Compare personal loan interest rates

Finder's picks for the best personal loans for July 2026

• Best fixed loan: NOW Finance No Fee Unsecured Personal Loan
• Best unsecured loan: OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000)
• Best bank personal loan: ING Personal Loan
• Best bank loan: Great Southern Bank Unsecured Fixed Rate Personal Loan

Finder Score	Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee
Best fixed loan
Finder score 9.5 Excellent NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Finder score 9.5 Excellent	Interest Rate (p.a.) 5.95% to 26.95%	Comp. Rate (p.a.) 5.95% to 26.95%	Application Fee $0	Monthly Fee $0	Go to siteView details Compare product selection Compare	loading	Why we like it This personal loan doesn't have any upfront or ongoing fees, meaning the comparison rates are the same as the interest rates. This means your money is actually going towards paying down the loan, rather than towards frustrating fees and charges. As an unsecured personal loan, you're borrowing money without risking an asset as security. Although this can often mean rates are higher, these rates are on par with its secured product: there's just a lower borrowing limit. This loan also comes with the option to make repayments weekly, fortnightly or monthly, matching up to whatever timeline suits your lifestyle. And if you're able to repay the loan before the loan term is up, you can do that without penalty. Pros & cons Pros There's no application fee for this product There are no ongoing fees to worry about Have a dedicated loan advisor for the duration of your loan Cons The worse your credit score, the higher your interest rate will be The maximum interest rate you might be expected to pay is very high You can only borrow up to $50,000, so if you have larger expenses this loan won't work for you
Best unsecured loan
Finder score 9.7 Excellent OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000) Fixed1 - 7 Years $20,000 - $100,000	Finder score 9.7 Excellent	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Go to siteView details Compare product selection Compare	loading	Why we like it With a competitive interest rate personalised to the borrower’s credit score, we also like this loan for not driving up the costs with ongoing fees. There are also no fees for extra repayments or for exiting your loan, even if you repay early. The application process is completely online and you can get a decision in minutes. Pros & cons Pros Competitive interest rates No ongoing fees No penalties for additional payments Cons Late payment fee of $35 Direct debit dishonour fee of $25
Best bank personal loan
Finder score 8.7 Great ING Personal Loan Most LovedFixed2 - 7 Years $5,000 - $60,000	Finder score 8.7 Great	Interest Rate (p.a.) 6.19% to 19.99%	Comp. Rate (p.a.) 7.03% to 20.78%	Application Fee $199	Monthly Fee $8	Go to siteView details Compare product selection Compare	loading	Why we like it ING offers a competitive fixed interest rate, especially for borrowers with Excellent credit scores. It's a flexible loan, with terms from 2 to 7 years. It also lets you borrow up to $60,000. This loan does have an application fee and a monthly fee, which will add to your costs. ING was voted Most Loved personal loan provider at the 2025 Finder Customer Satisfaction Awards. Pros & cons Pros No penalties for additional payments Flexible repayment options Cons Late payment fee of $30 Once set, can't extend the loan term
Best bank loan
Finder score 8.1 Great Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $75,000	Finder score 8.1 Great	Interest Rate (p.a.) 7.49% to 20.19%	Comp. Rate (p.a.) 7.49% to 20.19%	Application Fee $225	Monthly Fee $0	The $225 establishment fee waiver is available for new or existing customers who submit a Great Southern Bank personal loan application between 30 April 2025 and 29 September 2026. Great Southern Bank may withdraw or amend this offer at any time without notice. Lending criteria, limits, conditions, and fees apply.	Go to siteView details Compare product selection Compare	loading	Why we like it This loan is a fixed loan, keeping repayments consistent for the life of the loan, but doesn’t come with some of the rigidity of other fixed loans. Borrowers can make additional repayments towards the loan and repay it before the loan term ends, without any penalty charges. If you find yourself faced with an unexpected financial burden, you can redraw from your extra repayments for free. Pros & cons Pros No account-keeping fees Flexible repayment options No penalties for extra repayments Cons Minimum redraw amount in-branch

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How we calculate Personal Loans Finder Scores

Read full methodology

What different scores mean

9+

Excellent

The crème de la crème of personal loans. These products offer the lowest cost loans accompanied by the best features.

7+

Great

Slightly higher in cost and fewer features, but these products are still competitive.

5+

Standard

Typically offering above average rates and possibly lacking in the features department.

0+

Basic

The least competitive in terms of both cost and features.

What is a personal loan?

A personal loan is money that you borrow to cover the cost of expensive purchases such as a holiday, a car, a renovation, a wedding or medical bills. You repay the loan, plus interest and fees, over time.

Personal loan amounts can often be anywhere from a few hundred dollars up to $100,000. Typically, personal loans are used for larger expenses that can't easily be covered by your savings or other forms of borrowing like Buy Now Pay Later or a credit card, which are usually used for smaller costs.

The features of a personal loan

• Loan terms. Usually 1 to 7 years.
• Personalised interest rates. Many lenders determine your personal loan interest rate based on your credit score, income and other factors.
• Loan purpose. A personal loan can be used "for any worthwhile purpose". But you can't use a personal loan to gamble or invest.

Alternatives to personal loans

Personal loans are suited to borrowers looking to fund specific, one-off purchases or expenses, like a car, a wedding or a holiday. But there are other forms of credit that borrowers can use.

But remember that some of these options may be riskier and more expensive than a personal loan.

• Credit cards. A credit card lets you spend money flexibly, up to an approved limit, and pay it off over time. If you manage your card well, it can be a good form of credit. For smaller purchases it could be cheaper than a personal loan. But if you don't stay on top of your repayments, you'll end up paying a high interest rate month after month.
• Buy now pay later (BNPL). Many Australians use BNPL to cover small purchases in a similar way to a credit card. BNPL services are easy to use and don't charge interest, which can be a trap. You have to pay fees, and if you miss repayments then you'll get hit with more fees.
• Pay on demand. Pay-on-demand platforms let you access a portion of your salary before payday, but you'll pay a fee to do so. This might be a convenient short-term solution but if you find yourself repeatedly accessing your salary early and paying a fee to do so, you could find yourself falling further behind financially.
• Payday loans. These are short-term loans limited to $2,000. They are an emergency option but an expensive one. Payday lenders don't charge interest but instead charge hefty fees.

How to apply for a personal loan

1. Compare personal loan products. You can use our table to find one that suits your needs and has a low interest rate.
2. Check the lender's eligibility criteria. There's no point applying for a loan you can't get. Make sure you meet the employment, residency and income requirements.
3. Check your credit score and get a quote. Knowing your credit score helps set your expectations for what interest rate you'll be offered and helps you spot ways to improve your score. Lenders can also provide quotes to give you an idea of your loan.
4. Submit your application. You'll need some ID and details about your income, spending and employment.
5. Wait for approval. Most lenders can process a personal loan application within 1 business day. Some can do it in hours.

Documents you need for your personal loan application

• ID. A driver's licence, Medicare card, passport or birth certificate.
• Proof of income. Payslips, bank statements, a tax return or letter of employment.
• Other debts. You may need to provide an account statement from other debts you have, including loans or BNPL accounts.
• Security. If the loan is secured you'll need to provide some details about the car or asset offered as security. This can include a tax invoice from a car dealership and evidence of a car insurance policy.

"When I took a personal loan recently it was a smooth and quick experience. I was approved for the loan with the repayments I was happy with. One thing that helped me out was knowing early on what I can afford to pay on the loan."

Raj Lal

Publisher

FAQs about personal loans

• What is the average interest rate on a personal loan in Australia?

  The average interest rate for unsecured personal loans in Australia is 10.32% p.a (as of April 2026). This is the average rate taken from Finder's database, based on an individual with Excellent credit.

  Your own credit score, and therefore the rates you are offered, may differ.

• Which bank is best for a personal loan?

  There's no simple answer for which bank is best for your personal loan. Your credit score and relationship with the bank will impact the rate you are offered. Comparison tables can help you understand the full interest rate ranges banks offer. It's best to see which is offering the lowest rates, check to see if you match its eligibility criteria and then get a quote. It may also be worth looking at non-bank lenders, as they operate under the same regulation as banks and can have more competitive rates.

  For a quicker answer, Finder has done its own research into our top picks for the best personal loans.

• Should I get a personal loan from a bank or online?

  Whether you get a personal loan from a Big Four bank, a smaller lender or an online lender, you'll most likely be applying online anyway.

  Here are your main lender options:

  • Big Four banks. If you already bank with CommBank, Westpac, NAB or ANZ then it can be easier to get a personal loan approved. And you'll have all your accounts in one place. Keep in mind that the Big Four may have less competitive rates than online lenders.
  • Other banks and institutions. Smaller than the Big Four, banks like ING, Bendigo Bank, Bank of Queensland and many others offer personal loans. Then there are financial service companies like Latitude that specialise in personal lending.
  • Online lenders. There are many online lenders that offer personal loans with fast approval times and competitive interest rates. Examples include Humm, Harmoney, Now Finance and Wisr.
  • Credit unions. These member-owned organisations are similar to banks but are often more local and smaller. Credit unions offer personal loans that sometimes have quite competitive rates. Some offer online service while many have physical branches in certain towns and cities.

• How much can I borrow with a personal loan?

  Most unsecured loans offer amounts between $2,000 and $50,000, while secured loans offer up to $100,000. But the actual amount you can borrow depends on factors including your credit score and ability to make repayments.

• What is a good rate on a personal loan?

  A good unsecured personal loan interest rate is around 6–15% for people with an Excellent credit score. Personal loans use your credit score to determine the rate, with higher scores leading to lower rates. As a guide, Finder analysis shows most Australians have a Good or Very Good credit score.

• What credit score do I need for an Australian personal loan?

  An Australian credit score of 550 is generally the minimum you need to qualify for a personal loan. This will likely be an expensive loan, as most Australian lenders use risk-based pricing.

  Lower credit scores could qualify for payday or short term loans, though these will be more expensive than even a bad credit personal loan.

• How quickly can I get the money from my personal loan?

  It usually takes a few business days to get the money from a personal loan once your application is approved, but it does vary.

  Some banks are able to offer existing customers same-day personal loans.

  Some payday lenders also offer 1-hour turnarounds but these loans come with risks including higher interest rates and fees.

• How can I improve the chances of my loan being approved?

  There is no way to guarantee you're approved for a loan, but there are some key steps you can take before you apply:

  • Work out how much you can borrow. Lenders have criteria to decide how much you're eligible to borrow, but you also need to understand what is realistically affordable for you.
  • Maintain a good credit score or improve it. A lower credit score can reduce your chances of getting approved or mean you are offered a higher interest rate. If you already have a poor credit score, you can start improving it by limiting credit applications, paying bills on time and bringing down any limits on your credit card. It can take a while, but these are all good tactics to improve that credit score.
  • Keep track of your saving goals. If you manage to contribute to your savings regularly, it shows lenders that you are likely to manage ongoing loan repayments.

The lowdown on Finder Score

Wondering how we work out Finder Score? We look at 300+ personal loan products across 120+ lenders and we compare them against each other to get our simple score out of 10. Metrics like interest rates, fees and features are weighted and scaled to come up with individual Finder Scores. To give a fair and true personal loan comparison, unsecured and secured personal loan products are scored separately.

The Finder Score methodology is designed by our awesome insights team and reviewed by our just-as-awesome editorial team. Don't worry, commercial partners carry no weight and all products are reviewed objectively.

Finder Scores explained

• 9+ Excellent - The crème de la crème of personal loans. These products offer the lowest cost loans accompanied by the best features.
• 7+ Great - Slightly higher in cost and fewer features, but these products are still competitive.
• 5+ Satisfactory - Typically offering above average rates and possibly lacking in the features department.
• Less than 5 – Basic - The least competitive in terms of both cost and features.

To make sure you get accurate and helpful information, this guide has been reviewed by Aaron Christie-David, a member of Finder's Editorial Review Board.

Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 772 Finder guides across topics including:

• Home loans
• Credit cards
• Personal finance
• Money-saving tips