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Loan term
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9.99%

Fixed

11.22%

Latitude Financial Services

$637

60 months

2 years to 7 years

3.31

/ 5
More details

5.75%

Variable up to 9.99%

6.47%

Symple Loans

$577

60 months

1 year to 7 years

4.33

/ 5
More details

8.50%

Fixed

9.36%

Wisr

$615

60 months

5 years

3.72

/ 5
More details

12.45%

Fixed

13.32%

ANZ

$674

60 months

1 year to 7 years

3.06

/ 5
More details

15.99%

Variable

16.84%

ANZ

$729

60 months

1 year to 7 years

2.70

/ 5
More details

12.69%

Variable

13.56%

NAB

$678

60 months

1 year to 7 years

3.17

/ 5
More details

12.69%

Fixed

13.56%

NAB

$678

60 months

1 year to 7 years

3.10

/ 5
More details

4.94%

Variable

7.41%

Heritage Bank

$565

60 months

1 year to 10 years

4.60

/ 5
More details

5.60%

Variable

5.70%

Family First Credit Union

$574

60 months

0 year to 10 years

4.49

/ 5
More details

5.85%

Variable

6.70%

Holiday Coast Credit Union

$578

60 months

0 year to 10 years

4.25

/ 5
More details

6.49%

Fixed up to 8.79%

6.84%*

Plenti

$587

60 months

3 years to 5 years

4.28

/ 5
More details

6.99%

Fixed up to 29.99%

7.69%

Harmoney

$594

60 months

5 years

4.04

/ 5
More details

7.79%

Fixed up to 10.49%

8.35%*

Plenti

$605

60 months

3 years to 5 years

4.01

/ 5
More details

8.00%

Fixed

8.21%

Our Money Market

$608

60 months

1 year to 7 years

3.84

/ 5
More details

8.99%

Fixed

9.13%

ING

$623

60 months

2 years to 5 years

3.71

/ 5
More details

9.00%

Variable

9.28%

Holiday Coast Credit Union

$623

60 months

0 year to 5 years

3.87

/ 5
More details

10.89%

Variable

11.15%

CUA

$651

60 months

0.08333333333333333 year to 7 years

3.50

/ 5
More details

10.99%

Fixed

12.21%

Latitude Financial Services

$652

60 months

2 years to 7 years

3.15

/ 5
More details

11.95%

Fixed

12.84%

Wisr

$667

60 months

5 years

3.13

/ 5
More details

12.99%

Fixed

14.14%

Westpac

$682

60 months

1 year to 7 years

2.88

/ 5
More details

12.99%

Fixed up to 28.99%

14.20%

Latitude Financial Services

$682

60 months

2 years to 7 years

2.90

/ 5
More details

13.99%

Fixed up to 29.99%

15.19%

Latitude Financial Services

$698

60 months

2 years to 7 years

2.74

/ 5
More details

14.00%

Variable

14.30%

Holiday Coast Credit Union

$698

60 months

0 year to 5 years

3.02

/ 5
More details

Learn more about personal loans

How many years can I get a personal loan for? 

Many personal loans are repaid over relatively short terms, from less than 12 months, up to five years. However, some lenders offer the option to pay back a personal loan over a longer length of time, from five years to ten years, or even longer.

Depending on your financial situation, a long personal loan term may help you enjoy more affordable repayments, though it’s important to keep the total cost of interest in mind.  

How do long personal loans work?

When you take out a personal loan with a long loan term, you agree to repay what you’ve borrowed, plus interest, by making a certain number of payments over time.

The longer your loan term, the more payments you’ll need to make, each one for a smaller percentage of your loan principal. This means that if you opt for a long loan term, each repayment will be cheaper than if you opt for a short loan term.  

It’s important to remember that for every personal loan repayment you make, you’ll be charged interest on the principal still owing on your loan. If you take a longer loan term, you’ll make a greater number of repayments, and therefore you’ll be charged interest a greater number of times than if you take a shorter loan term. While your monthly loan repayments may be cheaper with a longer loan term, you may end up paying much more in interest than if you’d opted for a shorter loan term.

EXAMPLE:

Mathias wants to borrow $10,000 for a renovation, from a lender with an interest rate of 10%. Before he chooses a loan term, he performs a personal loan comparison to see how much the loan will cost him, both from month to month, and in total:

Loan term Monthly repayment Total cost
2 years $461 $11075
5 years $212 $12,748
10 years $132 $15,858

Source: MoneySmart

Mathias must decide which loan term will best suit his finances. On one hand, a shorter loan term will cost him more from month to month, putting more pressure on his household budget. But on the other hand, a long loan term will ultimately cost him much more in total – over 50% of his loan principal, in the case of the 10-year term!

Monthly, fortnightly, or weekly repayments?

Some lenders will allow you to make fortnightly or weekly personal loan repayments instead of monthly, which can sometimes be a better fit your household budget.

The other potential advantage of making more frequent personal loan payments is that you may be able to pay off your loan a little bit faster, thereby saving on interest.

Many lenders calculate monthly payments on the assumption that one month lasts for an average of four weeks. But because this isn’t an exact figure, 26 fortnightly payments over a 52-week year can end up being the equivalent of making 13 monthly repayments, rather than just 12. By paying fortnightly, rather than monthly, you can effectively make one extra payment per year – that may not sound like much, but it can add up, especially over a long-term personal loan.

EXAMPLE:

Going back to Mathias and his $10,000 personal loan at 10% interest, if he took a 10-year loan term with monthly repayments, every year he’d make twelve payments of $132. By paying $1584 per year, he’d pay a total of $15,858 at the end of the term.

If Mathias cut his repayments in half but paid them every two weeks, each year he’d make 26 payments of $66, adding up to $1716 per year. This would let him finish his loan in just 8 years and 10 months, paying a total of $15,028 – a saving of $830.

Source: MoneySmart

Can I repay a long personal loan early?

Many lenders will allow you to make extra repayments onto your personal loan whenever you have spare funds available in your household budget. These extra repayments can help to reduce the principal you owe, reducing the interest you’re charged in the future. If you make enough extra repayments on your personal loan, you may find yourself able to exit your loan ahead of schedule.

Keep in mind that some lenders charge fees for making extra repayments or for exiting a loan early, the cost of which may outweigh the potential interest savings of paying down your loan balance. If you expect you may be able to get your loan paid off early, it’s worth checking whether a potential lender charges early exit fees before signing up for a personal loan.

EXAMPLE

When Mathias commits to his long personal loan, he starts making regular repayments, but also adds his tax refund onto the loan each year. Partway through his loan term, he receives a pay rise at his job, allowing him to put a bit more of his household budget towards his loan each payday. These extra payments help to shrink the principal amount still owing on the loan, thus reducing the interest he’s charged on this amount.

These extra payments add up over time, and lead to Mathias clearing his $10,000 debt plus interest well ahead of his scheduled term.

If Mathias had chosen a personal loan with an early exit fee, he’d have to pay his lender to leave his personal loan early, potentially undoing much of his interest savings.

But because he did his research and compared personal loans to find a lender with no exit fees, he can pay off his debt early with no extra costs to pay.

Can I refinance a long personal loan?

Much like home loans and some other types of credit, it is possible to refinance a personal loan, which involves swapping your current personal loan for a new one, often with a different bank or lender.

Borrowers may choose to refinance a personal loan if their financial circumstances change, leaving them unable to afford their current personal loan. Some borrowers also choose to refinance when they think they can get a better personal loan deal elsewhere.

When refinancing a personal loan, it’s not only important to compare the interest rates and fees to calculate their impact on your household budget, but it’s also important to keep the length of your personal loan term in mind.

If you refinance from a short personal loan to a long personal loan, your individual repayments may become more affordable, but you may end up paying more for your loan in total.  

If you refinance from a long personal loan to a shorter loan term, you’ll likely pay less in total interest, though your repayments may be higher.

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.

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.

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.

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 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 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.

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.

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.

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. >

How can I get a $3000 loan approved?

Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).

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 can quick loans be used for?

Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.

Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension. 

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some bad credit borrowers.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

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.

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).

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score – either positively or negatively.

Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.

Personal Loans Frequently Asked Questions

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

How do you get a bad credit personal loan?

You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.