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.
There’s no one size fits all best personal loan. Your interest rate will be personalised to you based on your credit score.
That doesn't mean you should give up and pick a loan at random. There'll still be personal loans which are better suited to you.
Here's what you should look for when comparing personal loans:
Lenders advertise a minimum interest rate and a maximum interest rate. They’ll decide your rate based on your financial situation and while this depends on a couple of things, you can check your credit score to give yourself a rough idea of where you'll sit in their interest rate range.
You should also look at the comparison rate to see how the rate changes when you incorporate fees. 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.
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.
Quite simply, can you borrow the amount you need? In general, higher borrowing amounts have stricter eligibility criteria.
Not a must, but repaying your personal loan early means you pay less in interest. So, that’s pretty nice. Some loans that allow early repayment have fees attached, so make sure you're saving more than you're spending or opt for a loan with free early/extra repayments.
Personal loans can offer special deals which range from waived fees to a discounted interest rate or cashback. These could save you hundreds if not thousands of dollars depending on the loan.
"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."
To see how the interest rate can affect your repayments, we looked at 2 loans with the same loan amount and loan term.
Loan amount: $30,000
Loan term: 5 years
| Loan A | Loan B | |
|---|---|---|
| Interest rate | 8.00% | 9.00% |
| Monthly repayment | $609 | $623 |
| Total repayment | $36,498 | $37,366 |
| Interest paid | $6,498 | $7,366 |
By paying 1% more on this loan, you’d pay $868 more in interest.
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.
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We asked hundreds of Australians to rate their personal loan lenders on factors like customer service, features and benefits, ease of application, fees and interest rate, and trustworthiness. Here are the results.
| Bank | Overall satisfaction | Recommended |
|---|---|---|
 | ★★★★★ 4.4/5 | 99% |
 | ★★★★★ 4.2/5 | 88% |
 | ★★★★★ 4.1/5 | 85% |
 | ★★★★★ 4.1/5 | 81% |
 | ★★★★★ 4.1/5 | 88% |
Find a better personal loan
Take our easy quiz to find a better deal for you.
Are secured personal loans better than unsecured personal loans and how do they work?
Personal loans offer a range of loan amounts to suit different purposes and budgets. Here's how to get the loan amount you need.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Temporary Australian residents may be eligible to apply for personal loans, depending on the visa they hold.
Not all personal loans come with endless documentation. Some lenders specialise in quick and easy application processes.
Compare unsecured personal loans from some of Australia's top lenders. Find the best deal on rates, fees and features in seconds.
Use a personal loan calculator to work out your repayments or compare loans with a comparison calculator.
We’ve written about fixed rate personal loans and what their advantages are.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Find out exactly what you need to know when it comes to cheap personal loans, including working out if a loan is really competitive.
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.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
I tried to follow steps for a loan with Harmoney but it said my drivers licence details were incorrect – they weren’t, I’ve no other ID from the list.
What’s the best bank in SA to go to to collaborate debt with a low interest low payment loan?
Hi Aimee,
Thank you for getting in touch with Finder.
It must be frustrating if you cannot proceed with your application because the lender cannot verify your identity. I would recommend you to raise this directly with Harmoney. Once resolved, press the “Go to site” button from our review page to apply.
Currently, we have no page about banks in a certain state/territory however we have a page about personal loans for debt consolidation. You can use our comparison table to help you find the lender that suits you.
You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Have a great day!
Cheers,
Jeni
would like a personal loan for a holiday and payout an existing loan would it be possible
Hi Amanda,
Thank you for your inquiry.
The personal loan you can compare are listed above. You can use the proceeds of the loan to whatever purpose you want. Best to contact a lender directly so you can discuss your options and chances of approval.
Cheers,
May
I have a small amount in a term deposit with a major bank and wonder if I would be eligible for a fast approval small amount to enable me to have a Christmas which is just not possible in my current situation
Hi Kelly,
Thanks for your inquiry.
If you’re in need of some extra money but don’t think you’ll be eligible for a standard personal loan, you still have options to consider. Lenders that offer “easy approval loans” look behind your salary and employment and just focus on your ability to afford the loan.
Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to site” button to submit your loan application online.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Best regards,
Rench
I’m wishing to get a personal loan wanting to do some renovations to my house to upgrade the value of it. Any help would be appreciated.
Hi Mark,
Thanks for reaching out to us.
You may compare your options from our list of home improvement and renovation loans. On the page, is a comparison table you can use to see which lender suits you. Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the “Go to Site” button to submit your loan application online.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this information helped.
Cheers,
Rench