Unsecured Personal Loans

Get access to the funds you need and enjoy more flexibility with an unsecured personal loan.

An unsecured personal loan lets you borrow funds without using an asset, such as a car, as security. This type of loan comes gives you more 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 this guide.

Citi Personal Loan Plus Offer

Citi Personal Loan Plus Offer

From

8.99 % p.a.

variable rate

From

9.96 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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100% confidential application

Citi Personal Loan Plus Offer

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.96% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Compare Unsecured personal loans

Rates last updated September 24th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 28.21% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 year terms.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
RateSetter 3-Years Personal Loan
From 8.42% (fixed)
10.97%
$2,001
0.5 to 5 years
$0
$220
You'll receive a fixed rate from 8.42% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 5 years.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of . Benefit from flexible repayments and fast approval.
Sydney CU Special Offer Unsecured Personal Loan
From 7.99% (variable)
7.99%
$5,000
1 to 7 years
$0
$0
You’ll receive an introductory rate of 7.99% p.a.
An unsecured personal loan up to $30,000 and no annual or monthly fees. Introductory rate and waived application fee until 31 October 2018.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 29.99% p.a. based on your risk profile
A loan from $50,000 to use for a range of purposes. Benefit from no monthly or application fees.
MyState Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and make additional repayments at any time without penalty.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.

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Compare the unsecured personal loans below

How do unsecured personal loans work?

Unsecured loans involve you receiving a certain amount of funds that you can use for any worthwhile purpose. You then pay the funds back with fees and interest. While you can generally use the funds how you choose, 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 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 lender is taking on a higher risk. If your loan is secured the lender can take the asset you've used for collateral to recoup the outstanding amount but this isn't possible with an unsecured loan. To safeguard themselves, lenders charge more interest so they have more to fall back on should you default.

What benefits come with an unsecured personal loan?

There are a number of benefits offered by unsecured personal loans, but here are the three top ones:

  • Flexibility. You can use the loan amount however you need to. For example, you can use some of the funds to purchase furniture and the rest to consolidate debt. How you use it is up to you.
  • Options. This is a very standard type of loan so you'll find most banks and lender offer their own version of an unsecured personal loan. This gives you a wide range of options to compare to find the right one for you. You can choose which interest rate type you want, which loan terms work for you and which features you want to take advantage of.
  • Rates. While interest rates are generally higher with unsecured personal loans compared to secured personal loans, you can still find loans that offer low rates. Peer-to-peer lenders, for example, offer rates on unsecured personal loans that are on par with most secured loans.

How do you compare unsecured personal 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 loans, so check what these are before you apply. You can look at the comparison rate to see an overall cost of 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.

What to weigh up: The pros and cons of unsecured personal loans

  • No asset needed for security. When getting an unsecured 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.
  • Can have higher fees. As there is no security with unsecured personal loans, there may be 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 or monthly fees.
  • Penalties for missed payments. Again, as there is no security asset on an unsecured 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.

Is there anything to avoid with unsecured personal loans?

  • Not being upfront about what you're using the funds for. When you apply for an unsecured personal loan you will need to tell the lender what you're applying for. Always be upfront with your lender about this, whether it be for business purposes or to consolidate debts.
  • Borrowing more than what you need. Use a personal loan repayment calculator to see how much your repayments will be and see if you'll be able to afford them on your current budget. Even if you're offered a larger loan, consider whether you should take it on. The loan will be your responsibility to repay.
  • Unlicensed lenders. Always make sure you are getting an unsecured personal loan from is a licensed lender. All providers must be licensed with ASIC; you can search through the ASIC Professional Register to check this.
  • Loans with excessive costs. Make sure to compare loans to make sure you get a competitive offering. Don't just look at the interest rate either, make sure you check upfront and ongoing fees as well as the comparison rate to get an idea of the true cost of the loan.

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 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 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.

Unsecured personal loan alternatives

Not sure if an unsecured personal loan is right for you? It pays to do your research. Check out some other personal loans types that you could consider.

Frequently asked questions about unsecured personal loans

Can I get an unsecured personal loan for business purposes?

Some lenders may allow you to use the funds from an unsecured 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 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 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 loan but the rate I received was different from the advertised rate. Why?

There are two reasons this might have happened: A lender may operate on a risk-based 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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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

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36 Responses

  1. Default Gravatar
    colleenSeptember 10, 2018

    Hi. I need a personal loan of 40k to pay off an existing loan and leave some to purchase a motorcycle. These sites are all just taking into consideration MY circumstances instead of the household income. My husband pays most things and I pay the existing loan and other insurance expenses etc. Who can I contact to get a loan which includes my household combined income?

    • finder Customer Care
      JoshuaSeptember 12, 2018Staff

      Hi Colleen,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      I understand you’re looking for a lender that would consider your household income. Indeed, the majority of lenders would only assess your individual income primarily. However, we do have a page that lists lenders who provide joint application personal loans. Please go to this page.

      On that page, you will see a table that allows you to conveniently compare your options. You can compare according to loan amount, fees, term payment, and so on. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    LilianJuly 12, 2018

    am a starter in businesses and and i need loan $ 2500 to enable have the working capital and set up, am citizen of Kenya.. please advise

    • finder Customer Care
      JoelJuly 13, 2018Staff

      Hi Lilian,

      Thanks for leaving a question on finder.

      Unfortunately, the lenders featured on our website only caters to residents from the US, Australia, UK, Canada and New Zealand. You will have to check with your local lenders if you are not from those 5 countries I mentioned. Sorry about that.

      Cheers,
      Joel

  3. Default Gravatar
    LMApril 6, 2017

    Of all of CUA’s personal loans which ones can be used as an unsecured personal loan for ~$55000

    • finder Customer Care
      HaroldApril 7, 2017Staff

      Hi LM,

      Thank you for you inquiry.

      Unfortunately, there is no available unsecured loan from CUA. You may want to try and review the options available here.

      I hope this information has helped.

      Cheers,
      Harold

  4. Default Gravatar
    FrankDecember 30, 2016

    Hello

    What will be the best loan option if I am looking at buying an overseas (Subcontinent) property. I am looking at around $150,000. I have a good paying job where I am making more than $10,000 pre-tax a month.

    • finder Customer Care
      MayDecember 30, 2016Staff

      Hi Frank,

      Thanks for your question.

      If you’re looking for a personal loan, I’m afraid that these lenders featured on our site offer loans to Australian markets only and the maximum amount they can lend would be at $50K. Higher than that amount would generally be risky to most lenders. Usually, if you’re to purchase a property, the option you would have is to take a home loan, but again, the banks/lenders would only service the people in Australia and the properties would also be in the country.

      Regards,
      May

  5. Default Gravatar
    JanDecember 19, 2016

    Hi,My husband and I are considering buying a business. It is already quite lucrative and has been for some time. We are looking for $400,000.00 for 5 years unsecured. Could you tell us if there is anywhere we could apply? We would also like to make extra payments.

    • finder Customer Care
      LouDecember 19, 2016Staff

      Hi Jan,

      Thanks for reaching out.

      If you are looking to apply for a personal loan, please note that most lenders offer a maximum loan amount of less than $100,000. You may want to consider a business loan which generally has a higher limit. You can compare your business loan options here.

      Cheers,
      Anndy

  6. Default Gravatar
    Jacku01October 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.

    • finder Customer Care
      ElizabethOctober 14, 2016Staff

      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,

      Elizabeth

  7. Default Gravatar
    EshaAugust 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..

    • finder Customer Care
      ElizabethAugust 24, 2016Staff

      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,

      Elizabeth

  8. Default Gravatar
    simoneAugust 9, 2016

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

    • finder Customer Care
      ElizabethAugust 11, 2016Staff

      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,

      Elizabeth

  9. Default Gravatar
    Phil1984June 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.

    • finder Customer Care
      ElizabethJune 30, 2016Staff

      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,

      Elizabeth

  10. Default Gravatar
    ZaraApril 28, 2016

    Hi,
    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?
    Thanks

    • finder Customer Care
      ElizabethApril 29, 2016Staff

      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.

      Thanks,

      Elizabeth

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