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How do personal loan brokers work?
Personal loan brokers will work with you to find the right personal loan.
They can help you with the full range of personal loan products offered by lenders for any loan purpose. That includes debt consolidation loans, holiday loans, renovation loans or car loans.
Personal loan brokers search for a loan within their lending panel. This is a set group of lenders that they deal with.
Instead of applying directly with a lender, you apply for a loan via the broker instead. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.
Are personal loan brokers worth considering?
Personal loan brokers, like mortgage brokers, work with you to find the best personal loan for your circumstances.
This means that as well as helping you find the best cost, they'll make sure you fit the eligibility criteria, that it's suited to your loan purpose and you have the features you may need.
While it can be helpful to have a professional ensure you find a good deal, you should keep in mind that your own personal loan comparison can be quick, easy, and free.
Personal loans aren't really as complex as products like home loans, so comparing personal loans on a comparison site like Finder is usually enough.
If you have a more complex loan purpose, non-standard forms of income or you're worried about your credit score, you might be more comfortable using a personal loan broker. They will have more knowledge of lender criteria and may be able to get you a lower rate.
What are the pros and cons of using a personal loan broker?
Pros
Convenience. Rather than only comparing the market yourself, a personal loan broker can do some of the legwork, (though you should still try to do at least some of your own research). You'll also have the benefit of a single contact for the total term of your loan.
They are experts in their field. A broker is usually required to have either a Certificate IV in Finance and Mortgage Broking (FNS40815), a Diploma of Finance and Mortgage Broking Management (FNS50315) or a Bachelor of Business (Financial Planning) making them experts in their field.
They are obliged by ASIC to protect your interests. Brokers have to have an Australian credit licence under the National Consumer Credit Protection Act 2009 in order to provide credit assistance. This means that they have an obligation to find you the best terms possible for your circumstances.
They tailor their options. A broker can help to find you the best loan option for your unique circumstances.
Can help bad credit applicants. Brokers may be particularly useful if you have a poor credit score or trouble meeting the standard lending requirements at larger financial institutions.
Can help you maintain your score. Using a broker can help you maintain a good credit score by preventing unnecessary applications and potential rejections from multiple lenders. Brokers have a good understanding of different lending requirements of various lenders, so they won’t recommend products that you are likely to be rejected for.
Cons
A broker's interests may not align with yours. Despite ASIC's measures to protect consumers from being given bad financial advice, brokers still generally work on a commission basis. This means that some brokers may be inclined to direct you towards the lender paying the highest commission, rather than the one that would give you the best deal.
You may have to pay a broker fee. While most brokers work on commission from lenders, some may charge you for their services. On the plus side, while this will incur a cost to you, it could put your mind at rest that you are not being steered towards a higher charging lender.
Some lenders don't work with personal loan brokers. Not all lenders choose to work with brokers. This could mean that there are better deals on the market than those that your broker has access to. This is why it's important to also do your own market research.
Brokers cannot guarantee your rate. Brokers can accurately estimate your rate, fees, etc. for a certain loan, but they cannot guarantee them for you. Lenders still have the right to charge you more based on their view of your financial viability.
Don't use a broker if you only need a small loan amount to avoid using a credit card, then a broker isn't suitable for you. Loan brokers often have different minimum loan amount requirements to the lenders themselves. Some credit unions and smaller banks will lend as little as $2,000 unsecured, whereas brokers typically won't deal with less than $5,000.
How to find a good broker
Loans offered. Make sure the broker you are considering offers the type of loan that you require.
Type of interest. Most brokers offer fixed interest loans only.
Loan conditions. Can you pay the loan out sooner, make additional repayments or redraw on overpaid amounts? Make sure you can access these services without having to pay a fee.
Lending panel. This is the group of lenders from which your broker will choose a loan. The bigger the panel, the greater the chance of you getting the best deal available.
How they work. Some brokers operate almost entirely online, whereas others use the more traditional phone, fax and mail. Make sure you’re comfortable with whichever system your broker uses.
Funding time. Brokers have different speeds at which they are able to approve and fund your loan. If you are in a hurry, an online-based broker should be able to approve your loan faster than a paper-based one.
Customer service. You will be dealing with the broker for the term of your loan, so make sure you are happy with the level of service they provide. Call them to see how long it takes to get an answer and find out what kind of support they offer.
What to avoid with personal loan brokers
A small lending panel. The more lenders your broker has access to, the better your chance of getting the best loan available. Make sure your broker compares a large range of options, otherwise you might as well just do it yourself.
Commissions. There isn’t anything wrong with a broker being paid a commission, just be sure of what the commissions are and how they affect the broker’s recommendations. Less honest brokers might push lenders that pay them higher, rather than the ones that offer the best option for you.
Fees and charges. Understand the fees and charges that you will have to pay. Ensure that they are all clearly explained to you before you commit to your broker and the loan. It may be worth doing a quick comparison with your current bank, just to get an idea of what you could get without assistance.
Australians borrowing more
According to the ABS, in the 3 months to June 2025 Australians borrowed $9 billion in personal loans. That's a 16.8% increase on the amount borrowed in the same 3 months the previous year.
Compare rates yourself By visiting a range of lender websites, you can get an idea of what different lenders are charging, what their eligibility criteria are and how much you can borrow.
However, this is time consuming and could be confusing for prospective loan customers who aren't sure where to look.
Compare the options in the table above At Finder, we compare the market so that you don't have to. You can compare interest rates and fees in the table of lenders above to find a loan that suits you.
For more information on the eligibility criteria involved in the loans, available loan amounts, features and fees of each loan, simply click "More info". Or, to be securely routed to the lender's website directly to submit an application, simply click "Go to site".
Why compare personal loans with Finder?
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
Frequently asked questions about personal loan brokers?
You may have to pay a monthly fee for using a personal loan broker, but you can try to negotiate this down when signing up for the service. All brokers make money through commissions, which are paid to them by the lenders they recommend. This is not directly added to the cost of your loan or interest rate.
Selecting the right loan requires analysing the application fees, monthly fees and interest rate. If you don't have time to compare personal loans, using a broker could save you a considerable amount of money over the life of the loan.
Brokers offer products from lenders that are within their lending panel, that is, lenders that they have a relationship with. If your current bank is within the broker's lending panel and it offers a competitive product, then yes, you might end up borrowing from your current bank. However, your broker should be looking for the best value option for you.
This will depend on the terms and conditions of your contract. Make sure you read and understand all of them before you sign on the dotted line. You will generally need to cancel the loan and take out a fresh one if you wish to change brokers.
Yes, you can use a broker to help you find and apply for a personal loan. A personal loan broker works with multiple lenders to find a loan that best suits your needs and financial situation. They can save you time by comparing various options and may have access to exclusive deals or rates not available directly to consumers.
Personal loan brokers may charge a fee for their services, but in many cases, they receive a commission from the lender, meaning their services might be free for borrowers. If a fee is charged, it is usually a percentage of the loan amount or a flat fee. It's worth ask about any potential costs upfront before engaging a broker, although they are required by law to be transparent about the commissions and benefits they earn from arranging your loan.
Brokers have access to a wide range of lenders, including specialist lenders who deal with non-conforming traditional loans. For this reason, they can match you with a loan that fits your credit profile and financial needs. This doesn't mean its necesarily easier to get a loan, but you will have access to a wider range of lenders. Brokers may also have relationships with lenders that can help smooth the approval process, especially if you have a complex financial situation.
Brokers do not offer loans directly; instead, they facilitate the process of obtaining a loan by connecting borrowers with lenders. They help you compare loan options, complete the application process and finalise terms, but the actual loan is provided by a financial institution, not the broker.
Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024.
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Bria Horne was a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication.
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Hello, I have been bankrupt since 01/06/2017. I need to borrow $5000 to purchase a car. Can you recommend a broker to assist me. I’ve tried and have found the interest rate to be over 50%. Why do I have to be punished further do to unforeseen circumstances
Finder
JeniMarch 23, 2018Finder
Hi Luke,
Thank you for getting in touch with Finder.
Some lenders consider applicants if they’ve been discharged from bankruptcy or are currently bankrupt. However, please note that the fees and rates will be considerably higher on bankrupt loans. You will see a table with a list of lenders who consider bankrupt or discharged bankrupt applicants. You may click the name of those with check marks to read further details such as minimum and maximum loan amount, fees, loan term, turnaround time as well as their pros and cons.
When you are ready, 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 the application or get in touch with their representatives for further inquiries you may have.
As a friendly reminder, please ensure that you read the Product Disclosure Statement or Terms & Conditions before making a decision and consider whether it is right for you
I hope this helps.
Have a great day!
Cheers,
Jeni
KieranSeptember 15, 2017
Can you recommend a personal loan broker . I live in Sydney. Thank you.
Finder
HaroldSeptember 15, 2017Finder
Hi Kieran,
Thank you for your inquiry.
I’m afraid there is no personal loan broker featured on our website, only a mortgage broker who can take your personal circumstances into account and offer you a range of borrowing options. Personal loan brokers work in a similar way to mortgage brokers, they help you find a good deal on your loan. You can also use ASIC Connect’s Professional Registers for assistance.
I hope this information has helped.
Cheers,
Harold
GeoffAugust 10, 2017
Was trying to find a personal loan broker in Perth to get me a small loan between $5000 and $10000 to move home and also help improve my credit rating. Not sure how my rating is now but think it is not really bad.
JonathanAugust 10, 2017
Hello Geoff,
Thank you for your inquiry.
As of this writing, we don’t have a dedicated page yet for personal loan brokers per state however, you can check our list of personal loans of up to $10,000 regardless of your credit rating. Please take time to review the fine print of each product/lender. By doing so, you’ll be able to make a better decision.
Moreover, you may also want to consider getting your credit score first before applying for a loan. This way, you will know your creditworthiness and your chance of getting approved.
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.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Find out exactly what you need to know when it comes to cheap personal loans, including working out if a loan is really competitive.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
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Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
Hello, I have been bankrupt since 01/06/2017. I need to borrow $5000 to purchase a car. Can you recommend a broker to assist me. I’ve tried and have found the interest rate to be over 50%. Why do I have to be punished further do to unforeseen circumstances
Hi Luke,
Thank you for getting in touch with Finder.
Some lenders consider applicants if they’ve been discharged from bankruptcy or are currently bankrupt. However, please note that the fees and rates will be considerably higher on bankrupt loans. You will see a table with a list of lenders who consider bankrupt or discharged bankrupt applicants. You may click the name of those with check marks to read further details such as minimum and maximum loan amount, fees, loan term, turnaround time as well as their pros and cons.
When you are ready, 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 the application or get in touch with their representatives for further inquiries you may have.
As a friendly reminder, please ensure that you read the Product Disclosure Statement or Terms & Conditions before making a decision and consider whether it is right for you
I hope this helps.
Have a great day!
Cheers,
Jeni
Can you recommend a personal loan broker . I live in Sydney. Thank you.
Hi Kieran,
Thank you for your inquiry.
I’m afraid there is no personal loan broker featured on our website, only a mortgage broker who can take your personal circumstances into account and offer you a range of borrowing options. Personal loan brokers work in a similar way to mortgage brokers, they help you find a good deal on your loan. You can also use ASIC Connect’s Professional Registers for assistance.
I hope this information has helped.
Cheers,
Harold
Was trying to find a personal loan broker in Perth to get me a small loan between $5000 and $10000 to move home and also help improve my credit rating. Not sure how my rating is now but think it is not really bad.
Hello Geoff,
Thank you for your inquiry.
As of this writing, we don’t have a dedicated page yet for personal loan brokers per state however, you can check our list of personal loans of up to $10,000 regardless of your credit rating. Please take time to review the fine print of each product/lender. By doing so, you’ll be able to make a better decision.
Moreover, you may also want to consider getting your credit score first before applying for a loan. This way, you will know your creditworthiness and your chance of getting approved.
Hope this helps.
Cheers,
Jonathan