Get 12 weeks of FREE coffee, just for using Finder
Enjoy a weekly free coffee (up to $6) for 12 weeks at Hey You cafes.
Get approved for a loan through Finder
We currently don't have that product, but here are others to consider:
How we picked theseWith an unsecured personal loan you're borrowing money without putting up an asset (like a car) as security.
If you can't repay the loan there's nothing your lender can repossess and sell to recover your debt. Unsecured personal loans have slightly higher interest rates to compensate for the higher risk the lender is taking. They are typically easier to get than secured loans and rates can still be competitive.
With an unsecured loan you can borrow anywhere between $2,001 and $100,000 and terms range from 1 to 7 years.
Unsecured personal loans aren't tied to specific purposes in the way a home loan or a secured car loan is. They're quite flexible, and most lenders don't impose any restrictions on how you use the funds.
You can use an unsecured personal loan to:
Any money you borrow comes with risk if you can't repay it. The best way to minimise any risks that come a loan is to:
Borrowing a lot of money is riskier than a small amount, generally speaking. A 5% interest on a small loan won't cost you as much in interest charges as the same rate on a much bigger loan.
Here's a simple example.
| Loan A | Loan B | |
|---|---|---|
| Interest rate | 12% | 12% |
| Loan term | 3 years | 3 years |
| Loan amount | $3,000 | $8,000 |
| Total loan cost (loan plus interest) | $3,588 | $9,566 |
These loans are otherwise identical, but the higher loan amount ends up costing the borrower more than $1,500 in interest. Whereas the smaller loan is just $588 of interest.
You might think that getting a very small unsecured personal loan is less risky. But if you want to borrow less than $2,000 you probably can't get a personal loan.
Borrowing under $2,000 means you're probably looking at a payday loan. These loans don't have standard interest charges, but come with hefty fees. The price of a small, fast unsecured loan can actually be much higher.
Applying for any loan impacts your credit score temporarily. That's why you should only apply for one product at a time and try to avoid getting your application rejected.
Aside from the initial impact of the application, taking out an unsecured personal loan won't necessarily hurt your credit score. If you make regular repayments and never miss one this will probably benefit your credit score.
Having multiple loans at the same time may hurt your credit score. And debts like credit cards or personal loans can have a bigger impact than something like a home loan.
Button link: Tips to improve your credit score
Unsecured personal loans are offered both by large, traditional banks such as NAB, and non-bank lenders like OMM or Harmoney. Non-banks are governed by the same regulations as banks, so both are safe and secure options for your borrowing needs.
The key difference between a bank and a non-bank is that non-banks hold a credit licence and not a banking licence. This means that they cannot provide some banking services, such as taking deposits. If you prefer to do all your banking in the same place, you may want to stick to the banks.
Typically, non-banks offer more competitive rates, with lower set-up and ongoing fees. However, they may have fewer loan options compared to traditional banks. Non-banks can also be more flexible and may provide better, personalised service when compared to traditional banks.
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.
OurMoneyMarket offers personal loan solutions for whatever your need. Whether you want to buy a new car, pay for your wedding or renovate your home, you can choose between secured and unsecured loan options.
Looking for a competitive rate personal, green or car loan? Plenti is a consumer-based lender that has provided Australians with over $800 million in bespoke funding since 2014. Find out more about Plenti's loan options here.
Find out what personal loan options are available to you as a self-employed person and how you can be approved.
MONEYME offers a range of personal loans for borrowers with a variety of needs. If you have good credit you'll be rewarded with lower rates and you can receive approved funds in a few hours.
Heritage Bank offer a range of personal loans you can apply for. Find out more here.
We’ve written about how you can fund your dream renovation and renovation dos and don’ts.
Compare financing options for plastic surgery and cosmetic procedures. Flexible, low rate options available.
If you are budget-conscious and looking for a personal loan with clear expectations and repayments, the ANZ Fixed Rate Personal Loan is an option worth considering. With low fees and a competitive interest rate, this loan might be an option for you.
The ANZ Variable Rate Personal Loan may be a great choice for borrowers who want options. With a free redraw facility and the option to make additional repayments, borrowers get the comfort of a personal loan that will let them access much-needed funds.
ANZ has a wide array of personal finance products that can help you consolidate your debt, finance a new car or motorbike purchase at a competitive rate, or any number of things. Find out what's in store when you apply for an ANZ personal loan.