Don't pay more than you need to – take advantage of low interest rates on personal loans.
If you're considering a personal loan to help you make your next big purchase, consolidate debt or take any other step in your life, you want to be sure you're taking on a competitive product. Low interest rate personal loans help you keep your ongoing costs low and your repayments manageable. Compare a range of these loans and find a low interest rate loan for you.
SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan
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fixed rate
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comparison rate
- A and AA grade borrowers
- Must be employed
- Min. loan amount $5,000
100% confidential application
SocietyOne Unsecured Personal Loan
Use your loan for a holiday, home improvement, a special project or even a wedding. Receive a personalised rate between 7.50% p.a and 20.14% p.a based on your risk profile.
- Interest rate from: 7.50% p.a.
- Comparison rate: 9.51% p.a.
- Interest rate type: Fixed
- Application fee: 3% (of loan amount)
- Minimum loan amount: $5,000
- Maximum loan amount: $50,000
Low interest rate personal loans comparison
Compare low rate personal loans
- RateSetter Personal Loan: 11.18% p.a. comparison rate. A competitive low rate personal loan from peer-to-peer lender, Ratesetter.
- Citi Personal Loan Plus: 9.96% p.a. comparison rate. A flexible low interest rate loan with lots of flexibility and no monthly fees.
- CUA Fixed Rate Personal Loan: 10.99% p.a. comparison rate. A low rate loan with unlimited additional repayments from CUA.
- SocietyOne Unsecured Personal Loan: 9.51% p.a. comparison rate. A personal loan with a tailored rate based on your creditworthiness.
How can you compare low interest rate personal loans?
A personal loan with a low interest rate can help you keep your ongoing repayments down while giving you access to the funds you need. But an interest rate is not the only feature a personal loan comes with.
- Check what fees apply. While a low interest rate can help you save, high ongoing fees can make your loan more expensive than it needs to be. See if you are charged an establishment fee or monthly or annual fees for your personal loan. Comparing your options by the comparison rate rather than the interest rate will also give you a better idea of the loan cost.
- See how flexible the repayments are. Most lenders will offer you the option of making weekly, fortnightly or monthly repayments, but not all do. It's also important to check how easy it is to make your repayments – are they automatically deducted from your account on the due date? Can you manage your account easily online?
- Determine if you can repay your loan early or make additional repayments. Repaying a loan early or making extra repayments is usually reserved for loans with variable interest rates, but some fixed rate loans also offer these features. Check if there are any limits on additional repayments (you may only be able to repay a certain amount per year) and if you will be charged a penalty for repaying early.
- Evaluate the loan term and loan amounts. These will need to meet your borrowing needs. Are you able to borrow the amount you need for the time period you require to pay off the balance? Most lenders offer fixed rate loans with terms of between one and five years, and variable rate loans up to seven, but some lenders only offer certain terms within that range, such as one-, three- or five-year loans.
What types of personal loans have low rates?
There are various types of personal loans in the market to suit most borrowers' needs, and some of these offer low rates. Here is a breakdown of the types of personal loans you can get:
- Secured loans
This type of loan is used to purchase a car or another large asset, such as a boat or caravan. This will come with the most competitive interest rates because the asset you purchase is used as security by the lender in case you default on your loan. These loans have more restrictions than unsecured loans. For example, some lenders base the loan amount on the value of the asset you purchase.
- Unsecured loans
Unsecured personal loans are similar to secured loans, although the lender does not require you to use an asset as security. Due to the increased amount of risk the lender is taking on, interest rates for these loans are usually higher, but you can still find competitive rates when you compare.
Unsecured loans are also more flexible when it comes to restrictions the lender places on the loan. For instance, you're able to use the loan amount however you like. This can be for one purchase or for a number of different purposes.
- Debt consolidation loans
Another reason people opt for low interest rate personal loans is to help them consolidate their debts. By moving all of your debts into one personal loan you may be able to save yourself money and better manage your repayments. These loans are unsecured and you can find low rates when you compare your options.
3 tips to help you get the lowest rate loan
- Check your credit score
Make sure your credit is in good standing by checking your credit score for free with finder.com.au. - Collect all your necessary documents
You'll need your payslips, ID, and details of your finances (assets, income, debts and expenses). This will help prove you can service the loan repayments. - Compare and apply online
It's important to compare all your personal loan options before applying. You can start with some low interest rate personal loans in the table above.
Is the interest rate the only thing you need to look at?
Although it may be tempting to compare rates and just pick the lowest option, there are various other loan features you need to consider before you decide which loan to go with.
- What type of loan do you need? Personal loans can be secured or unsecured and can come in the form of a lump sum payment (as is the case with most loans) or as a line of credit, as you find with personal overdrafts and line of credit loans. Determine what's the best for your borrowing needs.
- What extra features does the loan come with? These could be easy account management in the form of a mobile app or online account, a redraw facility to access extra repayments or even frequent flyer points.
- What is the eligibility criteria? You will generally need to be over the age of 18 and a permanent Australian resident or citizen. Most lenders also set a minimum income which is usually a minimum of $14,000 p.a. (for smaller loans). Eligibility criteria are outlined on all finder.com.au review pages.
- How flexible is the loan? This is in terms of repayment flexibility, flexibility with the loan purpose, and with changes to your lifestyle. For instance, can you top up your personal loan if you need to?
Is there a catch with cheap low rate personal loans?
When you compare low interest rate personal loans it's important to look at the loan as a whole product package, rather than just the interest rate. Comparing your options by the comparison rate rather than the advertised rate can also give you a better idea of the true cost of the loan, as this incorporates fees and charges.
You can also use a personal loan calculator to see if your repayments will be manageable on your budget.
What's the eligibility criteria?
Eligibility criteria will differ between loans, but generally, you will need to meet the following requirements:
- Be over the age of 18
- Have a good credit rating
- Be an Australian citizen or permanent Australian resident
Check the criteria of individual loans on
How you can apply for a low interest rate personal loan
If you would like to apply for a personal loan with a low interest rate you can compare your options using the table above. Once you've found a loan you'd like to apply for you can click "Go to Site" apply. The information you are required to provide will be different depending on the type of loan you apply for, but you will most likely need to provide the following:
- Personal details including your name, contact information and proof of identification
- Name and contact details of your employer
- Details of your employment including income amount and how you are employed eg full time, part time, etc.
- Financial details including your assets, liabilities, and any other active credit accounts.
You can find a range of competitive options when you compare low interest rate personal loans. Make sure you consider a range of lenders to find the right loan for your needs and situation.
I need a personal loan up to 20000 I’m unemployed at the moment as I have a broken neck but I have a guarantor
Hi Luke,
Thanks for getting in touch with finder.
Yes, one of the best ways for you to get approved for a personal loan is to have a guarantor. In this is something you think would be a solution to your problem, please click this link. On that page, you will learn how you can apply for a loan using a guarantor.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Looking to move and requiring money to leave present area
Hi Max,
Thank you for your inquiry.
You may check out the lenders featured on this page as you can compare the different features that they offer.
You can also click on their names to be directed to their dedicated pages to read further details such as the eligibility criteria and requirements for their loan product.
Once you’ve chosen a provider, you may click on “Go to site” to be directed to their main website where you can start your application.
Before applying, please ensure to read the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.
I hope this helps.
Best,
Maria
I am looking for a variable interest rate with no monthly bank charges for a personal loan of $32.500
Hi Yvonne,
Thank you for your inquiry.
Here’s an option of lenders who offers Variable Rate Personal Loans.
I hope this information has helped.
Cheers,
Harold
Hi is it usual for the lender to ask for account details, on line.? A bit hesitate to fill this field out.
Hello Sue,
Thank you for seeking clarification on the security of online forms.
I understand that you may be worried about the safety of the personal information you share online.
It is actually now commonplace for companies to ask for account details online. This allows companies to process your application quicker.
Rest assured that these companies are vigilant in keeping your details secure.
Be careful as well to only visit known sites when filling out forms like this to ensure the safety of your details.
Hope this helped.
Cheers.
Gru
Hello. I have a friend who has asked me to help her apply for a personal loan. She would like to borrow 50k over the maximum possible loan term, with the option to repay it early if possible. This would probably need to be an unsecured loan as I don’t think she has any valuable assets to secure the loan against. Are you able to give some general advice for her situation?
Hi Jemma,
Thanks for your question.
You may want to check this page for the possible loan options. You can take advantage of the calculator on top of the table to know which option requires a monthly repayment that fits your budget.
Kindly review the eligibility criteria and the terms and conditions of the loan before submitting your application.
Cheers,
Anndy
Is a percentage rate of 15.99% too high for a unsecured personal loan?
Fees are $30 per month on a loan over 7 years with the ANZ
I refinanced my loan with an original 10.9% which I all but paid out only to see my interest rate steadily climb up to 15.99 % within 2 years!
Hello Ken,
Thank you for reaching out to ask about this.
However, as a friendly reminder, please note that finder is a comparison website and general information service.
While we do not represent any company we feature on our pages, we can offer you generic advice and guide you in making an informed decision as to what would best suit your needs.
You would do well in getting in touch with several providers/companies so you may have several options to choose from if you feel that your interest rate with your current provider is no longer acceptable.
Cheers,
Gru
What’s the best, cheapest , fastest way to pay out a personal loan. For ex I have an ANZ personal loan I just want to pay off. the interest rate is around 11/12 percent and I’m paying fees on the account they set up for me to repay the loan through. Can I get a loan that I can just pay directly via Bpay or direct credit without having an account with the same bank as the loan? Many thanks
Hi Jen,
Thank you for your inquiry.
While we cannot recommend what is best for you, we can offer you a general information. Through this page you can review and compare the offers that will best fit your personal requirements. Please use this guide or your reference.
I hope this information has helped.
Cheers,
Harold
I just want no if i can get a lone on bad credit so i don’t have two wast my time an your time thank you
Hi Joseph,
You can compare bad credit personal loans on this page. Keep in mind that different eligibility criteria will apply for each lender so take a look at the review page (where the criteria are listed) before you apply.
I hope this helps,
Elizabeth
I need to borrow $20k-$30k to assist my parents. I will need a loan that I will be able to pay out early without penalty but also have affordable repayments for the short term. Going crosseyed trying to compare them all – is there one type that would fit my criteria more than the others. Appreciate your help thanks
Hi Deb,
I’m unable to recommend a specific loan for you but I can provide you with some general information to help you narrow down your choices. Variable rate personal loans tend to come with less restrictive repayment terms so you may find more options here that will let you make extra repayments and pay your loan out ahead of time.
In terms of keeping your repayments low in the short term, this is just where comparing your options comes into play. Unless you are purchasing a vehicle or have an asset worth 20-30k to use as security for the loan (in which case you can take out a car loan or a secured personal loan) you will need to take out an unsecured personal loan. Here, compare loans and look at the comparison rate to get a better idea of the total loan cost. You can use a personal loan calculator to get an idea of your repayments.
Another option you can consider is a line of credit loan that will give you access to a specified limit that you then make regular repayments on and that you can repay in its entirety whenever you like.
I hope all of this information helps,
Elizabeth
I am looking to take out a personal loan for $2,000-$3,000. Can you please advise me of the best companies to go with. I have done a search of your website and many of the companies listed I have never heard of so I am a little reluctant to go with them. Any advice/help, much appreciated?
Hi Simon,
Thanks for your question.
Unfortunately we don’t recommend specific products, services or providers. We do compare personal loans from the bigger banks such as Westpac, ANZ and NAB. A good way to check the validity of a financial institution is to check their credit licence, which is usually stated on the bottom of their application or official page.
If you’d like any help in this, please let me know.
Cheers,
Shirley