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Guide to personal loan comparison rates

Find out the real cost of your loan with the personal loan comparison rate.

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Comparing loans by their interest rates can give you an idea of which will be the more affordable option, but it won't give you as good an idea as the comparison rate will. This rate includes both the interest rate and the fees, giving you a better idea of the overall cost of the loan. This guide will take you through what you need to know about comparison rates and how to use them to compare loans.

What is a comparison rate?

The comparison rate is how you can understand the true cost of a loan. Expressed as a percentage, it includes both the interest rate and the fees that come with the loan. That's why it will usually be higher than the interest rate charged on the loan.

Comparison rates may be calculated differently depending on the loan. However, if they are provided, it needs to be disclosed how they are calculated. For example, it may be calculated on a personal loan of $30,000 over 5 years.

Start comparing personal loan rates

How do I find out the comparison rate?

A comparison rate will be displayed alongside the interest rate. On Finder comparison tables, you will be able to see a column labelled "comparison rate" for each loan. By scrolling over this rate you will be able to see how it's calculated.

Should I still check the interest rate?

Yes! Checking the interest rate is an important part of comparing your personal loan options. Your outstanding balance will be charged interest which will be calculated using the interest rate, not the comparison rate. It's important to know what this rate is and whether it is competitive. Comparison rates are just there to give you a comprehensive view of the loan, but the interest rate is important as you are charged that rate during your term.

What else should I consider when comparing personal loans?

  • Type of interest rate. As well as checking how much interest you will be charged, you should also check what type of interest rate the loan comes with. That is, is it fixed or variable.
  • Loan term and flexibility. This is how long you have to repay your loan. As well as checking how long of a loan term you're able to select, you should also check whether you are able to repay the loan ahead of schedule.
  • Fees. The comparison rate will give you an idea of the cost of the loan but you should still know the precise fees you will be charged. Look for upfront fees such as establishment and application fees as well as monthly and annual fees.
  • Repayment flexibility. Find out if you can make extra repayments without penalty and if you're able to repay your loan early without incurring a fee. You should also check if you can choose between weekly, fortnightly or monthly repayments to suit your budget.

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.

RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter Unsecured Personal Loan - 3yr Variable

From

7.02 % p.a.

variable rate

From

9.01 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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100% confidential application

RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 7.02% p.a. based on your risk profile.

  • Interest rate from: 7.02% p.a.
  • Comparison rate: 9.01% p.a.
  • Interest rate type: Variable
  • Application fee: $299
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Personal loan comparison

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.

Updated March 30th, 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)
9.01%
$2,001
6 months to 5 years
$299 (Based on $10,000)
$0
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.
Latitude Personal Loan (Unsecured)
From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
Wisr Personal Loan
From 7.95% (fixed)
8.78%
$5,000
3 to 5 years
$595 (Establishment Fee)
$0
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)
7.6%
$5,000
1 to 7 years
from 1% to 5% of the loan amount
$20
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.
Coles Personal Loan Flybuys Members
From 9.99% (variable)
10.66%
$5,000
3 to 5 years
$199 waived
$10
You will receive a variable interest rate between 9.99% p.a. and 17.99% p.a. based on your risk profile.
Borrow up to $50,000 and benefit from exclusive flybuys member interest rates, extra points and additional savings on your Coles groceries. Note: New customers applying before 31 March 2020 and activating their account within 30 days pay no establishment fee, which is usually $199.
Coles Personal Loan Non - Flybuys Members
From 12.99% (variable)
13.64%
$5,000
3 to 5 years
$199 waived
$10
You will receive a variable interest rate between 12.99% p.a. and 19.99% p.a. based on your risk profile.
Borrow up to $50,000 with additional rewards like flybuys points and savings on your Coles shopping. Note: New customers who apply before 31 March 2020 and activate their account within 30 days will pay no establishment fee.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$2,000
3 to 5 years
$500 ($200 for loans of below $5,000)
$0
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.
Pepper Money Unsecured Fixed Rate Personal Loan
From 7.95% (fixed)
9.56%
$5,000
18 months to 7 years
4% of the loan amount, capped at $495
$13
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.
NAB Personal Loan Unsecured Fixed
From 9.99% (fixed)
10.66%
$5,000
1 to 7 years
$0 ($150 waived)
$10
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.
NAB Personal Loan Unsecured Variable Rate
From 9.99% (variable)
10.66%
$5,000
1 to 7 years
$0 ($150 waived)
$10
You'll receive a variable 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. Benefit from fee-free additional repayments and a redraw facility. 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.

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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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2 Responses

  1. Default Gravatar
    FionaJuly 26, 2018

    Im on Centrelink benefits is there any lenders that do personal loans for $3000 if so how long should it take to pay back & how do I work out the fortnightly repayments

    • Default Gravatar
      JoelJuly 27, 2018

      Hi Fiona,

      Thanks for leaving a question on finder.

      You still may be eligible for a loan if you receive Centrelink payments as part or even all of your income. These include loans from short-term lenders, banks and credit unions. Government and community financial assistance schemes are also available.

      Please click HERE for the guide and comparison.

      Cheers,
      Joel

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