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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Where is bank of Melbourne or HSBC.
Hi Mr Franks,
Thanks for your question.
There are a number of HSBC and BoM branches all around Melbourne. Was there a specific one you were looking for?
Cheers,
Shirley
Hi I am wanting to know if I have an income of $20000, per year, am I eligible for a loan of $30000 over 5 – 7 years, no other debts, or financial outgoings come out of my wage, i am also perm p/t, thank you
Hi Renee,
Thanks for your question.
Please note that finder.com.au is an online comparison and information service and is not a product issuer. Therefore, we can’t comment on eligibility.
If you would like to discuss your eligibility or options regarding your loan amount, please get in touch with a lender featured on this page.
Cheers,
Shirley
i have $ 26000 debt on my credit card and $25000 pof personal loan.
i want one repayment
how could you help
Hi Helia,
Thanks for your question.
You may want to compare a range of debt consolidation personal loans.
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.
Cheers,
Shirley
how do you consolidate loans to roll into one so you only have one loan payment. i have a personal loan and also a credit card i want to roll into one.
i also would like to know how to get a loan to payout my other loans such as personal an credit card as I’m paying to much interest each month
Hi David,
Thanks for your question.
The process involves being approved for a debt consolidation loan to pay out your existing debts. After you have paid off the balance in full, you can close your old accounts while you start paying off your new loan.
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.
Cheers,
Shirley
i am only on a centerlink benefit can I apply for a 1,000 loan
Hi Brenda,
Thanks for your question.
Generally, you can not be receiving Centrelink benefits as your primary source of income to be eligible for most loans. Short-term lenders, banks, and credit unions might be able to help. Government and community financial assistance schemes are also available. Here’s your loan options if you receive Centrelink. You should be able to check which lenders do by checking the table found on the page.
You can press 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 press 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.
Cheers,
Shirley