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A personal loan is money that you borrow to cover the cost of expensive purchases such as a holiday, a car, a renovation, a wedding or medical bills. You repay the loan, plus interest and fees, over time.
According to Finder research, most Australians with a personal loan borrow less than $10,000. But some Australian lenders accept loan amounts as high as $100,000. A personal loan is smaller than a home loan but can be higher than the amount you might spend in a few months via a credit card or buy now pay later (BNPL).
The difference between an interest rate of 9% p.a. and 8% p.a. for a $20,000 loan over 7 years is over $800 in interest. Check out Finder's best personal loans to see our top picks of the month.
The lower the rate, the less interest you pay. Most personal loans have variable rates, but some offer fixed rates. Make sure you compare personal loan products to find the lowest rate possible.
Factor in the cost of any application or establishment fees, plus the ongoing monthly service or account fee. You can spot a loan with high fees by looking at the comparison rate.
You won't be able to borrow $30,000 if the lender's maximum loan amount is $25,000.
Most lenders offer terms of 1 to 7 years. Longer terms mean lower monthly repayments but you end up paying more interest. Shorter terms mean less interest and you'll pay off the loan faster, but you pay more each month.
Some lenders let you repay the loan faster, so you can get out of debt quickly. Some even let you redraw those extra repayments to spend in an emergency. Other popular features include a lender's app, which can make it easier to track and manage your debt.
Be aware if any break fees or early repayment fees apply to your personal loan in the event you pay out your personal loan earlier than the original loan term.
Most lenders in Australia use risk-based pricing for personal loan interest rates. Every borrower gets a different rate based on their credit score and their own circumstances.
If you have an Excellent credit score you can get a lower interest rate. If your score is Good or Average the rate will be higher.
You can check your credit score for free through Finder before applying for a personal loan. If you have an Average or Bad credit score you can improve it before applying for credit.
Because your rate will be personalised it's best to get a quote from a lender once you are comfortable you fit its eligibility criteria. That quote should include the interest rate you are offered, as well as any fees.
When you have that information, use a personal loan calculator to be able to confidently tell what your repayments will be.
The average interest rates for personal loans have dropped since March, likely thanks to the RBA cash rate cut in February. Most lenders didn't pass on the cut until early-mid March.
The average interest rate for a secured personal loan in April 2025 according to Finder's database is 9.79%. That's 0.23% cheaper than the March average. The average interest rate for an unsecured personal loan is 0.17% lower than March, at 10.74%.
The lowest unsecured personal loan rate is from Harmoney (and has been for some time) with a rate of 5.76% (comparison rate 6.55%). The lowest secured personal loan rate has also remained the same for some time and is offered by Illawarra Credit Union with a rate of 6% (comparison rate 6.64%).
Finder's Consumer Sentiment Tracker (CST) shows us that the average personal loan size borrowed by Australians is $10,045. Although this is higher than it was back in December, it has fallen slightly since the high in January.
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Unsecured personal loans mean you're still responsible for repaying the loan, but you don't have to offer a car, property or asset as security for the loan. This usually means a slightly higher rate.
A personal loan secured by an asset, such as a car, term deposit or home equity. If you fail to repay the loan, the lender can take the asset. Secured loans often have lower rates and better terms since the risk to the lender is lower.
While you could buy a car with a typical personal loan, rates are often better if you specifically take out a car loan. You can buy a car with a secured or unsecured loan, depending on the car you're buying. Banks and lenders offer car loans, and so do many car dealers.
These personal loans allow you to combine multiple outstanding loan and credit card debts into a single loan. This means fewer loan fees and hopefully a single, more manageable repayment with a lower interest rate.
If you have a bad credit score and a history of financial trouble you can still get a personal loan. Bad credit personal loans have higher rates, so be careful when taking one out as they are not long-term financial solutions.
Before getting a personal loan you should always check that you can afford the personal loan repayments and ask yourself whether you really need the loan.
If you are in a financial emergency, you should understand that taking out a loan may trap you in a cycle of debt. For more resources and support, visit the Australian government's MoneySmart website.
Personal loans are suited to borrowers looking to fund specific, one-off purchases or expenses, like a car, a wedding or a holiday. But there are other forms of credit that borrowers can use.
But remember that some of these options may be riskier and more expensive than a personal loan.
"When I took a personal loan recently it was a smooth and quick experience. I was approved for the loan with the repayments I was happy with. One thing that helped me out was knowing early on what I can afford to pay on the loan."
Wondering how we work out Finder Score? We look at 300+ personal loan products across 120+ lenders and we compare them against each other to get our simple score out of 10. Metrics like interest rates, fees and features are weighted and scaled to come up with individual Finder Scores. To give a fair and true personal loan comparison, unsecured and secured personal loan products are scored separately.
The Finder Score methodology is designed by our awesome insights team and reviewed by our just-as-awesome editorial team. Don't worry, commercial partners carry no weight and all products are reviewed objectively.
Read Finder's review of OurMoneyMarket's Secured Personal Loan. See if this loan is right for you.
This secured loan may be used for any worthwhile purchase and requires security against a vehicle. It uses risk-based pricing, so your interest rate will be set based on your credit score and history.
A risk-based personal loan from one of Australia's biggest non-bank lenders. Get a personalised rate which rewards higher credit scores.
A marketplace personal loan with personalised interest rates.
An unsecured personal loan with zero fees and interest rates personalised to your risk profile.
We’ve written about what lenders look for when assessing your personal loan application.
Why not be rewarded for your good credit history? MoneyPlace offers unsecured personal loans with rates starting at 8.49% p.a. – finance a range of personal purposes and borrow up to $80,000. Read the review and see if you're eligible to apply.
If you are budget-conscious and looking for a personal loan with clear expectations and repayments, the ANZ Fixed Rate Personal Loan is an option worth considering. With low fees and a competitive interest rate, this loan might be an option for you.
The ANZ Variable Rate Personal Loan may be a great choice for borrowers who want options. With a free redraw facility and the option to make additional repayments, borrowers get the comfort of a personal loan that will let them access much-needed funds.
Use a personal loan calculator to work out your repayments or compare loans with a comparison calculator.
