Personal Loan Fixed

Real Time Rating™

2.94

/ 5
Go to site
Advertised Rate

12.45%

Fixed

Comparison Rate*

13.32%

Upfront Fee

$150

Loan amount

$5k to $50k

Real Time Rating™

2.94

/ 5
Repayment

based on $20,000 loan amount for 3 years

Go to site

Pros and Cons

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Can apply in branch
  • Suitable for both new or used car
  • Fast time to funding
  • Approval is instant
  • Service fee charged

ANZ Features and Fees

ANZ Personal Loan Fixed Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$5k - $50k

Security type

Unsecured

Loan term

1 year to 7 years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$150

Ongoing Fee

$30 Quarterly

Missed Payment Penalty

$20

Early Exit Penalty Fee

$300

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Phone

Broker

In branch

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Can apply in branch
  • Suitable for both new or used car
  • Fast time to funding
  • Approval is instant
  • Service fee charged

ANZ Personal Loan Fixed Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$5k - $50k

Security type

Unsecured

Loan term

1 year to 7 years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$150

Ongoing Fee

$30 Quarterly

Missed Payment Penalty

$20

Early Exit Penalty Fee

$300

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Phone

Broker

In branch

Go to site

FAQs

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.

However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

How much can I borrow with a personal loan?

It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • How long you want to pay it back
  • Purpose of your loan

How are credit ratings/scores calculated?

Different credit reporting bodies use different formulas to calculate credit scores. However, they use the same type of information – credit history and demographic profile.

So they’re going to look at how many credit applications you’ve made, who they were with, what they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (because it has reached its expiry date).

What causes bad credit history?

Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour, because it suggests they might struggle to repay future loans.

What is debt consolidation?

Debt consolidation is the process of rolling several old debts into one new debt – usually to save money or for the sake of convenience.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments. If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan offers – consider contacting the lender before applying. >

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make a quick personal loan application online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.

Can you pay off a quick loan early?

Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

Can I get a bad credit personal loan with a guarantor?

Selected lenders will consider personal loan application from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the costs.

How are personal loans regulated?

Personal lenders are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What is a credit rating/score?

Your credit rating/score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007