We analysed our database of over 300 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.
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.
To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 300+ personal loan products and 120+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.
For a fair comparison, unsecured loans and secured loans are scored separately. Assumptions are made on the interest rates charged for both excellent credit and average credit customers in each segment.
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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
Hi,
I’m wanting to get a loan for $10,000 and the “big” banks won’t help me because I had a quick cash loan but it was paid off last month with no dramas. I don’t have a bad credit rating and I’m not sure who I can go to for help?
Thank you,
Hi Jessica,
Thanks for reaching out to Finder.
The information on this page allows you to compare some personal loans you can choose from. You make click on “more” to get additional details about the loan offered. Once you have chosen a particular lender, 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 your loan application or get in touch with their representatives for further assistance.
As each time one applies for a personal loan, the information shows up on the credit file, so multiple loan applications may not look good on the lenders. You may want to review our guide on how to apply for a personal loan as it will help you know how you can narrow down your choices in terms of selecting a personal loan you can go for.
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.
Cheers,
Joanne
Hi, I was wondering what would be the best personal loan for me to pay out my $4000 credit card and get a little extra on top. I pay $50 to $80 a week on it at the moment but I just keep using it and I want to get rid of it.
Hi Darren,
Thanks for reaching out to Finder.
If you are looking for a cheaper way to pay off your credit card debts, you may opt to a personal loans for debt consolidation. A debt consolidation personal loan might help you in getting out of debt and to lower your repayments. This type of loan allows you to borrow a lump sum which you can then use to pay off your credit accounts, credit card, and personal loan or otherwise.
On the page, is a comparison table you can use to see which lender suits you. You can 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.
Hope this helps.
Cheers,
Rench
My mother and I are pensioners and would like advice on which bank/building society can help us with a personal loan of $25,000 over 5-8yr period asap.
Hey Lynette,
Thank you for reaching out to us.
You may find useful information on this page on Pensioner Loans which includes lenders that consider pensioners for a loan.
As finder is an online comparison service and is not a product issuer, it would be best to get in touch with a lender featured on this page to discuss your eligibility or options.
Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant PDS/ T&Cs of the option before making a decision and consider whether the product is right for you.
I hope this helps.
Cheers!
Maria
I want a personal loan. Please send me as much information as possible. Thank you!
Hi Dean!
On the page where you’re at are the list of lenders we have available. Kindly choose among them based on your personal circumstances and eligibility preferences.
You can click “Go to Site” green button to proceed with your application of your chosen lender. Specific questions should be raised to them.
Hope this helps.
Cheers,
Jonathan