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While personal loans tend to be for larger amounts, helping you purchase a car, go on a holiday or consolidate debt, they can come for smaller amounts between $2,000 and $5,000. They can be secured or unsecured and offer a fixed or variable interest rate, giving you fast access to much-needed funds.
Small personal loans are available from banks, credit unions and standalone finance lenders.
A personal loan is a lump-sum payment of funds from a lender that you pay back over a set term. Loans can be unsecured, letting you fund (almost) anything you have in mind, or secured, where you purchase an asset, such as a vehicle, that you use as a guarantee, or you use an asset you already own.
As a general rule, unsecured loans tend to attract higher interest rates because you’re seen as a higher risk to the banks. You may find secured loans come with restrictions depending on the security you provide and the purpose of the loan. Personal loans can also be fixed or variable, with the latter coming with more repayment flexibility.
Before you decide on the right small personal loan for your needs, use the comparison table on this page to compare your options. Once you’ve found a loan that suits you, click "Go to Site" to follow a link through to the lender’s website.
Eligibility requirements may vary from one lender to the next, but typically you’ll need to be over the age of 18, have a good credit rating and be an Australian citizen or permanent resident. You’ll also have to provide your name and contact details, proof of income, and details of your assets and liabilities when applying.
Most lenders offer fast approval to ensure you have fast access to your funds.
More Information: If you're worried that your credit rating is less than perfect, you could considering applying for a payday loan
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