Unsecured Personal Loans

Rates and Fees verified correct on October 27th, 2016

Get access to much-needed funds end enjoy more flexibility with an unsecured personal loan.

An unsecured personal loan lets you borrow funds without using an asset as security. This type of loan comes with an increased amount of flexibility in terms how you use your loan amount. You can use your funds to make a large purchase, consolidate debt, or anything else you like. Find out if this type of loan is right for you by reading the guide below.

HSBC Personal Loan

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and get competitive interest rate offer with a flexible range of repayment options.

  • Interest Rate From: 11.99% p.a.
  • Comparison Rate: 12.54% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $150
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $5,000
  • Maximum Loan Amount: $50,000

Unsecured personal loans that you could apply for

Rates last updated October 27th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
IMB Unsecured Personal Loan
An unsecured loan offering from IMB with a competitive interest rate
From 11.69% (fixed) 13.09% $2,000 1 to 5 years $199 Go to site More
Pepper Money Unsecured Personal Loan
Apply for up to $50,000 and receive conditional approval within minutes.
From 11.99% (fixed) 11.99% $5,000 1 to 7 years $0 Go to site More
RACQ Unsecured Loan
An unsecured personal loan that lets you borrow funds for what you need. Repay the loan on terms up to seven years.
From 13.95% (fixed) 14.52% $5,000 1 to 7 years $378 Go to site More
SocietyOne Unsecured Personal Loan
Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score
From 7.9% (fixed) 9.58% $5,000 2 to 5 years 2.5% (of loan amount) Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 Go to site More
St.George Unsecured Personal Loan - Variable Rate
The Variable Rate Unsecured Personal Loan St.George lets you borrow up to $40,000 for a period of up to 7 years.
From 14.74% (variable) 15.61% $3,000 1 to 7 years $195 Go to site More

Disclaimer and warning about borrowing

  1. No loans offered with repayment in full due in 60 days or less
  2. Interest rates range between 5.3% p.a. and 9.58% p.a.
  3. A representative example is expressed in the table above with all fees and charges payable in the Monthly Repayment column with the representative APR expressed in the comparison rate column.

* The personal loan offers compared on this page are chosen from a range of personal loans finder.com.au has access to track details from and is not representative of all the products available for comparison in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing personal loans.

How unsecured personal loans work

Unsecured loans can be used for any worthwhile purpose. When you apply for the loan you may be asked to list why you are applying for it, and this will form part of the lender's decision.

When completing your application you will also need to list how much you want to borrow and how long for. Unsecured personal loans offer amounts varying between $1,000 and $50,000 and loan terms varying between one and seven years.

You'll find that unsecured loans come with higher rates than secured loans because the lender is taking on more of a risk. These loans can also come with establishment fees, monthly fees and annual fees, so be sure to check these before you apply.

Unsecured personal loans can be fixed or variable and repayment restrictions differ between lenders – you may be able to make additional repayments and repay your loan early without penalty depending on your loan.

Why is the interest rate higher than a secured loan?

Interest rates on unsecured loans are higher for borrowers as the bank takes on the risk of the loan. In the event of you defaulting on the loan, you'll have paid back more interest than a secured loan. If your loan is secured the lender can take the asset you've used for collateral to recoup the outstanding amount.

What to know to compare your optionscomparing loans

Comparing your unsecured personal loan options is an important part of finding the right loan for you. Here are some things to keep in mind when doing so:

  • Interest rate. Check whether the interest rate is fixed or variable and whether it's competitive.
  • Minimum and maximum loan amounts. All lenders will set a minimum that you can borrow and the majority will have a maximum – these usually vary between $1,000 and $50,000. While you may not be eligible for either it's important to check that the amount you need falls between the two.
  • Fees and charges. You can be charged upfront and ongoing fees with unsecured personal loans, so check what these are before you apply. You can look at the comparison rate to see an overall cost for the loan which includes these fees.
  • Additional features. Your loan may come with additional features that you might find convenient, such as online account management, a redraw facility to access additional repayments or discounts on additional products offered by the lender.

Financing a trip away

Horace is looking for a way to finance his travels over the break before he returns to work as a school teacher. He doesn’t have enough money saved and so is looking to take out an unsecured personal loan, knowing he’ll be able to afford ongoing repayments on his current salary. He compares his options and finds a loan he’ll be able to afford to repay within a year, not wanting to run the risk of a longer repayment period in case he loses his job. He checks he’s eligible and then applies. He soon finds out he’s been approved and makes his way to the Canary Islands.

Weighing up the good and the not so good of unsecured personal loans

  • No asset needed for security.
    When getting an unsecured personal loan, there’s no need to supply an asset as security. If you're purchasing an asset with your funds you won't have to risk it, and you also won't need to risk an asset you already own.
  • Flexible loan purpose. 
    You can use the funds however you like. Once you're approved the funds will be transferred to you and you can use them to consolidate debt, purchase what you need to or to invest.
  • Easy application process.
    Applying for one of these loans is usually quite easy. The application can typically take place online if you can provide the appropriate documentation required. After the application, you can usually get a response in 60 seconds.
  • Unsecured loans can have higher fees.
    As there is no security with an unsecured personal loan, there are higher fees enforced by the lender to compensate for the lack of security provided by you. This may come in the form of an establishment fee.
  • Penalties for missed payments.
    Again, as there is no security asset on an unsecured personal loan, the lender can charge you high fees for late payments or even take legal action against you and take you to court if you default on the loan.
  • Higher interest rates due to no collateral being offered
    As there is a higher risk involved from the lender, the interest rates are generally higher on unsecured loans. This is to cover the fact that there is no collateral involved with the loan.

Things you should consider avoiding

  • Lying about what you need the funds for. Always be upfront with your lender about why you're applying for the loan, whether it be for business purposes or to consolidate debts.
  • Getting into too much debt. If you are taking out an unsecured loan to consolidate existing debts, you should be wary of getting yourself into financial trouble by increasing your debt. Make sure you'll be paying less with this new loan than you are currently.
  • Check the brand providing your credit is licensed. Always make sure you are getting a loan from is a licensed lender. All providers must be licensed with ASIC; you can search through the ASIC Professional Register to check this.
  • Fees and charges. Where possible, always do your best to avoid excessive fees and charges. The best way to do this is to make sure you do your research, ask questions and compare.

How you can apply for an unsecured personal loan

If you think an unsecured personal loan is for you, all you need to do is use the finder.com.au comparison table to compare your unsecured personal loan options. After browsing through the table and finding a suitable loan, click the relevant link to go to the lender’s website and start the application process.

Typically, to get an unsecured personal loan you'll need to meet a range of criteria set by the lenders.

  • You must be at least 18 years old.
  • You must also have a good credit rating and be able to provide proof that you can pay off the loan.
  • You may be asked to provide copies of your payslips, bank account statements and other credit contracts.
  • You'll also need to provide 100 points of ID.

Frequently asked questions

Can I get an unsecured personal loan for business purposes?

Some lenders may allow you to use the funds from an unsecured personal loan for business purposes, but others will not. You will need to confirm this with the lender before you apply.

How can I get a low rate unsecured personal loan?

While unsecured personal loans do generally come with higher rates than secured personal loans, you can still find a competitive low rate option. Compare your options using the table above and find a loan that meets your budget.

How long do I have to repay an unsecured personal loan?

Fixed rate unsecured personal loans tend to offer terms of between one and five years and variable rate unsecured personal loans tend to offer terms of between one and seven years.

I applied for an unsecured personal loan but the rate I received was different to the advertised rate. Why?

There are two reasons this might have happened: A lender may operate on a tiered-rate system where your rate is determined by the information in your application, or the lender approved you but found you to be a higher risk, so applied a higher rate to your account.

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This page was last modified on 7 October 2016 at 9:09.

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

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26 Responses to Unsecured Personal Loans

  1. Default Gravatar
    Jacku01 | October 13, 2016

    I need 25,000 to build a deck on a new house we’ve just built.
    Over 3 years, can I pay off early or make extra payments?
    I can easily repay in less than 3 years, just want to make sure all is ok.

    • Staff
      Elizabeth | October 14, 2016

      Hi Jacku01,

      This depends on the lender you apply with. Usually you can make extra repayments and repay early on a variable rate loan, but again, this will depend on the lender. You can click on the names of the loans above to see a review page, where you’ll find a list of fees so you can see if extra repayments are allowed on the loan you’re considering.

      Hope this helps,


  2. Default Gravatar
    Esha | August 23, 2016

    Hi,looking for unsecured Personal loan of $50k,asset & funds cost only $10k, so is it possible that my loan approved, as u meet the other criteria’s..

    • Staff
      Elizabeth | August 24, 2016

      Hi Esha,

      You can compare your unsecured personal loan options on the page above. Each lender will have different eligibility criteria, which you can check on the review page by clicking on the name of the loan. The review page will also list the maximum loan amount able to be borrowed with the loan, but keep in mind how much you can borrow depends on your individual financial situation and how much you can afford.

      I hope this helps,


  3. Default Gravatar
    simone | August 9, 2016

    Looking for personal loan of $40k to provide for jome loan deposit. When home loan is funded personal loan will be paid out

    • Staff
      Elizabeth | August 11, 2016

      Hi Simone,

      You can compare your personal loan options on the page above, however keep in mind you’ll need to advise the purpose of your loan when you apply. As it’s to fund your home loan deposit lenders may be hesitant as it’s a risk. You can check the eligibility criteria for each loan by clicking through to the review pages and click “Go to Site” when you’re ready to apply. If you’re unsure of your eligibility, talking to the lender directly is a good place to start.

      Hope this helps,


  4. Default Gravatar
    Phil1984 | June 29, 2016

    Good Afternoon,

    I have two personal loans at the moment, both used to purchase business equipment (still at startup stage) we have 33k over the both at the moment and are looking to borrow at least 40-50k to cover our last high interest loan and a bit of cash to get the rest of the business off the ground. We would need to do this unsecured as we are at 80% on our house after renos.

    any advice would be appreciated.

    • Staff
      Elizabeth | June 30, 2016

      Hi Phil1984,

      Your personal loan options are outlined on the page above. However with two out already you may have trouble being approved for a third. If it’s for business purposes you can find out a few of your business loan options on this page. You can browse through the lenders on the main page as well as on the sidebar as there are several different loan options available, from line of credit loans to lump sum payments. Some lenders require your business to be in operation for a certain amount of time but others will offer you financing at the startup phase. I can’t recommend a specific lender to you but you can compare your options on the page.

      I hope this information helps,


  5. Default Gravatar
    Zara | April 28, 2016

    I’m looking to borrow $25,000 & am trying to decide which is better:
    an unsecured personal loan with a variable interest rate or a personal line of credit loan.
    Could you please tell me the differences between them?

    • Staff
      Elizabeth | April 29, 2016

      Hi Zara,

      Thanks for your question.

      There are a few differences between these two credit options, and actual products may differ between lenders. Generally, an unsecured personal loan is given to you as a lump sum payment and will be paid off over a period of between one and seven years (with interest). You may need to pay monthly fees or an establishment fee but these will be added onto your ongoing repayments. By making regular repayments your loan will be paid off in full. Depending on whether the loan is a fixed or variable rate your repayments may change, and you may or may not be able to make extra repayments or pay it off early.

      Conversely, a line of credit loan gives you a total credit limit that you can access as and when you wish. It works more like a credit card in that you have access to a certain amount of money and you only pay for the amount of money you use. Once you pay a certain amount of the credit limit back you’ll have access to it again. There is generally no loan term and you’ll just need to make minimum repayments depending on how much you spend.

      Remember that these products can differ so it’s best to check the terms before you apply.

      I hope this information has helped.



  6. Default Gravatar
    norman | March 30, 2016

    bank or lender with maxium loan $75-000
    lebders with no deposit hone loan

    • Staff
      Elizabeth | March 31, 2016

      Hi Norman,

      You can find your loan options on the page above – the lender that offers loans up to $75,000 on the page is ANZ with its Fixed Rate Personal Loan.

      If you’re looking for no deposit home loan options, you can find out more information on this page.

      Hope this has helped,


  7. Default Gravatar
    ED | December 4, 2015


    • Staff
      Elizabeth | December 4, 2015

      Hi Ed,

      Thanks for your question.

      Generally, banks require good credit history to approve you for a loan. One option might be to approach your existing bank for a loan if you have a good relationship with them. If you find they will not consider you, you can compare your bad credit personal loan options on this page.

      I hope this has helped.



  8. Default Gravatar
    Julie | August 7, 2015

    What do you look for if the private lender is registered with ASIC, ATO, etc….with applications being an online function.

    • Staff
      Elizabeth | August 7, 2015

      Hi Julie,

      Thanks for your question.

      According to ASIC, ‘Anyone who wants to engage in credit activities (including lenders, lessors and brokers) must be licensed with ASIC or be a representative of someone who is licensed’. Before submitting an application with any company or private loan lender you will need to check they are registered by searching ASIC Connect’s Professional Registers and also see if they are on the list of ASIC’s unlicensed companies. This lender is also required to give you their licence number, contact details, fees and charges for the loan and details of your right to complain or access to their external dispute resolution scheme.

      You can find out more details on ASIC’s website.

      I hope this has helped.



  9. Default Gravatar
    mary | July 22, 2015

    i want to know if i can get a loan for 3000 dollars

    • Staff
      Matt | July 23, 2015

      Hi Mary,

      Thanks for your comment. You can find out more about loans for $3,000 on the relevant guide we’ve written, found here.

      I hope this page will help.


  10. Default Gravatar
    ori | April 7, 2015

    hi there,
    im an international student here in Australia could you please tell me which are the companies that do a personal loan for non residents as I can’t find them.
    tanks a lot

    • Staff
      Shirley | April 7, 2015

      Hi Ori,

      Thanks for your question.

      Please see this page regarding personal loans for non residents.


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