixed interest rate where the rate is locked, or a variable interest rate, which changes in accordance with market rate fluctuations. One way to ensure you are finding a competitive interest rate is to compare the comparison rate. The comparison rate reflects the true cost of a loan, but is capped at a certain amount so the comparison rate is actually different for every borrower. You can compare the comparison rates on offer to assist you in finding the best personal loan.

Latitude Personal Loans (Unsecured)

Latitude Unsecured Personal Loan Offer

Latitude Financial Services Personal Loan offers a low interest rate with a low ongoing fee and a rate of 13.99%.

  • Interest Rate From: 13.99% p.a.
  • Comparison Rate: 15.20% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $250 (Loans under $4000 - $140)
  • Minimum Loan Term: 2 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $3,000
  • Maximum Loan Amount: $50,000

Compare personal loans

Use the table below to compare a range of personal loans. You can sort by interest rate or the comparison rate to aid in your comparisons.

Rates last updated October 22nd, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 Go to site More
Bank of Melbourne Unsecured Personal Loan
An unsecured personal loan that gives you a choice between a fixed or variable rate.
From 14.74% (variable) 15.61% $3,000 1 to 7 years $195 Go to site More
BankSA Unsecured Personal Loan
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
From 14.74% (variable) 15.61% $3,000 1 to 7 years $195 Go to site More

Is it enough to compare only the interest rate?

Although it is crucial to compare interest rates as they play a vital role in paying off your personal loan, there are other aspects of a personal loan that you must consider and compare before making a decision.

You should always compare fees and charges associated with the personal loan. If the loan has a low interest rate but attracts high fees, the true cost of the loan will increase and can end up being more expensive. You should also compare how much flexibility the personal loan offers. For example, can you make additional repayments? Or can you make fortnightly repayments?

You will also need to compare the level of service the personal loan provides. How easy is it to make repayments? Can you contact them if you have any queries? Can you access information online? And finally, you should always compare the term of the loan. This is the length of the loan and tends to vary, so it’s important you figure out how long you need to repay the loan and compare accordingly.

How to calculator your repayments

What is the comparison rate and how do you calculate it?

As mentioned, the comparison rate reflects the true cost of the loan in a given situation. The comparison rate includes the interest rate and any fees and charges combined into one rate. These two aspects are what you are ultimately paying back and makes up the cost of your loan.

This comparison rate is based on the length of the loan, amount of the loan and the repayment frequency. One way to calculate the comparison rate of a personal loan is to use a comparison rate calculator. These calculators are found online and you can input the details of the personal loan you are interested in. The calculator will give you an indication of the comparison rate so you understand the true cost.

It’s important to find out the comparison rate and use this to compare your loan options before selecting a personal loan. Typically, the lower the comparison rate the better.

Factors to consider when comparing personal loans

  • Interest rates.
    As the interest repayment will make up the bulk of the loan, it’s important to compare. There’s many low rate loans available or you can select a personal loan with a higher rate and more features. The interest rate should be one of the first things you compare when selecting a personal loan. Typically, the lower the interest rate, the cheaper the loan will be for you over the loan term.
  • Loan term.
    The loan term is the length of the loan. With personal loans, the loan term tends to fall between one to seven years. You should first consider how much you are borrowing and your current financial situation and select a loan term that you are comfortable with.
  • Fees.
    Fees and charges can end up making a seemingly inexpensive personal loan more expensive. Make sure you know upfront all the fees and charges you may be liable for and compare personal loans based on this.
  • Secured or unsecured.
    You also need to consider whether you want a secured or unsecured loan. With secured loans, you typically use an asset of yours as security against the loan. With unsecured loans, you don’t have to use an asset of yours as security but they tend to have higher rates as you are seen as a higher risk.

Further Reading: Find out more about unsecured loans

Interest rates and comparison rates are crucial when comparing and selecting a personal loan as they help you understand the true cost of the loan. Start comparing rates today to help find the best personal loan for you.

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Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

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