Best personal loans*

There is a way to get the best personal loan* – it's as easy as 1, 2, 3...

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You could take out a personal loan for a range of different reasons. While one person might need a personal loan to buy a car, another might take one out for renovating a home or making a consolidating debt. There's a large number of personal loans available, so, how do you find the best one for you?

RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter Unsecured Personal Loan - 3yr Variable

From

6.89 % p.a.

variable rate

From

8.89 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.89% p.a. based on your risk profile.

  • Interest rate from: 6.89% p.a.
  • Comparison rate: 8.89% p.a.
  • Interest rate type: Variable
  • Application fee: $299
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Some of the best personal loans on Finder*

Updated November 21st, 2019
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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 6.89% (variable)
8.89%
$2,001
6 months to 5 years
$299 (Based on $10,000)
$0
You'll receive a variable rate between 6.89% p.a. and 16.4% 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.
From 9.99% (variable)
9.99%
$5,000
3 to 5 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
from 3% of loan amount
$0
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.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
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 $70,000 and repay your loan over 3 or 5 years terms.
From 5.75% (variable)
6.89%
$5,000
1 to 7 years
from 1% to 5% of the loan amount
$10
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.
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.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Applicants approved before 30th November 2019 will receive a special offer $200 Coles Gift Card.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Note: Existing customers approved via online banking between 29 October and 21 November 2019 qualify for a 1% discount.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 24.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 9.54% (variable)
9.83%
$3,000
Up to 5 years
$200
$0
You'll receive a variable rate of 9.54% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
From 8.99% (fixed)
10.31%
$5,000
6 months to 4 years
$250 ($195 For Loans $5000 to $10000)
$0
You'll receive a personalised rate of between 8.99% p.a. and 29.99% p.a. based on your risk profile.
Borrow up to $25,000 over a 4 year loan term.
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.
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$500 (from $100 to $500)
$10
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
9.99% (fixed)
11.22%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 9.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.

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Must read: What is the best personal loan?

The best personal loan is the one that meets your needs and circumstances. So, while that means that there is no single answer to that question, there is a way to find the best personal loan for you. This guide (continued below the comparison table) will take you through what you need to know.

3 steps to help you find the best personal loanbest personal loan

What type of personal loan will best suit my needs?

Not sure what type of personal loan you need? Look at the images below and find what you are borrowing for to see the loans that may be suitable for you.

Loans designed for your loan purpose or borrowing situation

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Large purchase or investment
If you want to make a large purchase such as furniture, electronics, a holiday or need funds for an investment, an unsecured personal loan might suit your needs.
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Home renovations or an ongoing project
If you need access to funds for an ongoing period or you aren't sure how much you need to borrow, you may want to consider a line of credit personal loan.
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A new or used car
If you're purchasing a new or used car you can benefit from a lower interest rate when you take out a secured car loan.
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You already have a vehicle to use as security
Secured personal loans let you benefit from lower interest rates when you attach an asset you already own as security. You can then use the funds however you need to.
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You have bad credit or are on a lower income
Short-term lenders may consider you for a loan but keep in mind the costs are much higher than with standard personal loans.

How to compare personal loans to find the best one for you

When you want to apply for a loan you should first compare multiple personal loan offerings so you can track down the right product. Pay attention to the following aspects and you could enjoy considerable savings:

  • Secured or unsecured?
    Both of these loans suit different purposes. If you're looking at buying something like a car or you already own an asset like a car, you can consider a secured personal loan. You will benefit from a lower interest rate by using the asset as security but you risk losing it if you default on the loan. An unsecured personal loan may come with a slightly higher interest rate but requires no security and allows you to use the funds however you need to.
  • What is the interest and comparison rate?
    Compare interest rates against similar loans. While you should also check the fees you will be charged, the comparison rate will give you an idea of the true cost of the loan as it is comprised of both interest and fees.
  • What fees are charged?
    Consider both upfront and ongoing fees. For example, upfront fees may include application or establishment fees and ongoing fees can include monthly or annual fees.
  • How much can you borrow?
    The amount you can borrow should also factor into your decision. You will not find out how much you will be approved for before you apply but lenders will have a set minimum and maximum borrowing amount. Ensure how much you want to borrow falls within these limits.
  • What restrictions apply to the loan?
    Are there restrictions on additional repayments or repaying the loan early? Are there restrictions on how you can use the loan amount? Find out what restrictions apply with the loan.
  • What will the term of your loan be?
    Work out how much you can afford to repay and what repayment terms you will need. Then, make sure the loan you are applying for offers these terms.

Man comparing loans on laptop

What should I keep in mind when looking for the best personal loan?

While personal loans are helpful in many scenarios, it's in your best interest to avoid certain traps and pitfalls.

  • Read the fine print.
    Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees, early repayment fees and late payment fees. Read the terms and conditions document from start to finish and ensure you are aware of all fees and restrictions.
  • Don't take on a loan you can't afford.
    When borrowing money it is always important to use a calculator to find out what your repayments will be. If you can comfortably afford a loan don't feel tempted to consider borrowing more in the even that you can't afford it.

How to submit your personal loan application

Before you apply for a personal loan, establish how much you want to borrow and your monthly repayment ability. You should find out how long it might take for you to pay the loan off completely, remembering that you can usually choose between making weekly, fortnightly or monthly payments.

Read through the eligibility criteria set by the lender and then ensure you meet them. Also make sure you have the required documents – usually your driver's licence, financial and employment documents and bank details – on hand. If you're applying for a secured loan you will need details of the asset.

Once you find a loan you wish to apply for, proceed to the lender's website by clicking "Go to Site" and start the application process.

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Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.

Logo for RateSetter Unsecured Personal Loan - 3yr Variable
RateSetter Unsecured Personal Loan - 3yr Variable

You'll receive a variable rate between p.a. and 16.40 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.

Logo for ING Personal Loan
ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

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 $70,000 and repay your loan over 3 or 5 years terms.

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