Personal Loan Comparison

Below is a table of Personal Loans currently available for online application in Australia. When you’re in need of quick funds that can be repaid quickly, credit cards are the choice. However if you’re in need of a larger sum of money which you won’t be able to repay for at least a year, Personal Loans are the solution.

Table of Contents: Guide to Personal Loan Comparison

If you aren’t familiar between the differences of unsecured and secured personal loans, read our short guide.

Personal Loan Offer

Comparison of Australian Personal Loans

Compare a range of Personal Loans here

Terms & Conditions apply

*These comparison rates are based on a $10,000 Personal Loan for a 3 year term. This rate is applicable for unsecured loans only. These comparison rates are based on a $10,000 Personal Loan for a three year term. This rate is applicable for unsecured loans only. WARNING: This Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Costs such as early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate, but may influence the cost of the loan.

Personal Loan Information

With so many personal loans on the market today, it is hard to know which one will serve your needs. Fortunately, there are personal loan comparison websites to help make this process easier for you. In conducting such a comparison, you will come to find that there is a personal loan product out there for virtually every circumstance and need.

Sometimes we can’t help it but apply for a personal loan because whatever we want to buy costs more than we can currently afford. It could be you need money for a car or maybe you are a student in need for education. We also borrow money for holidays, household goods and electrical appliances. Whatever it is you need to borrow money for, please read our personal loan information to make it a smooth process.

A personal loan generally ranges from one to seven years and you can borrow sums of money from as little as $3000 (or less) to $30,000 or more, depending on your credit score and history.

Personal loan information to avoid the pitfalls of borrowing money.

Debt management is more important than ever as just about any nation experiences increasing debt. In some ways it isn’t a surprise as goods become more expensive but wages keep staying the same.

Something has gone wrong along the way and we are increasingly in need to borrow money to live a half decent lifestyle. Personal loans give us the option to buy things now. But they are really only a good option if you want to pay back your debt over longer time period.

For short-term debt consider using a credit card. As long as you pay it off in full when the bill is due, you are better off choosing this option.

  1. Shop around: Each lender has different rates and terms for a personal loan. You are well advised to get several quotes from different lenders before you settle on a loan.
  2. Watch those interest rates: While personal loan interest rates are cheaper than those of a credit card they still vary tremendously depending on the lender.
  3. Consider your credit history: How good is your credit rating? You better check before applying for any loan because a bad credit rating can get your personal loan declined.
  4. What are the associated fees: By understanding fees and charges you can plan your finances in advance. Some loans require an establishment fee and these can range between $40 to $200. Perhaps you will also need to pay monthly fees for your loan. How about penalty rates if you pay back your loan early?
  5. Use the Consumer Code of Credit to help you compare personal loans.
  6. Finance broker help: If you are confused about the range of personal loans on the market you can pay a finance broker to do the sorting for you. However, if you do, make sure the broker is actually registered and able to give you impartial advice. Ask them:
  • How is your commission structured, Will it vary between lenders?
  • Are you registered in Australia?
  • Are you dealing with specific loan merchants?

The personal loan information in this article and those listed below should be a starting point to base your research on. Ask questions if you are uncertain about terms and conditions. Remember, there is only one stupid question; the one you don’t ask!

Personal Loan Comparison

Doing a personal loan comparison can be a tough exercise if you have nothing to base the information on. As with everything related to your finances, it is always a good idea to get several quotes to look into. Thanks to the Internet it is relatively easy to compare personal loans these days and it won’t take long to find a suitable lender with our tips below.

How to compare personal loans

The first decision you have to make is whether you want to get your quotes from offline branches or online. Naturally this questions becomes obstinate if you don’t have a computer or access to the Internet.

Spend a day to acquire your quotes from at least three lenders. Preferably you want more than that because it will allow you to be more informed about your options.

Once you have enough material to work with, e.g. pamphlets or websites it’s time to get into the nitty-gritty of your research.

Questions to ask yourself/the lender when doing a personal loan comparison:

  • Is the interest rate variable or set? If either, can you afford the repayments on your current income? A lot of personal loans have widely varying interest rates and these can make a big difference on the bottom line.
  • How much money will you need to borrow: Personal loans range from $3,000 to $30,000. The amount you borrow will determine how long you will have to pay off your loan. Usually the loan periods range between one to seven years.
  • Ask yourself if there is a better way to borrow the money? For example, if you have a current home loan borrowing the money on your home might be a lot cheaper because of the favourable interest rates. It certainly pays to suss out your options.
  • Is there a loan establishment fee? These fees can be in the hundreds of dollars. Some lenders will charge you $250 which is a lot of money if you are looking to borrow $3,000.
  • Are there any other costs to the personal loan I need to be aware of? The more familiar you become with each loan term the better you will be able to compare personal loans.

Due to the relative good terms for personal loans, a personal loan comparison is still a must if you want to save money and hassles. With our comprehensive information you should be able to find the right personal loan for your needs.

Secured Personal Loans

This type of loan is a great option for the homeowner, as they are secured against one’s home. There are so many deals out there with these types of loans, making the interest rates quite competitive. There are many different ways that a secured loan can be issued. Some lenders will approve a homeowner for an amount as much as the equity one has in his home. Equity amounts to the current market value of the home less the amount of the mortgage or other debt that is secured against the home. Some lenders offer loan amounts that exceed the amount of equity one may have in their home. Still others will offer secured loans to people who have very little or even no equity in their homes.

When considering a secured loan, it is important to compare and contrast all of the available loan products being offered, including what interest rate will apply and the lender’s specific conditions. Always keep in mind what the monthly payment will be on the loan to ensure it is something you can afford.

Unsecured Personal Loans

This type of loan is one that, as the name implies, does not have any assets that secure the loan. An unsecured loan is a perfect option for borrowers who do not own a home but who have good credit. It is also attractive to people who do not wish to have their property put at risk in order to secure a loan. Because these types of loans are unsecured, their repayment time frames are typically much shorter than those that come with secured loans. As such, the monthly payment is typically higher.

You can still find some very attractive unsecured loan terms including relatively low interest rates and decent monthly payments. Conducting a personal loan comparison of the different unsecured loan options is a way to find the right program for you.

Personal Loans Available to Those with Poor Credit History

Those with a great credit history can typically easily obtain most types of personal loans. But what about those with less than stellar credit? Unfortunately, this status afflicts many people for one reason or another. The good news is that there are loan programs that cater to this demographic.

A secured loan is an option for those with poor credit history but who own property. Lenders are willing to loan funds to these types of people because the loan is secured against a valuable asset, making it less of a concern that the borrower has bad credit. However, it is incredibly difficult, if not impossible, for individuals with really bad credit to obtain unsecured loans.

The ‘payday’ loan is yet another option for those with bad credit who are seeking to borrow money. This type of personal loan is not secured against an asset and has a very short term repayment period. Typically, credit checks are not even conducted by the companies who issue these types of loans. Thus, those with bad credit histories will not need to be concerned about their loan applications being rejected. At the same time, payday loans depend upon one’s financial status since they are just a short term solution, rather than a long-term loan.

Personal Loans to Fund Different Needs

In today’s loan market, there are countless numbers of products available to help you fund almost any endeavour. Doing your research and conducting a personal loan comparison, you can find the right interest rate and monthly payments to meet your specific needs. You can obtain personal loans to finance the purchase of a new car, make improvements to your home, consolidate your existing debt, finance your education, or even pay for your wedding or other special event. Do your homework and log onto the Internet today to find the right personal loan that will serve your needs without leaving you in poor financial circumstances now or down the road.

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2 Responses to Personal Loan Comparison

  1. Default Gravatar
    biljana | April 22, 2013

    Would like to consolidate my debts – total amount I would like to borrow $75000 what criteria do I need to meet?

    • Staff
      Jacob | April 23, 2013

      Hi Biljana. Thanks for your question. If you would like to consolidate your debts through a balance transfer, please check our comparison of balance transfer credit cards. Alternatively, please check – this page has a comparison of debt consolidation personal loans. If you check the review and application pages for the loans that you’re interested in, it will list a number of application criteria. Let me know if you have any further questions. Jacob.

Credit Cards Comparison

Rates last updated October 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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