Perth

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Advertised Rate

12.69%

Fixed

Comparison Rate*

13.56%

Company
NAB
Monthly repayment

$1006

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

2.96

/ 5
Go to site
More details
Advertised Rate

12.69%

Variable

Comparison Rate*

13.56%

Company
NAB
Monthly repayment

$1006

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.04

/ 5
Go to site
More details
Repayment

$606

based on $20,000 loan amount for 3 years at 6.47%

Real Time Rating™

4.08

/ 5
More Features

Learn more about personal loans

Personal loans in Perth

With a population of more than two million, Perth is one of the largest cities in Australia. Its vibrant economy has seen employment grow in areas such as public administration and business services, as well as community and personal services, education, health, retail and wholesale trade. 

As such, there are many banks and non-bank lenders that offer personal loans in Perth, which means you should have plenty of options when it comes to getting a good deal.

How do personal loans in Perth work?

If you want to apply for a personal loan in Perth, the first step is to identify lenders that offer products that suit your needs. Compare lenders’ terms and conditions online, as while personal loans can be used for many different purposes, some lenders will only agree to lend you money for the likes of buying a car or paying a medical bill, but not for debt consolidation, for example. Check the eligibility criteria of the various lenders to pinpoint those that will offer you the sort of loan you want.

Why do people use personal loans in Perth?

Residents of Perth apply for personal loans to cover expenditure they have not budgeted for and make major purchases. Even if you have poor credit history or are self-employed, there are still lenders that will provide you with the right deal.

Personal loans can be used for:

  • Debt consolidation;
  • Financial emergencies, such as unexpected medical bills;
  • Making vital home repairs;
  • Paying for a wedding;
  • Purchasing a new vehicle, such as a car, caravan or motorcycle;
  • Supporting a student at college.

What are the main features?

Personal loans can potentially include several features, but not all of them are available with every lender. A loan with overpayment and redraw facilities or a line of credit is useful if you’re looking for a degree of flexibility.

Some personal loans come with associated financial products, such as a savings account, everyday account or credit card, for example. You can also take out a basic personal loan with a regular repayment schedule and nothing else, if it suits your needs.

You’ll need to look for a lender offering an unsecured loan if you don’t want to secure your loan on an asset, such as your car or home.

What are the pros and cons of personal loans in Perth?

A personal loan will help you to increase the capital available to you in an affordable, organised way. With the competitive nature of the personal loans marketplace in Perth, you can be assured of plenty of choice, meaning you should be able to pick out a lender who can provide the level of flexibility you require. 

Remember that some lenders charge for extra features such as making additional payments and redrawing, so it’s best to check all charges and fees attached to any personal loan agreement before signing it. Doing your research and asking about the details of personal loans at the outset is essential in choosing a deal that’s right for you and your circumstances. 

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.

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.

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.

Personal Loans Frequently Asked Questions

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 can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for one or more of the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

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 single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

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.

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

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.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.

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 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.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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 comprehensive credit reporting?

Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your repayments, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.