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.
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.
A marketplace personal loan with personalised interest rates.
Borrow between $5,000 and $50,000 with an unsecured personal loan from Revolut, and don't pay any fees while you repay!
Read Finder's review of OurMoneyMarket's Secured Personal Loan. See if this loan is right for you.
This secured loan may be used for any worthwhile purchase and requires security against a vehicle. It uses risk-based pricing, so your interest rate will be set based on your credit score and history.
A risk-based personal loan from one of Australia's biggest non-bank lenders. Get a personalised rate which rewards higher credit scores.
Looking for a competitive rate? Plenti offers loans funded by investors with rates that are tailored to your personal circumstances.
An ING personal loan offers certainty with fixed interest rates and fixed repayments over a set term.
An unsecured personal loan with interest rates tailored to your risk profile.
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.
Hi my name is hamad and i am an international student studying in australia. I would like to have a loan for $10,000 for a car and other necessities. I have 3 years left in my visa. My salary is $3,900. Is there any place that can provide me with this loan. Thank you.
Hi Hamad,
You can find out some of your options for temporary resident loans through our website.
Hope this helps,
Elizabeth
Hi there, I need to borrow about $8000-$9500 for a car and bond for a house. I work full time but I get paid in cash for the time being. I have payslips from the time I started working here which was 11 months ago. I’m new to this and need a lot of help. Before tax I get $850 weekly after tax I get roughly $720. I have no expenses as I’m living with parents only board which is $130 weekly. Any advice or recommendation would be muchly appreciated thank you.
Hi Keziah,
Thanks for your question.
Lenders have different requirements in terms of eligibility and how they can approve your for a loan – you will usually need to provide documents to prove your income, so payslips will suffice, but you may also need bank statements as well as 100 points of ID and various information about your financial situation, such as your income, employment details, assets, etc.
You can find out what is required for each lender by clicking through the More Info link to read a review of the lender and by clicking Go to Site if you are ready to apply.
As you’re looking to buy a car and to borrow funds for bond, you may also want to consider an unsecured personal loan.
Hope this information has helped,
Elizabeth
I need help for a short team loans. But all my income normally was going though my gf acc or by cash , how I can proof my I got full time job? Need loans asap.thx for help me
Hi Zhenyufan,
The majority of lenders will need to see three months of banking history where your income was going in order to verify it. You can compare short term cash loans and find out what documentation is required to be approved. You may also have more luck applying at a lender that has a physical branch, so you can bring in your payslips and verify your income that way.
Hope this has helped,
Elizabeth
Hello
I’m looking at getting out a personal loan to pay for cosmetic procedures & to pay off the rest of my credit card.
I’m looking at loaning $25,000 and my credit card has $3,000 remaining.
I’d like to make monthly payments of $1,000.
I’m very unsure about ‘variable’ and ‘fixed’ rates (this is all very new to me!)
Any advice would be appreciated :)
Thank you
Hi Sarah,
Thanks for your question.
A fixed interest rate is locked into your personal loan at the beginning of your loan term and won’t change, while a variable rate may change over the course of the loan. Fixed-rate personal loans tend to come with terms of between one and five years while variable rates can extend up to seven. You may also find more flexibility with a variable rate loan, for instance, you may be able to repay your loan early or make extra repayments, but you may be charged a fee for doing so with a fixed-rate loan.
You can compare fixed rate personal loans and variable rate personal loans.
To work out your repayments, simply enter your desired loan amount ($28,000) at the comparison tables on either of those pages and you’ll be able to see your ongoing repayments for each of the options listed. To find out more information for any of the lenders you can click on the name of the lender, or to head to the lender’s website or apply, click “Go to Site”.
Hope this has helped,
Elizabeth
Is it possible to get a personal loan to payout 6 credit cards. 2 cards are now charging interest all the rest are interest free for a bit longer. I’m keeping up with all the payments but it’s getting too much to have so many to deal with. I want a loan that I can pay off early with no penalty fees. I also want one that I can pay as much as I can afford each fortnight.
Hi Kerry,
This is possible with an unsecured personal loan, as the way you use your loan amount is generally up to you. You may want to consider opting for a variable rate personal loan as these generally have more flexibility when it comes to repaying early without penalty or to make additional ongoing repayments. Comparing lenders will help you find the right one for your needs and situation, and once you’ve found a lender you can click “Go to Site” to submit your application.
Hope this has helped.
Elizabeth