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Promoted

OurMoneyMarket Personal Loan

5.45

%

p.a.

interest rate

6.07

%

p.a.

comparison rate

You'll receive a fixed rate from 5.45% 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.

⭐ Finder Exclusive: Apply before 31 October 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.

Promoted

Alex Bank Personal Loan

4.99

%

p.a.

interest rate

4.99

%

p.a.

comparison rate

You'll receive a fixed interest rate from 4.99% 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 3 November 2021.

Promoted

NOW Finance No Fee Unsecured Personal Loan

5.95

%

p.a.

interest rate

5.95

%

p.a.

comparison rate

You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile

⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 Dec for a chance to win a $2,000 Bunnings gift card.

Compare personal loan deals

Name	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee
OurMoneyMarket Personal Loan Exclusive	From 5.45% (fixed)	6.07%	$2,001	1 to 7 years	From $250	$0	You'll receive a fixed rate from 5.45% 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. ⭐ Finder Exclusive: Apply before 31 October 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Alex Bank Personal Loan	From 4.99% (fixed)	4.99%	$2,100	6 months to 5 years	$0 (Waived $295 establishment fee)	$0	You'll receive a fixed interest rate from 4.99% 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 3 November 2021.	Go to site More Info	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan Exclusive	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. ⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 Dec for a chance to win a $2,000 Bunnings gift card.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
Plenti Personal Loan	From 6.39% (fixed)	6.39%	$5,000	3 to 7 years	$0 to $649	$0	You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile. A flexible loan with amounts from $5,000 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.	Go to site More Info	Compare	loading Fetching your data...
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 variable rate from 5.75% p.a. to 25.99% p.a. Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed. ⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.	Go to site More Info	Compare	loading Fetching your data...
Citi Personal Loan Plus	8.90% (variable)	9.18%	$5,000	3 to 5 years	$199	$0	You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. 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 31 January 2022.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
Wisr Personal Loan ($5,000 to $30,000)	From 6.49% (fixed)	6.49%	$5,000	3 to 7 years	$0 - Waived Establishment Fee	$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:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 October 2021. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
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. ⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. if you apply and get approved by 27 October 2021. Apply for up to $50,000 to use for a variety of purposes without needing to add security.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
Wisr Personal Loan ($30,001 to $64,000)	From 6.49% (fixed)	7.11%	$30,001	3 to 7 years	$595	$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 $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.	Go to site More Info	Compare	loading Fetching your data...
Plenti Variable Rate Personal Loan	From 6.39% (variable)	6.39%	$5,000	1 to 3 years	$0 to $649	$0	You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile A flexible loan with amounts from $5,000 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Variable Rate	From 6.99% (variable)	7.91%	$5,000	1 to 7 years	$150	$10	You'll receive a variable 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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...

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3 easy steps to help you find the best personal loan for you

1. Matching your loan with the reason you're borrowing

This is the first broad filter for finding the best personal loan for you. You need to ask yourself why you're taking out the loan.

Different types of personal loans are suited to different loan purposes. For instance, a secured personal loan may be a good way to finance a used car. An unsecured personal loan, meanwhile, may be more suitable to consolidate debt.

Depending on the reason you're looking to borrow, the type of personal loan that is best for you will differ. Therefore, your first step is to find a loan that matches your loan purpose.

2. Filter for loan features most useful for you

After you've found a loan that caters to your specific loan purpose, you have to consider the features you want.

Personal loans come with a variety of features. This includes how much you want to borrow, over what term, as well as the type of interest you wish to pay – that is, fixed or variable.

Other features include the ability to make additional repayments, and repaying the loan early without penalty and redraw facilities.

Once you've accounted for your preferences, you can compare your loan options to find a loan with the features you want.

3. Compare loans to find the most affordable loan

Apart from filtering for your specific needs, you also need to find a loan you can afford. Here's where comparison really pays off. Comparing loans can help you find the most affordable loan with all the features you're after.

Keep an eye out for the interest rate, as well as the comparison rate - which will give you an idea of the overall cost of the loan. The range for a competitive comparison rate is anything under 10% p.a.

As well as low interest, you should look for low or no fees, as these will add to the cost of your loan. These will include establishment and monthly fees.

Some loans also come with limited time offers. This could be a discounted interest rate or fee waivers. These offers can help you keep down the cost of the loan in the long run, so consider looking out for them.

What type of personal loan will best suit my needs?

There are a range of personal loans you can apply for. If you're not sure what type of loan you need, we've highlighted the options. We've also included what you should keep in mind and watch out for.

Type of loan	What it's best for	What to watch for
Debt consolidation loan	✅ To consolidate debt across existing loans by rolling them all into a single loan. ✅ Can include credit card debt and/or personal loan debts.	❗ You should ensure the new loan costs less than your older loans. ❌ If it costs more, then it's unlikely to help manage or reduce debt. ❗ You should also watch out for break costs or exit fees for your older loans. ❌ These fees add to the cost of settling your older debts.
Unsecured personal loan	✅ You can use this loan for any worthwhile purpose. ✅ This includes large purchases and expenses like: ✅ Furniture ✅ Electronics ✅ A wedding ✅ A holiday ✅ Cosmetic surgery ✅ A new or used car ✅ Home renovations	✅ You don't need to use an asset as security. ✅ This is an advantage if you don't have or don't want to tie up an asset. ❌ These loans come with higher interest rates than secured loans.
Personal line of credit loan	✅ Revolving line of credit instead of a one-time lump sum payment. ✅ Useful if you aren't sure how much you need to borrow.	✅ Pay interest only on what you use, not the entire credit limit. ❌ Comes with higher interest rates than other lump sum personal loans.
Secured car loans	✅ The purchase of a new or used car.	✅ By securing the loan with the vehicle, you can get lower interest rates. ❌ If you miss your repayments, the lender can repossess the car. ❌ You can only use the funds to purchase the car. ❌ You also may not be able to borrow enough to cover insurance and other costs. ❌ For used cars, there may also be loan requirements around the age and type of car.
Secured loan	✅ Use for any worthwhile expense, including home renovations or a new car. ✅ Use a vehicle you already own as security.	✅ Borrowing amounts are higher and loan terms longer when compared to unsecured personal loans. ✅ By securing the loan with an existing vehicle, you can get lower interest rates. ❌ If you miss your repayments, the lender can repossess your vehicle. ❌ There may also be vehicle requirements around the age of the asset you want to use.
Short-term loans	✅ Getting a loan even if you have bad credit.	❌ More expensive than other personal loans. ❌ Short loan terms, and high fees and charges.

Is the lowest interest rate an indication of the "best personal loan"?

The answer is yes and no.

Finding the lowest interest rate is a good indication of a competitive personal loan, but interest rates are not the only feature you should look into. You should also consider other features and fees involved.

Some loans advertise low interest rates but come with high fees. In this case, the loan may cost you more than the benefit you receive from a low rate. This is why you should take note of the comparison rate. It will give you an indication of the overall cost of the loan.

Additionally, if you want features like the ability to repay the loan early, you should consider break costs. Some loans allow you to repay the loan early without penalty. If that's a priority, you should account for this cost too.

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

When you're looking for a personal loan, there are some common misconceptions and mistakes you can make. You should avoid:

🔍 Applying for the first loan you find. The first loan you find may not be the best loan. By searching for other loans and comparing them, you can find what works best for you.

💵 Looking only at the interest rate. As we've mentioned above, you should also consider the comparison rate and loan features.

👀 Not reading loan terms and loan restrictions. You should always be aware of all the fees and restrictions associated with the loan. There could, for instance, be fees associated with extra repayments. Likewise, you may be restricted in terms of how you use the funds. For instance, a car loan can only be used to purchase a car.

💲 Applying for more than you can afford. Lenders are bound by responsible lending laws. According to these laws, they cannot lend you more than you can afford. If you apply for more than you can reasonably repay, your application will likely be rejected. You can work out how much you can afford using a personal loan calculator.

⚠️ Applying to multiple lenders. You may think you're increasing your chances of getting a loan, but this is a no go. This is because every loan application is entered into your credit file. Multiple loan applications in a short period act as a red flag, reducing your chances of getting a loan. Your credit score could also be impacted.

🤔 Not considering all your options before applying. A personal loan may not always be the best option for you, depending on your circumstances. For instance, if you're a low income earner, there are loans designed to address this. You should only apply if you're certain that what you want is a personal loan. It is also important to be sure that using a personal loan is the cheapest option for you.

How do I submit my personal loan application?

💻 After you've compared and found a loan from the table above, you can click "Go to Site".

✍This will take you directly to the lender's website, where you can start the application process.

❗Keep the documents you need on hand. These will include your driver's licence, financial and employment documents, and bank details. If you're applying for a secured loan, you will need details of the asset.

FAQs

This depends on a number of factors. These include the type of loan you're looking for and what you need the loan for. For instance, a secured car loan will have a lower rate than an unsecured loan.
What you define as the best interest rate for you will also have to take into account your credit history. A lender may advertise the best rate, but you may not be eligible for it unless you have excellent credit. You'll have to adjust your rate expectations based on your credit history.

"Best" is relative to the borrower's circumstances. With a bad credit personal loan, you may have to readjust what you think is best (e.g. low cost). Instead, you may have to look into other factors, like which loans you're eligible to apply for. Neobanks, nonbanks and P2P lenders, for instance, may be more amenable to bad credit borrowers. Once you've picked out the loans you can apply for, you can start filtering for cost and features, and select the best from the lot.

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Thank you for your feedback!

Elizabeth Barry

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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).

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.

More info

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.

More info

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
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

More info

SocietyOne Unsecured Personal Loan

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.

More info

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