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Finding the best personal loan
Our personal loan experts have analysed hundreds of Australia's biggest and smallest personal loans and lenders to help you save money. We've looked at everything from fees to features, and of course interest rates. Compare with us to find the best personal loan for you, and check back for any exclusive deals to save even more.
Why you can trust our research
200
personal loans analysed
105
lenders included
9
years of experience
319,000
Australians who found a better personal loan
Finder's picks for the best personal loans for December 2023:
A risk-based personal loan that comes with no monthly fees, establishment fees, or early repayment fees. Suitable for any worthwhile purchase and has both secured and unsecured options.
No security is required
Use the loan on any worthwhile purchase
Fast application
Interest rates may be high if you have a low credit score
Interest Rate (p.a.)
6.75% to 26.95%
Comp. Rate (p.a.)
6.75% to 26.95%
Interest Rate Type
Fixed
Min. Loan Amount
$5,000
Max. Loan Amount
$50,000
Min. Loan Term
18 months
Max. Loan Term
84 months
Loan Security
Unsecured
What we like about the NOW Finance Unsecured Personal Loan
Low rate. Right now, NOW Finance ranks among the lowest rates in our database, especially for a general use loan. Based on an 'Excellent' credit score, its rate is lower than 90% of loans in our database.
No fees. No fees at all make this an easy loan to slot into your budget, which makes it suitable for things like debt consolidation where many borrowers want their loan to be as straight forward as possible.
Finder Award winner. NOW Finance took first place in the 2023 Finder Personal Loan Awards for its simplicity and consistently low rates.
Top pick for Non-bank loan OurMoneyMarket Personal Loan - Excellent Credit
A loan for any worthwhile purchase of up to $75,000, such as for a car, equipment, and even debt consolidation. Your interest rate will be based on your credit history. Pre-approval available.
Competitive interest rates
No ongoing fees
No penalties for additional payments
Late payment fee of $35
Direct debit dishonour fee of $25
Interest Rate (p.a.)
6.57% to 18.99%
Comp. Rate (p.a.)
6.57% to 21.78%
Interest Rate Type
Fixed
Min. Loan Amount
$2,001
Max. Loan Amount
$75,000
Min. Loan Term
12 months
Max. Loan Term
84 months
Loan Security
Unsecured
What we like about the OurMoneyMarket Personal Loan
Flexibility of a non-bank. OurMoneyMarket gives you the exact same consumer protection you'd get from a bank loan, but as a non-bank lender they can be more flexible around things like eligibility criteria and interest rates.
Competitive rate. OurMoneyMarket has a very competitive rate, especially for a fixed rate loan. It ranks in the top 10% of lowest rate loans in Finder's database for 'Excellent' credit.
No early repayment fees. Paying off your loan early minimises the amount of interest you pay, saving you money over the lifetime of your loan. It's a bonus to be able to do so without paying a fee.
The ING Personal Loan offers the stability of a fixed rate with flexible repayment options.
No annual or monthly fees
No penalties for additional payments
Flexible repayment options
Late payment fee of $20
Once set, can't extend the loan term
Interest Rate (p.a.)
6.89% to 18.99%
Comp. Rate (p.a.)
7.10% to 19.23%
Interest Rate Type
Fixed
Min. Loan Amount
$5,000
Max. Loan Amount
$60,000
Min. Loan Term
24 months
Max. Loan Term
84 months
Loan Security
Unsecured
What we like about the ING Unsecured Personal Loan
Low fixed rate. Not only is the rate fixed, but it’s among the cheapest 10% of loans in the Finder database. Tip: You can avoid the $150 establishment fee by signing up for an Orange Everyday account.
Finder Award runner-up. ING was a close second place in the 2023 Finder Personal Loan Awards for its low rates and quick access to funds.
Global brand. ING is one of the largest banks in the world and sits within the top 30 global banks. It has a whole range of financial products, and you can often get discounts or deals if you’re an existing customer for other products.
Top pick for Quick Loans Latitude Variable Rate Personal Loan
Apply Latitude Personal Loan for what you need from $5,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
Tailored interest rate
Low minimum borrowing amount
Secured or unsecured
$13 monthly fee
Early repayment fees may be charged
Application fee of $395
Interest Rate (p.a.)
9.49% to 29.99%
Comp. Rate (p.a.)
10.93% to 31.83%
Interest Rate Type
Variable
Min. Loan Amount
$5,000
Max. Loan Amount
$70,000
Min. Loan Term
24 months
Max. Loan Term
84 months
Loan Security
Secured or Unsecured
What we like about the Latitude Variable Rate Personal Loan
Fast turnaround. Latitude will provide you with a quote within 2 minutes. It then takes under 7 minutes to apply and if you’re approved, you can get the funds within 24 hours of when you accept.
Choice to secure. While this is an unsecured loan, you have the option to secure it. This could improve your chance of approval, or even get you a lower rate.
No early repayment fee. You can make extra repayments with this loan, and even pay it off fully before the agreed term. This can save you a lot of money if you have the extra cash.
Top pick for Good credit Harmoney Unsecured Personal Loan
An unsecured personal loan up to $70,000. You'll receive a tailored interest rate between 5.76% p.a. and 24.03% p.a. based on your risk profile.
Tailored, competitive rates
Apply for up to $70,000
No security required
Restrictive repayment terms
$275/$575 upfront fee
Interest Rate (p.a.)
5.76% to 24.03%
Comp. Rate (p.a.)
6.55% to 24.98%
Interest Rate Type
Fixed
Min. Loan Amount
$2,000
Max. Loan Amount
$70,000
Min. Loan Term
36 months
Max. Loan Term
84 months
Loan Security
Unsecured
What we like about the Harmoney Unsecured Personal Loan
Low rate for strong credit scores. Harmoney’s lowest advertised rate is very competitive and is lower than 90% of the loans in Finder’s database. So, the better your credit score, the more likely you’ll be quoted a low rate.
Wide borrowing amounts. You can borrow as little as $2,000 with this loan, and go as high as $70,000.
No early repayment fees. If you can afford to make extra repayments, then you could save even more on interest as Harmoney do not charge fees for paying off your loan early.
Methodology: How we chose our Top Picks
We analysed our database of over 200 loans, and filtered out loans that were members-only or secured in niche ways (such as by term deposits). This left us with a pool of accessible loans, which we further filtered based on interest rates, fees, and availability through Finder. In the case of a tie or a close call, we factored in features such as redraw facilities.
While we are confident that our top picks are competitive personal loans, keep in mind that there is no one-size-fits-all loan or lender. Your personal situation and preferences will determine what the best personal loan for you will be.
What's the best personal loan in Australia?
There's no single 'best' loan in Australia. Most lenders use risk-based pricing, where they will advertise a minimum and a maximum interest rate and offer you a rate based on their internal criteria.
Lenders look at several things to determine your rate, but you can check your credit score to give yourself a rough idea of where you will sit in their interest rate range.
The type of lender is also something to consider. Some borrowers prefer banks so they can take advantage of other financial products like savings accounts. Other borrowers prefer online lenders for their broader eligibility criteria. It really comes down to your credit history and what your needs are.
How do I find the best personal loan for me?
Interest and comparison rate
The comparison rate is a good tool towards finding the best loan for you, however it is usually based on a $30,000 loan over 5 years. If your plans are different, use a personal loan calculator to get a sense of how much a loan will cost you.
Secured or unsecured
Securing your loan could get you a lower rate or increase the odds that you'll be approved for a personal loan. However, you will need to put up an asset (like your vehicle) as collateral, so ensure you can comfortably repay the loan to avoid the risk of repossession.
Borrowing amounts
Quite simply, can you borrow the amount you need? In general, higher borrowing amounts have stricter eligibility criteria.
Early repayment options
It's nice to have the option to pay off your loan early, or to make extra repayments, since the more you pay off your principal, the less you pay in interest. Some loans have fees attached to this, so make sure you're saving more than you're spending or opt for a loan with free early/extra repayments.
Special deals
Sometimes personal loans offer limited time promotions. These can range from waived fees to a discounted interest rate or cashback, and could save you hundreds if not thousands of dollars depending on the loan. Finder often has exclusive offers with certain providers so be sure to check our tables for great deals.
Brand new to personal loans?
We get that personal loans can get a bit complicated, so we've done our best to simplify things on our personal loans hub. You can find a more complete list of features, as well as more tips over there.
Explore more options to find the best personal loan for you
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Finding a loan that's even 1% cheaper can save you hundreds of dollars. You can save even more if you can afford some extra repayments early on, just watch out for any early repayment fees.
Banks and non-banks are quite similiar when it comes to personal loans, and so it's generally best to compare products from both when choosing a personal loan. They both need to abide by the same Australian Government regulations, so you will be safe borrowing money from either one.
The main differences are that non-banks tend to have lower overhead and more relaxed rules, so you might find lower rates and wider eligibility criteria with them. Banks will have a wider variety of financial products, and may have deals if you use them for multiple things (such as your personal loan, savings account or credit card).
Your own preferences will determine whether a fixed or a variable interest rate is best for you. In general, variable rates tend to be lower - though you risk the interest rate rising as market conditions change. Fixed interest rates give you more certainty and are easier to budget for.
There are good deals for both types of interest rates. So, unless you strongly prefer one over the other, it may be worth looking at both when choosing your personal loan.
The best personal loan interest rates tend to be around 9% p.a. to 14% p.a. However, lenders generally advertise their best rates - which they offer only to people with the strongest credit scores. Because of this, the rate you are offered may be higher or lower depending on your own financial situation and credit score.
"Best" is relative to your situation and credit score. With a bad credit personal loan, you may have to readjust what you think is best (for example, low cost). Instead, you may have to look into things like which loans have wider eligibility criteria. Once you've picked out the loans you are eligible for, you can filter them based on cost and features.
Why compare personal loans with Finder?
We're free
Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
We're experts
We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
We're here to help
Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds an ASIC-recognised Tier 1 Generic Knowledge certification.
You may refer to our list of debt consolidation loans. Our guide will guide you on what steps to take in getting this type of loan. You can use our comparison table to help you find the lender that suits you. When you are ready, press the ‘Go to site’ button to apply.
As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Thanks for getting in touch with Finder. I hope all is well with you. :)
Yes, you can use your home to apply for a secured personal loan. You can use your home as a security to increase your chance of getting approved for a loan and even borrowing for a bigger amount of money.
Press the link above to see a table that allows you to conveniently compare secured personal loans. You can compare based on the interest rate, loan term, and loan amount, to name a few. Once you’re done comparing your options, click on the “Go to site” green button to learn more or initiate your application.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
I would like to know if i can have a loan for a small amount, i have a working visa and im just 3 months working, so im basically starting up everything. Anyone can help?
In general, temporary residents are eligible for personal loans in Australia. However, it’s likely you will have to meet additional criteria in order to be eligible. This may include a higher minimum income requirement. You will also need to be on a certain type of visa, according to the lender’s requirements, and the term of your loan cannot exceed the time left on your visa.
You may refer to our list of loans for non-residents. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Hope this helps!
Thanks for getting in touch. You can find the lender for your personal needs on the list above. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications on the loan.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
I started an online personal loan application with Harmoney, but withdrew the application when they asked for my banking client number and password. This is not acceptable and does not seem right to me. You need to followup on this!
With regard to your online banking login being asked when you apply for a loan, there are actually pay-day loan lenders that do that. Nevertheless, please know that they will not have access to your bank account and neither will the third-party service like finder that facilitates the sending of read-only copies of your bank statements. Lenders will also not store your login details and generally, this process is encrypted and secure through their site.Â
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finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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Hi,
I am wanting to consolidate my current loans of about $75000. Who would be the best and cheapest for this?
Hi Brad,
Thanks for getting in touch!
You may refer to our list of debt consolidation loans. Our guide will guide you on what steps to take in getting this type of loan. You can use our comparison table to help you find the lender that suits you. When you are ready, press the ‘Go to site’ button to apply.
As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Best,
Nikki
I currently own my own home. There’s no mortgage. I was wondering about using it for a loan. How to go about it?
Hi Katie,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Yes, you can use your home to apply for a secured personal loan. You can use your home as a security to increase your chance of getting approved for a loan and even borrowing for a bigger amount of money.
Press the link above to see a table that allows you to conveniently compare secured personal loans. You can compare based on the interest rate, loan term, and loan amount, to name a few. Once you’re done comparing your options, click on the “Go to site” green button to learn more or initiate your application.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I would like to know if i can have a loan for a small amount, i have a working visa and im just 3 months working, so im basically starting up everything. Anyone can help?
Hi Leonardo,
Thank you for reaching out to Finder.
In general, temporary residents are eligible for personal loans in Australia. However, it’s likely you will have to meet additional criteria in order to be eligible. This may include a higher minimum income requirement. You will also need to be on a certain type of visa, according to the lender’s requirements, and the term of your loan cannot exceed the time left on your visa.
You may refer to our list of loans for non-residents. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Hope this helps!
Cheers,
Reggie
Hi there I’m looking for a personal loan to finalise a separation /divorce any ideas would be helpful. Thanks
Hi Mat,
Thanks for getting in touch. You can find the lender for your personal needs on the list above. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications on the loan.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
I started an online personal loan application with Harmoney, but withdrew the application when they asked for my banking client number and password. This is not acceptable and does not seem right to me. You need to followup on this!
Hello Leigh,
Thank you for your comment.
With regard to your online banking login being asked when you apply for a loan, there are actually pay-day loan lenders that do that. Nevertheless, please know that they will not have access to your bank account and neither will the third-party service like finder that facilitates the sending of read-only copies of your bank statements. Lenders will also not store your login details and generally, this process is encrypted and secure through their site.Â
Learn more on why lenders ask for internet banking details.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn