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.
If you aren’t familiar between the differences of unsecured and secured personal loans, read our short guide here.
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Comparison of Australian Personal Loans
| Personal Loan | Loan Details | Min Interest Rate (p.a.) | Min Comparison Rate (p.a.) | Min Loan Amount (p.a.) | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
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Aussie Personal Loans – A personal loan from Aussie can help you pay for any worthwhile purpose. It’s even a smart way to take control of your credit card debt. |
From 13.99% | 14.93% | $3,000 | 1 Yr | - | |
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GE Money Personal Loans including Debt Consolidation – Juggling multiple repayments from credit cards, store cards and personal loans can be a hassle. But there is a simple solution. |
See the GE Money Website | See the GE Money Website | $4000 | 2 Yrs | $250 | |
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ANZ Personal Loan - You can use an ANZ Personal Loan for almost anything including, consolidating debts into one regular repayment, home renovations or household goods, a car, holiday or a dream wedding. |
14.60% (fixed) | 14.15% (variable) | $5000 | 1 Yr | $200 |
Personal Loan Information
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.
- 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.
- 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.
- 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.
- 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?
- Use the Consumer Code of Credit to help you compare personal loans.
- 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 ComparisonDoing 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 best 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 perfect personal loan for your needs.
December 3rd, 2009 at 3:14 pm
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