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Unsecured personal loans in Australia

Getting an unsecured personal loan is straight-forward. Apply online, receive your funds, and repay the loan without having to put up collateral.

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By

Rebecca Pike

Edited by

Richard Whitten

Updated

Fact checked
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1 - 9 of 188
Updated regularly
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NOW Finance No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
Harmoney Unsecured Personal Loan
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$623.70
Go to siteMore Info
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.37%
to 30.69%
Application Fee
$0
Monthly Fee
$13
Monthly Repayment
$653.57
Go to siteMore Info
Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
ING Personal Loan
Finder award winnerFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.89%
to 18.99%
Comp. Rate (p.a.)
7.10%
to 19.23%
Application Fee
$150
Monthly Fee
$0
Monthly Repayment
$621.16
Go to siteMore Info
Pepper Money No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
Citi Personal Loan Plus
Variable3 - 5 Years $2,000 - $55,000
Interest Rate (p.a.)
10.90%
Comp. Rate (p.a.)
11.19%
Application Fee
$199
Monthly Fee
$10
Monthly Repayment
$670.33
Go to siteMore Info
Special Offer: Monthly Fee of $10 waived for applications submitted before 30 June 2024.
NAB Personal Loan Unsecured Fixed
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
6.99%
to 20.49%
Comp. Rate (p.a.)
7.91%
to 21.33%
Application Fee
$150
Monthly Fee
$10
Monthly Repayment
$632.08
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
6.99%
to 20.49%
Comp. Rate (p.a.)
7.91%
to 21.33%
Application Fee
$150
Monthly Fee
$10
Monthly Repayment
$632.08
Go to siteMore Info
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How to compare unsecured personal loans

  • Look at the interest rate. A lower interest rate makes the loan cheaper. Borrowers with Excellent credit scores can get the lowest unsecured rates.
  • Factor in the cost of fees. Some lenders charge hefty fees. For smaller loan amounts of a few thousand dollars, even a small ongoing fee can end up costing you more than a lower-fee loan with a higher interest rate.
  • Choose your loan term and loan amount carefully. The more you borrow the more expensive the loan is. Longer loan terms mean you end up paying more interest. But shorter loan terms make your monthly repayments higher.
  • Check if the loan allows extra repayments. Most loans let you make extra repayments or pay off the loan early without charging fees. It's a useful feature. 47% of Australians in Finder's Consumer Sentiment Tracker say it's the most important feature on a personal loan.
  • Make sure you're eligible for the loan. Check you meet all the eligibility criteria before submitting an application. You'll need to be over 18, have proof of your income and personal identification documents at a minimum.

What is an unsecured personal loan?

With 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.

The pros and cons of unsecured personal loans

Pros
  • Fast access to credit. Lenders don't have to assess an asset when you apply for an unsecured loan, so the approval process is faster.
  • Flexible loan options. These loans have flexible loan terms, loan amounts and often let you make extra repayments easily.
  • No assets at risk. You don't have to put a car or other asset up as collateral, so there's no risk of repossession, if you can't repay the loan.
Cons
  • Higher interest rates. While still competitive, the lowest personal loan rates in Australia are almost always going to be secured loans.
  • Risk of debt and credit score impact. Just because you haven't put up an asset doesn't mean failure to repay the loan won't hurt you. A default will harm your credit score and your lender can still pursue you for the debt in court.

What can I use an unsecured personal loan for?

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:

Personal loan rate update: April 2024

  • Lowest unsecured personal loan rate: Harmoney Unsecured Personal Loan: 5.76% (comparison rate 6.55%).
  • Average unsecured personal loan rate in Finder's database: 10.78% p.a.
  • The average Australian with a personal loan borrows $7,328 with a 3 year term.
Richard Whitten
Market update by Richard Whitten – Finder money editor

Are there any risks with small or large unsecured loans?

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:

  1. Borrow only what you can afford to repay.
  2. Approaching a reputable, licensed lender (all lenders on Finder are licensed and reputable).
  3. Look at the comparison rate. It factors in the cost of all fees and the loan's interest rate.

The risks of taking out a large personal loan

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 ALoan B
Interest rate12%12%
Loan term3 years3 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.

The risks of taking out a small personal loan

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.

Do unsecured personal loans affect your credit score?

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

Who offers unsecured personal loans?

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.

Frequently asked questions about unsecured personal loans

Why compare personal loans with Finder?

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We're independent

We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
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We're here to help

Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.

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42 Responses

    Default Gravatar
    LynneApril 10, 2023

    I have ad many loans. I have a great credit rating. Buf I have rstired and am on the pension
    Am I still eligible for a loan
    Thank you
    Lynne Davis

    Reply
      AvatarFinder
      SarahApril 25, 2023Finder

      Hi Lynne,

      Your eligibility for a loan depends on a number of things, including your income. If you have enough income to support debt repayments, you may be approved.

      Also, it could be worth contacting the National Debt Helpline for some guidance. They offer free debt support and debt restructuring and could help look into your situation and options moving forward. They are open 5 days a week – contact them on 1800 007 007 or visit https://ndh.org.au/

      Hope this helps!

      Reply
    Default Gravatar
    DennisMarch 15, 2023

    I require a personal loan to pay out trustee for Vesting interest in my property or they will sell leaving me homeless
    The amount required is $13,000
    I was discharged from bankruptcy 15th august last year

    Reply
      AvatarFinder
      SarahApril 6, 2023Finder

      Hi Dennis,

      You can apply for any of the unsecured loans on this page by selecting the green “go to site” button.

      You may also want to look at some options for borrowers who have experienced bad credit in the past, here are some options:
      https://www.finder.com.au/bad-credit-personal-loans

      Best of luck!

      Reply
    Default Gravatar
    KarenNovember 13, 2018

    I am on a disability pension and want to pay off my credit card and Centrelink loans. Can you advise me of the best way to get a loan for $1000 please

    Reply
      AvatarFinder
      JohnNovember 13, 2018Finder

      Hi Karen,

      Thank you for leaving a comment.

      If you are looking to pay off your credit card balance and Centrelink loan, you may consider applying for a personal loan for debt consolidation. According to our review, Centrelink can be classed as genuine income by some lenders and can be used as income to assess your serviceability for a debt consolidation loan. It’s important to calculate your repayments and find out if your lender accepts your types of income. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions. Hope this helps!

      Cheers,
      Reggie

      Reply
    Default Gravatar
    colleenSeptember 10, 2018

    Hi. I need a personal loan of 40k to pay off an existing loan and leave some to purchase a motorcycle. These sites are all just taking into consideration MY circumstances instead of the household income. My husband pays most things and I pay the existing loan and other insurance expenses etc. Who can I contact to get a loan which includes my household combined income?

    Reply
      AvatarFinder
      JoshuaSeptember 12, 2018Finder

      Hi Colleen,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      I understand you’re looking for a lender that would consider your household income. Indeed, the majority of lenders would only assess your individual income primarily. However, we do have a page that lists lenders who provide personal loans on joint applications.

      On that page, you will see a table that allows you to conveniently compare your options. You can compare according to the loan amount, fees, term payment, and so on. Once you have found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
    Default Gravatar
    LilianJuly 12, 2018

    am a starter in businesses and and i need loan $ 2500 to enable have the working capital and set up, am citizen of Kenya.. please advise

    Reply
      Default Gravatar
      JoelJuly 13, 2018

      Hi Lilian,

      Thanks for leaving a question on finder.

      Unfortunately, the lenders featured on our website only caters to residents from the US, Australia, UK, Canada and New Zealand. You will have to check with your local lenders if you are not from those 5 countries I mentioned. Sorry about that.

      Cheers,
      Joel

      Reply
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