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Personal Loans for furniture

Looking to turn your house into a comfortable home? Find out how you can get a loan to purchase furniture.

Updated

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

A furniture loan is a loan that is used to furnish your house, update old furniture or get some new shelves that you’ve been eyeing. Depending on the lender, you are able to apply for a furniture loan with bad credit or if you are on Centrelink payments.

Some options that you can choose from when considering a furniture loan include unsecured personal loans and short term cash loans. How much you are able to receive through these options depends on the lender, but can go as high as $8,000.

What options do I have for a furniture loan?

Some choices for you to consider when looking into a furniture loan include:

  • Unsecured personal loans. This loan types mean that you don’t have to put forward an asset as security in order to be considered for the loan. However, the rates will be higher as there’s risk to the lender. You can borrow a minimum of $3,000 and a maximum of $100,000. Rates start from as low as 6.99% p.a. and go up to 14.99% p.a. The comparison rates start from 7.69% p.a. and end at 16.42% p.a.
  • Peer-to-peer loans. These are loans that involve borrowing money from individual investors through a third-party. You benefit from low tailored rates as well as an online application process. The amount you are able to borrow starts from $2,000 and goes as high as $50,000. Depending on your credit position and how much you’re looking to borrow, the rates can be as low as 4.99% p.a.
  • Interest-free finance. Interest-free finance means that you receive credit from a third party provider to make your purchase, and pay off your purchase in installments. Popular providers, such as Afterpay and zipMoney, let you know your payments and the time it will take you to pay off your purchase in the application. However, there are fees and interest charges for late payments.
  • Short term loans. This loan type is a form of credit that you can apply for when you fall short of money. You are able to borrow any amount up to $5,000. Keep in mind that short term loans or "payday loans" charges steep fees including an establishment fee, which can be calculated to as much as 20% of the amount you’re asking to borrow. This loan is an option to consider if you need furniture fast.

Personal loans to consider for furniture purchases

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
Plenti Fixed Rate Personal Loan

From 6.49% (fixed)
6.84%
$2,001
3 to 5 years
From $149 to $599
$0
You'll receive a fixed rate between 6.49% p.a. and 11.99% 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.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% 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.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% 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. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 7.99% 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.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% 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.
Plenti Variable Rate Personal Loan

From 5.79% (variable)
6.78%
$2,001
1 to 3 years
From $149 to $599
$0
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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.
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
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Wisr Personal Loan

From 7.95% (fixed)
8.78%
$5,000
3 to 5 years
$595 (Establishment Fee)
$0
You'll receive a fixed 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.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 5 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 5 years.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
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.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
MoneyMe Personal Loans

From 8.99% (fixed)
10.68%
$3,001
2 to 5 years
5 - 8% of the principal borrowed, capped at $1,200
$0
You'll receive an interest rate between 8.99% p.a. and 29.99% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
Heritage Bank Standard Variable Personal Loan
11.99% (variable)
12.61%
$5,000
1 to 10 years
$200
$5
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
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Which type of furniture loan is right for me?

Before applying for a furniture loan, look at the following points and consider whether or not it meets your needs:

  • Eligibility criteria. Some loans don’t allow you to apply if you have bad credit. Other lenders will accept you if you are on Centrelink. Ensure you meet the eligibility requirements before applying.
  • Borrowing amount. Some lenders only allow you to borrow $2,000 on short notice whereas other lenders allow you to borrow a larger minimum amount. Figure out how much you need for your furniture and ensure that you find a lender that will provide the amount you need.
  • How do you want to repay your loan? Some lenders offer weekly, fortnightly or monthly payments. Some lenders only offer monthly repayments but allow you to pay off a bit extra without charging any fees. Look into what suits your payment schedule and decide which lender best matches your circumstances.
  • Fees and charges. Whether or not there are costly fees and charges associated with a particular lender will impact whether or not the lender is right for you. If you know you’re likely to miss repayments, interest-free finance might not be for you. Repayment default charges include a service fee plus a percentage of the amount added to what you owe to be paid back.
  • Look into your habits and research what fees will be charged before making a final decision.

What should you avoid when buying furniture on finance?

Some things you should be wary of when buying furniture on finance include:

  • Taking on a loan you can’t afford. Although you need new furniture, there’s no point in applying for a loan if you are financially unable to pay it back. This creates more debt for you and can begin a downward cycle of applying for loans to help you pay back other loans.
  • Restrictive deals. This is another pitfall to consider. Although you think you might be getting the best deal out there, look carefully at what you’re really getting and if it is unnecessarily restrictive, look elsewhere.
  • Promotional interest rates. Walking into a store and seeing 1% rates available is tempting to anyone who wants new furniture. However, the rate rarely stays this low for long and will revert to a higher rate once the promotional period is over. Before getting too excited, check what the rate will revert back to after the promotional period ends to determine how it will impact your repayments.

Have more questions about getting a loan for furniture?

Can I be considered if I have bad credit?

Yes, you can. However, not all lenders will consider your application if you have bad credit. You can compare a range of personal loans in spite of bad credit.

What kind of furniture can I get through a furniture loan?

This depends on what you seek. Some lenders only allow you to get specific furniture, such as a new bed or white goods, whereas if you opt for a personal loan, you are able to get whatever furniture you need as long as you can afford it with the amount you’ve requested.

Are there any fees or charges?

This varies with what lender you decide on and which loan option you choose. Generally, there are fees and charges associated with any loan that you take out, but the fees vary from lender to lender.

Pictures: Shutterstock

Related Posts

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 25.69% 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. ( 10.88% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% 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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