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Types of personal loans

Getting a loan gives you access to money as and when you need it, and you can get one to serve just about any purpose.

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The kind of loan you should look for depends on what you want the money for, because different loans serve distinctly different purposes and they come with varied features. You might, for example, require a student loan to pay tuition fees, a car loan to buy a car, a personal loan to go on a vacation, or a home loan to buy a home.

How does a loan work?

While different types of loans offer different features and take different factors into account, one aspect remains the same: you borrow money, and you repay it in installments over a period of time along with any interest, fees, and charges that it attracts.

You can get a fixed rate loan or a variable rate loan, and they also vary in terms of secured and unsecured.

About comparing personal loans

What are the types of loans available in Australia?

Loan typeWhat is it?Loan amountLoan termsEligibilitySpecial features?
Secured personal loanA loan used to purchase an asset that is used as a guarantee or a loan used for any purpose that requires a guarantee$1,000 - $80,0001 to 7 years
  • Over 18
  • Good credit
  • Regular income
  • Guarantee meets criteria
Lower interest rate than an unsecured personal loan
Unsecured personal loanA loan that can be used for almost any purpose$1,000 - $50,0001 to 7 years
  • Over 18
  • Good credit
  • Regular income
Funds can be used for almost any purpose
Car loanA loan specifically designed to purchase a new or used car$1,000 - $80,0001 to 7 years
  • Over 18
  • Good credit
  • Regular income
  • Vehicle meets criteria
You can get a car loan for vehicles up to 10 years old
Short term loanA loan up to $10,000 that is repaid in 16 days to one year$100 - $10,00016 days to 1 year
  • Over 18
  • Receiving an income
Can receive funds within the hour
OverdraftA type of credit attached to a transaction account$100 - $30,000Ongoing
  • Transaction account be in good standing
  • Over 18
Access it from your transaction account
Line of creditA maximum credit limit you can draw up to and including$5,000 - $75,000Ongoing
  • Over 18
  • Good credit
  • Regular income
Only repay what you borrow

How do I decide between my loan options?

If you aren't sure which loan type will be right for you, ask yourself the following to narrow down your options:

  • How much do you need to borrow? The loan types have varying funds that will be available, and each lender will offer a different maximum and minimum loan amount. Make sure how much you need to borrow falls within that range.
  • How long do you need the loan for? Each loan type has different loan terms. Find out what lenders are offering and pick a loan that offers an affordable repayments period.
  • When do you need the money? Some lenders can have the funds to you sooner than others, and some loan types lend themselves to quick turnaround. For example, short term loans. Find out how long it will take to receive your funds.
  • Do you want the option to access more money? Topping up a fixed amount loan, such as a secured or unsecured personal loan or a car loan, is difficult and usually involves you taking out another loan. If you think you might need additional funds, opt for an overdraft or line of credit.

Is there anything you should avoid?

http://www.dreamstime.com/stock-photo-image31882330
  • High interest rates. Some loans come with exorbitant interest rates, and in some instances, you might have to end up paying more in the form of interest than what you originally borrowed. These are situations you should avoid, and requires that you compare interest rates of loans before you apply.
  • High fees and charges. Almost all loans types attract some or the other kind of fees and charges, and it is best that you find out about these at the onset. Avid taking a loan without addressing this aspect, and compare application fees, loan disbursement fees, exit fees, late payment charges, transaction charges, and all other applicable fees and charges.

Before you apply for any kind of a loan, know that you always have options in terms of lenders and comparable offerings. As a result, compare a few before moving forward with the application process.

Compare loan types

To get an idea of how much each loan types cost, and where you can save, compare rates and fees for the different loan types below. You can also click on the name of the loan to see details on fees.

RateSetter Unsecured Fixed Personal Loan

RateSetter Unsecured Fixed Personal Loan

From

6.49 % p.a.

fixed rate

From

7.04 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
Security Logo

100% confidential application

RateSetter Unsecured Fixed Personal Loan

RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.49% p.a. based on your risk profile.

  • Interest rate from: 6.49% p.a.
  • Comparison rate: 7.04% p.a.
  • Interest rate type: Fixed
  • Application fee: From $399
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
RateSetter Unsecured Fixed Personal Loan

From 6.49% (fixed)
7.04%
$2,001
3 to 5 years
$399 (based on $30,000)
$0
You'll receive a fixed rate between 6.49% p.a. and 12.79% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
RateSetter Unsecured Variable Personal Loan

From 6.49% (variable)
8.49%
$2,001
1 to 2 years
$299 (based on $10,000)
$0
You'll receive a variable rate from 6.49% p.a and 12.29% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
SocietyOne Unsecured Personal Loan

From 7.50% (fixed)
9.51%
$10,000
2 to 5 years
from 3% of loan amount
$0
You'll receive a fixed rate between 7.50% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan

From 7.50% (fixed)
9.51%
$5,000
1 to 7 years
$300 (Based on $10,000)
$0
You'll receive a fixed rate between 7.50% p.a. and 20.49% 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.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
Easy Street Fixed Rate Personal Loan
8.99% (fixed)
9.27%
$5,000
1 to 5 years
$195
$0
You'll receive a fixed rate of 8.99% p.a.
Borrow between $5,000 and $35,000 on terms from 1 to 5 years. No deposit, monthly fees or security needed.
MoneyPlace Unsecured Personal Loan

From 7.65% (fixed)
7.65%
$5,000
3 to 7 years
0% to 5.5% of loan amount, capped at $950
$0
You'll receive a fixed rate between 7.65% p.a. and 26.99% p.a. based on your risk profile
A no-frills personal loan that you can use for any purpose. Loan amounts available up to $50,000 and early repayments allowed.
Liberty Personal Loan

From 7.65% (fixed)
7.65%
$5,000
3 to 7 years
0% to 5.5% of loan amount, capped at $950
$0
You'll receive a fixed rate of 7.65% p.a. to 26.99% p.a. based on your risk profile
Apply for a credit limit from $5,000 to $50,000 on terms from 3 to 7 years and pay no ongoing fees or charges.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
  • Loan Amount: $2,000
  • Loan Term: 9-14 weeks
  • Turnaround Time: 30 minutes - conditions apply
  • Fees: 20% of loan amount + 4% of loan amount each month
  • Bad credit borrowers OK
  • Quick & easy Approval
Sunshine Short Term Loans
  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 3 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 3 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee from 20% of loan amount + monthly fee from 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Speckle Small Loan
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.
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Loans.com.au - New and Dealer Used Car Loan

Loans.com.au - New and Dealer Used Car Loan

From

4.67 % p.a.

fixed rate

From

5.22 % p.a.

comparison rate

  • Early payout available
  • No monthly ongoing fee
  • Borrow up to $100,000
Security Logo

100% confidential application

Loans.com.au - New and Dealer Used Car Loan

A competitive fixed rate to purchase a car up to four years old. Option to add on-road costs into loan amount.

  • Interest rate: 4.67% p.a.
  • Comparison rate: 5.22% p.a.
  • Interest rate type: Fixed
  • Application fee: $400
  • Minimum loan amount: $5,000
  • Maximum loan amount: $100,000
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Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Note: Settle the loan before 30 November 2020 and enter the draw to win a $1,000 fuel voucher. Terms & conditions apply.
IMB New Car Loan
5.45% (fixed)
5.8%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 5.45% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.
Stratton Finance New Car Loan
From 4.05% (fixed)
5.63%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Beyond Bank Low Rate Car Loan
4.89% (fixed)
5.16%
$25,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
CUA Secured Fixed Car Loan
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Credit Concierge Car Loan
From 4.45% (fixed)
5%
$10,000
1 to 7 years
$350
$0
You'll receive a fixed rate of 4.45% p.a. with a comparison rate of 5% p.a.
Get access to over 20 providers to fund a new or used car.

Greater Bank New Car Loan
From 5.49% (fixed)
5.87%
$5,000
1 to 7 years
$275
$0
You'll receive a fixed rate of 5.49% p.a.
Apply for this loan to finance a brand new car or demonstrator vehicle and find out if you've been approved in 24 hours.
RateSetter Car Loan
From 4.89% (fixed)
5.44%
$10,000
3 to 7 years
$399 (from $249 to $799)
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a RateSetter Car Loan and benefit from no early repayment or exit fees.
NRMA New Car Loan
From 5.69% (fixed)
6.39%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 5.69% p. a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
Jump Payments Car Loans
From 4.47% (fixed)
5.28%
$5,000
1 to 7 years
$295 (Varies by lender, starting from $295)
$10
You'll receive a fixed rate from 4.47% p.a. and comparison rate from 5.28% p.a.
Borrow between $5,000 and $250,000. Get access to customised finance options.
Greater Bank Secured Personal Loan
From 6.49% (fixed)
6.88%
$5,000
1 to 7 years
$275
$0
You’ll receive a comparison rate of 6.88% p.a. on funding from $5,000 - $100,000.
Loans are available on terms of up to 7 years and asset security is required. Get approved in as little as 24 hours.
IMB Secured Personal Loan
6.45% (fixed)
6.8%
$2,000
1 to 5 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 6.45% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
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Prospa Business Loan

Prospa Business Loan

  • Loans up to $300,000
  • Same-day turnaround
  • Repay early without penalty
Security Logo

100% confidential application

Prospa Business Loan

Get access to a small business loan from $5,000 - $300,000.

  • Loan Security: No asset security required to access funds up to $100,000
  • Interest rate: from 14.95% p.a. to 24.95% p.a.
  • Establishment fee: 3% origination fee
  • Minimum loan amount: $5,000
  • Maximum loan amount: $300,000
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Data indicated here is updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Max Funding Unsecured Business Loan
$2,000
$300,000
1 month to 1 year
$0 application fee
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
Westpac Business Loan
$5,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
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Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Timelio Invoice Finance
$10,000
$100,000,000
Up to 4 months
$0
Get up to 100% of the value of your invoices without having to wait for customer payments, and with no minimum turnover or operating history required.
Scottish Pacific Invoice Finance
$200,000
$100,000,000
From 1 year
No set amount
Improve your business cash flow by financing your outstanding invoices. No minimum trading history required, but minimum 12 - month term and $200,000 in invoices.
Scottish Pacific Selective Invoice Finance
$10,000
$1,000,000
1 to 3 months
$500
Finance your unpaid invoices on demand with terms of 1 - 3 months. 95% of invoice is paid upfront, with no minimum trading history required.
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Related Posts

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.45% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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