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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Hi
I currently have 2 credit cards, 1 of $2000 and 1 of $8000.
I’m currently paying $400 per month to these cards but the interest just eats most of it so im not really getting anywhere with them and i want them gone. I was considering applying for an interest free credit card to consolidate them and paying as much as i can for the interest free period, then getting an unsecured personal loan at the end of the interest free period at the lower then credit card interest rate. I’m part time for 20 hours per week and work a minimum of 32 hours, I net approx 700-800 per week. Does this sound like a good idea or am I going to give myself a headache and bad credit because from what I’ve heard interest free credit cards have a negative impact of your credit rating.
Cheers
Phil
Hi Phil,
Thanks for your question.
A balance transfer is a good option for you if you are looking to save on interest payment on your credit card debt, and you can ensure that you’ll be able to repay all your debts within the promo period. Kindly note that after the balance transfer promo period, any remaining balance on your debt will attract a high rate of interest.
In regards to your income, balance transfer credit cards have different income requirements. Check the list of low-income credit cards on our website to compare and explore your options.
Balance transfer may leave a positive effect on your credit rating. To learn more, read our guide, “How does a balance transfer affect your credit score?”
I hope this helps.
Regards,
Anndy
Hello
I have a bad credit from Origin Energy Electricity Ltd which I paid in full on the 6/12/16 of $330- ..paying extra to Origin to have it remove from my credit rating.
Iam on DSP looking for a car loan $14700-00 found the car just need a LOAN pls..
Cheers
Brenda
Hi Brenda,
Thanks for reaching out.
Given your situation, you may want to check the list of Centrelink personal loans featured on our website.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision on whether the product is right for you.
Cheers,
Anndy
I am in need of a fast cash loan but have bad credit. I won’t get paid till next week. I need about 600 dollars. Can anyone find something?
Hi John,
Thank you for your inquiry.
You may want to check the list of bad credit payday loans featured on our website. Alternatively, you can check no credit check payday loans as well for more options.
I hope this helps.
Kind regards,
Jason
Hi Gary,
You can compare interest rates for used car loans on this page. If you click on the name of any loan you’re interested in you can see a review page which will list the documents required to apply.
I hope this helps,
Elizabeth
I wanted to know which bank offers a redraw on their loans! And how many of them require more than two months of statements?
Hi Steven,
You can click through to the review page of each loan to find out whether a redraw is offered – click on the name of the lender to access the review page. The majority of lenders will require at least three months of payslips to be eligible for a loan.
I hope this helps,
Elizabeth