Can I get a personal loan?

Your credit score, income and employment status are some the key factors lenders will consider.

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Every loan application you make is listed on your credit file, so you want to make sure you're eligible before you apply. If you are working full-time with an average salary and a decent credit score you'll likely be eligible for most personal loans.

If you are unemployed, have a bad credit score or are struggling to pay off existing debts getting approved for a personal loan will be more difficult.

We'll show you what you need to be eligible for a loan plus where to find a loan that will meet your needs.

See if you'll be eligible to apply

  • Income. Lenders will either have a set minimum income that you need to earn, for example, $35,000 p.a., or only require that you earn a regular permanent income. In the case of the latter, it's best that you determine whether the loan you're applying for will be affordable on your current budget.
  • Employment. This differs among lenders. If they have an employment requirement, it may be that you need to be in "regular" employment, meaning you can't be casually employed. If you are casually employed or work part-time you will still have loan options. For other lenders, they may just require additional details for self-employed borrowers.
  • Centrelink. Many banks and lenders do accept Centrelink as a form of income for personal loans. However, you will need to be earning a supplementary income and will need to meet the minimum income requirement.
  • Credit history. You will generally need good credit history to apply for a personal loan, especially if you're applying at a traditional bank. If you do have a few negative marks on your credit file, you may be able to apply with your current bank if you have good transaction history or go with a bad credit personal loan lender.
  • Loan security. If you're applying for a secured loan, such as a car loan, your secured asset may also need to meet certain eligibility criteria. For instance, the vehicle you use as security may need to be under a certain age or be of a certain value. Some lenders only finance new cars, but you can also find loan options for used cars.
  • Assets, debts and expenses. You will be asked to list your assets, debts and expenses on your application and these will all inform the lender's decision as to whether to approve you for a loan. Assets may boost your application whereas debts, such as credit cards, store cards or other loans, can hinder your applications. Expenses are always estimated but lenders generally have a good idea when you're under or overestimating based on the data of other customers.
  • Age and residency. Regardless of which personal loan you're applying for, you will generally need to be over the age of 18 and either an Australian citizen or permanent resident. There are some personal loans that are available to those on working visas, but they will have additional eligibility criteria.

Tips to get your personal loan over the line

If you're unsure about your eligibility or worried you may not be approved, consider the following tips to help give your personal loan application a boost:

  • Open a transaction account with the lender you're applying with. If you're applying with a bank that has transaction accounts and the personal loan isn't time-sensitive, establishing a banking history with the lender can help get your application across the line. It can also speed up the application process.
  • Reduce the limit of your credit card/s. Not using your entire credit card limit? Consider lowering it if you're not planning to use it soon. You'll need to list the total limits of your credit cards on your personal loan application and any credit limit will be seen as a potential debt by the lender.
  • Pay off some of your credit card before applying. While the Australian credit scoring system doesn't work in the same way as the US, where paying off your credit card can lower your credit score, it may help your loan application. If you take a look at your loan application (before submitting it) and the lender asks what is owing on your credit cards, see if you can pay down the cards before sending in the application. Lenders are able to check the limit of your card on your credit file but not the amount owing, this is up to you to tell them.
  • Make sure you're out of your employment probation period before you apply. Lenders don't want to take the chance of giving you a loan during your probation period. They will not approve a loan if you haven't been employed at least three months, no matter how secure you tell them the role is. If you have been employed six months the lender may call your employer to confirm you're out of your probation period.

Remember that no personal loan application is guaranteed, so use the guide above to ensure you're giving yourself the best chance of approval you can.

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Personal Loan

From 5.43% (fixed)
5.43%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 5.43% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 30 June 2021. T&Cs apply.

OurMoneyMarket Personal Loan

From 6.29% (fixed)
6.54%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.29% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐Special Offer: If your loan is approved before June 30th, you will get a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months regardless of your credit score.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.
Alex Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 30 June 2021.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Borrow up to $50,000 with interest rate from 5.75% p.a. to 25.99% p.a. and earn 1 Qantas Point for every $1 borrowed.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.

⭐ Finder Exclusive: Get a $200 cashback if your loan is approved by June 30 2021. T&Cs apply.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 7 years
$195
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% 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.

⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
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More guides on Finder

Personal Loan Offers

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

You'll receive a fixed rate between 5.35% p.a. and 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 ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

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

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% 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. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% 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.

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2 Responses

    Default Gravatar
    LindaJune 9, 2016

    Hi just wanted to know if you have any advice for me I am looking for a loan to consolidate my debt I am so stressed and feel like there no hope at the moment I know that if someone would just give me the chance they would not regret it I am employed full time (7years)own a car (8000) and own my home 800000 my debt is about 20000 dollar any help would be greatly appreciated thanks

      Avatarfinder Customer Care
      ElizabethJune 9, 2016Staff

      Hi Linda,

      Unfortunately, I can’t recommend any lenders to you but I can help you by providing relevant details. You can compare your personal loan options on our website and click through to the review pages to find eligibility criteria for each loan. If you meet the criteria, you are eligible to apply.

      If you’re looking for financial advice, you can call the free financial counselling hotline on 1800 007 007.

      I hope this helps,

      Elizabeth

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