Compare personal loans

When you're planning a holiday, it makes sense to compare flights and hotels to find the best deals. If you're starting a business, it's worth looking at the competition to see what you can do better. If you're buying a car, comparing different models can help you get you from A to B in style.

When it comes to personal loans, it also makes sense to compare offers from different lenders. Personal loans can be used to pay for expenses, or to consolidate existing debts. RateCity puts a wide variety of personal loan options in one place, so you can compare interest rates and other benefits side by side and make a more informed decision.

Compare popular personal loans

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Comparison Rate*
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8.50%

Fixed

9.36%

Wisr

$947

36 months

3 years

3.61

/ 5
More details

5.75%

Variable up to 9.99%

6.47%

Symple Loans

$909

36 months

1 year to 7 years

4.33

/ 5
More details

9.99%

Fixed

11.22%

Latitude Financial Services

$968

36 months

2 years to 7 years

3.25

/ 5
More details

12.69%

Fixed

13.56%

NAB

$1006

36 months

1 year to 7 years

3.05

/ 5
More details

12.45%

Fixed

13.32%

ANZ

$1003

36 months

1 year to 7 years

3.01

/ 5
More details

12.69%

Variable

13.56%

NAB

$1006

36 months

1 year to 7 years

3.12

/ 5
More details

15.99%

Variable

16.84%

ANZ

$1055

36 months

1 year to 7 years

2.64

/ 5
More details

4.94%

Variable

7.41%

Heritage Bank

$898

36 months

1 year to 10 years

4.56

/ 5
More details

5.60%

Variable

5.70%

Family First Credit Union

$907

36 months

0 year to 10 years

4.49

/ 5
More details

5.85%

Variable

6.70%

Holiday Coast Credit Union

$911

36 months

0 year to 10 years

4.20

/ 5
More details

6.49%

Fixed up to 8.79%

6.84%*

Plenti

$919

36 months

3 years to 5 years

4.25

/ 5
More details

7.79%

Fixed up to 10.49%

8.35%*

Plenti

$937

36 months

3 years to 5 years

3.96

/ 5
More details

8.00%

Fixed

8.21%

Our Money Market

$940

36 months

1 year to 7 years

3.77

/ 5
More details

8.99%

Fixed

9.13%

ING

$954

36 months

2 years to 5 years

3.67

/ 5
More details

9.00%

Variable

9.28%

Holiday Coast Credit Union

$954

36 months

0 year to 5 years

3.83

/ 5
More details

6.99%

Fixed up to 29.99%

7.69%

Harmoney

$926

36 months

3 years

3.95

/ 5
More details

10.89%

Variable

11.15%

CUA

$981

36 months

0.08333333333333333 year to 7 years

3.45

/ 5
More details

10.99%

Fixed

12.21%

Latitude Financial Services

$982

36 months

2 years to 7 years

3.08

/ 5
More details

11.50%

Fixed

12.38%

Wisr

$989

36 months

3 years

3.09

/ 5
More details

12.99%

Fixed

14.14%

Westpac

$1011

36 months

1 year to 7 years

2.81

/ 5
More details

12.99%

Fixed up to 28.99%

14.20%

Latitude Financial Services

$1011

36 months

2 years to 7 years

2.86

/ 5
More details

13.99%

Fixed up to 29.99%

15.19%

Latitude Financial Services

$1025

36 months

2 years to 7 years

2.69

/ 5
More details

14.00%

Variable

14.30%

Holiday Coast Credit Union

$1025

36 months

0 year to 5 years

2.96

/ 5
More details

Learn more about personal loans

How to compare personal loan interest rates

When you take out a personal loan, you agree to repay the money you borrow with interest over time. Comparing advertised interest rates is often a good way to start your personal loan search. However, the lowest interest rate doesn’t always mean the cheapest deal, or the best value for money.

Many lenders charge fees as well as interest on their personal loans. A personal loan with a low interest rate but high fees may be more expensive overall. 

To get a better idea of a personal loan’s cost, look at the Comparison Rate. This figure combines the loan’s interest rate with its standard fees and charges.

A personal loan's comparison rate may not include the lender's nonstandard fees. You may want to double-check whether the loan could end up costing more than you expect. Also, keep in mind that a personal loan’s features could offer extra value and influence your decision.

How to compare fixed and variable interest rates

A fixed interest rate on your personal loan means you'll pay the same amount of interest with each repayment. This can help to keep your household budget nice and simple. Even if your lender raises its rates, you'll keep paying the same interest. However, fixing your interest rate could mean missing out on savings if the lender cuts its variable rates. 

Choosing a variable interest rate means the interest you pay could rise or fall. This could leave you with spare cash if rates fall, but you could come up short if rates rise, unless you carefully budget in advance.

Compare the pros and cons of fixed and variable interest rates to work out which option will best suit your needs.

How to compare personal loans with extra repayments

Some lenders will let you pay extra towards your personal loan. Paying your personal loan off faster can help reduce your interest charges. If you can exit your loan early, you may pay less total interest on your loan.

However, some lenders charge fees for making extra repayments, or for exiting loans early. These fees are usually more common in fixed rate personal loans. If you want to pay off your personal loan early, compare your options and look for a lender with flexible terms.

How to compare personal loans with redraw facilities

A redraw facility is a flexible feature of some personal loans. If you’ve made extra repayments and gotten ahead on your loan, you can use a redraw facility to take these extra payments back out if you need money in the bank.

This means you can make extra repayments to save money on interest, and redraw what you need when you need it, subject to the lender's terms and conditions. Some lenders charge fees for each redraw, or limit how much you can redraw each time. Plus, redrawing your extra repayments mean they aren't bringing you closer to an early exit from your loan.

How to compare debt consolidation personal loans

If you're already paying off multiple loans or other debts, it can be hard to manage the many payments and interest charges. You may be able to consolidate these debts with the help of a personal loan.

Using the money from a personal loan, you can pay off your other outstanding debts. Now you'll have just one loan repayment to make per month. You'll also be charged interest once per month, at one interest rate, which could help you save money.

However, not every personal loan can be used for debt consolidation. Compare the available options from different lenders before you apply.

How to compare secured and unsecured personal loans

Some personal loans can be secured by the value of an asset, such as a car, equity in a property, or savings in a term deposit. This extra security often means these loans have lower interest rates. Borrowers who are unemployed or have bad credit may be able to apply for a personal loan if they can provide security, as it reduces the risk to the lender.

However, if you can’t afford your payments and default on your loan, you may lose your security. Losing your car, your home or your savings can make a tough money situation even harder.

Unsecured personal loans are also available. These loans don’t require security, but they often have higher interest rates than secured loans. It’s important to compare your options and work out which loans may suit your needs before you apply. 

Compare personal loans at RateCity

Do you know what you want from a personal loan, or do you want to learn more about the options that are available to you? Either way, you can find a variety of personal loans from a range of lenders right here at RateCity.

By comparing the interest and comparison rates side by side, then taking a closer look at the features and benefits offered by different lenders, you'll be well on your way to finding a personal loan that's ideally suited to your personal finances.

Make your personal loan comparisons now

Frequently asked questions

Can you refinance a $5000 personal loan?

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

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.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.

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.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to pay extra onto your personal loan or medium amount loan could bring you benefits, such as reducing the total interest you’re charged on your loan, or clearing your debt ahead of schedule.

Check your loan’s terms and conditions before putting extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.

Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.

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.

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. >

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.

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 are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay a (different) $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 15 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

How do I find out my credit rating/score?

Credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service will give you a free credit report once a year. You can also get a free report if you’ve been refused credit in the past 90 days.

Credit reporting bodies have up to 10 days to provide reports. If you want to access your report quickly, you’ll probably have to pay.

What is credit history?

Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.

How do I know if I've got a bad credit history?

You can find out what your credit history is like by accessing what’s known as your credit rating or credit score.