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The best personal loans to make debt feel a little better

Debt consolidation or a new jet-ski, that's up to you.

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Rebecca Pike

Updated

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1 - 10 of 115
Updated regularly
Product Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
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
Receive competitive interest rates tailored to your personal circumstances, repay the loan early without incurring an early repayment fee, and enjoy no monthly or annual fees.
Go to siteMore info
NOW Finance No Fee Unsecured Personal Loan
Finder AwardFixed18 Months - 7 Years $5,000 - $50,000
NOW Finance logo
Interest Rate (p.a.)
6.45%
to 26.95%
Comp. Rate (p.a.)
6.45%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$612.52
Go to siteMore info
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000)
Fixed1 - 7 Years $5,000 - $75,000
OurMoneyMarket logo
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
Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible. No ongoing or early exit fees. Loan amounts range from $5,000 to $75,000, and up to $100,000 for home improvement projects and motor vehicles.
Go to siteMore info
MONEYME Personal Loans
Variable3 - 7 Years $5,000 - $50,000
MONEYME logo
Interest Rate (p.a.)
5.99%
to 24.49%
Comp. Rate (p.a.)
6.70%
to 25.90%
Application Fee
$0 - $495
Monthly Fee
$10
Monthly Repayment
$633.40
Go to siteMore info
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $100,000
Latitude Financial Services logo
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.93%
to 31.38%
Application Fee
$0
Monthly Fee
$13
Monthly Repayment
$653.57
Special offer: The $395 establishment fee is waived for approved personal loan applications. Latitude may withdraw the offer at any time. T&Cs apply.
Go to siteMore info
Great Southern Bank Unsecured Fixed Rate Personal Loan
Fixed1 - 7 Years $5,000 - $75,000
Great Southern Bank logo
Interest Rate (p.a.)
7.99%
to 19.99%
Comp. Rate (p.a.)
7.99%
to 19.99%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$626.64
Special Offer: Pay $0 establishment fee when you apply for a personal loan. The $225 establishment fee will be waived for personal loan applications. This offer is for new and existing customers who apply between 30 April 2025 and 30 June 2025.
Go to siteMore info
NAB Personal Loan Unsecured Fixed
Fixed1 - 7 Years $5,000 - $55,000
NAB logo
Interest Rate (p.a.)
7.49%
to 20.49%
Comp. Rate (p.a.)
8.53%
to 21.38%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$637.03
Special Offer: For a limited time NAB is waiving the $250 application fee when you apply for a NAB Unsecured Personal Loan. Offer valid from 6 March to 31 May 2025. Other fees and charges still apply.
Go to siteMore info
OurMoneyMarket Secured Personal Loan ($5,000-$75,000)
Fixed1 - 7 Years $5,000 - $75,000
OurMoneyMarket logo
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
NAB Personal Loan Unsecured Variable Rate
Variable1 - 7 Years $5,000 - $55,000
NAB logo
Interest Rate (p.a.)
7.49%
to 20.49%
Comp. Rate (p.a.)
8.53%
to 21.38%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$637.03
Special Offer: For a limited time NAB is waiving the $250 application fee when you apply for a NAB Unsecured Personal Loan. Offer valid from 6 March to 31 May 2025. Other fees and charges still apply.
Go to siteMore info
OurMoneyMarket Home Improvement Loan
Fixed1 - 7 Years $5,000 - $100,000
OurMoneyMarket logo
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
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Start comparing

3 easy steps to help you find the best personal loan for you

1. Matching your loan with the reason you're borrowing

This is the first broad filter for finding the best personal loan for you. You need to ask yourself why you're taking out the loan.

Different types of personal loans are suited to different loan purposes. For instance, a secured personal loan may be a good way to finance a used car. An unsecured loan may be better suited to general purposes where you can't offer collateral.

Depending on the reason you're looking to borrow, the type of personal loan that is best for you will differ – so your first step is to find a loan that matches your loan purpose.

2. Filter for loan features most useful for you

After you've found a loan that caters to your specific loan purpose, you have to consider the features you want.

Personal loans come with a variety of features. This includes how much you want to borrow, over what term, as well as the type of interest you wish to pay – that is, fixed or variable.

Other features include the ability to make additional repayments, and repaying the loan early without penalty and redraw facilities.

Once you've accounted for your preferences, you can compare your loan options to find a loan with the features you want.

3. Compare loans to find the most affordable loan

Apart from filtering for your specific needs, you also need to find a loan you can afford. Here's where comparison really pays off. Comparing loans can help you find the most affordable loan with all the features you're after.

Keep an eye out for the interest rate, as well as the comparison rate – which will give you an idea of the overall cost of the loan. The range for a competitive comparison rate is anything under 10% p.a.

As well as low interest, you should look for low or no fees, as these will add to the cost of your loan. These will include establishment and monthly fees.

Some loans also come with limited time offers. This could be a discounted interest rate or fee waivers. These offers can help you keep down the cost of the loan in the long run, so consider looking out for them.

What type of personal loan will best suit my needs?

There are a range of personal loans you can apply for. If you're not sure what type of loan you need, we've highlighted the options. We've also included what you should keep in mind and watch out for.

Type of loan
What it's best for
What to watch for
  • You can use this loan for any worthwhile purpose.
  • This includes large purchases and expenses like furniture, electronics, weddings, holidays, surgery, new or used cars, or home renovations.
  • Home renovations
  • You don't need to use an asset as security.
  • This is an advantage if you don't have or don't want to tie up an asset.
  • These loans come with higher interest rates than secured loans.
  • Revolving line of credit instead of a one-time lump sum payment.
  • Useful if you aren't sure how much you need to borrow.
  • Pay interest only on what you use, not the entire credit limit.
  • Comes with higher interest rates than other lump sum personal loans.
  • The purchase of a new or used car.
  • By securing the loan with the vehicle, you can get lower interest rates.
  • If you miss your repayments, the lender can repossess the car.
  • You can only use the funds to purchase the car.
  • You also may not be able to borrow enough to cover insurance and other costs.
  • For used cars, there may also be loan requirements around the age and type of car.
  • Use for any worthwhile expense, including home renovations or a new car.
  • Use a vehicle you already own as security.
  • Borrowing amounts are higher and loan terms longer when compared to unsecured personal loans.
  • By securing the loan with an existing vehicle, you can get lower interest rates.
  • If you miss your repayments, the lender can repossess your vehicle.
  • There may also be vehicle requirements around the age of the asset you want to use.
  • Getting a loan even if you have bad credit.
  • More expensive than other personal loans.
  • Short loan terms, and high fees and charges.

Is the lowest interest rate an indication of the "best personal loan"?

The answer is yes and no.

Finding the lowest interest rate is a good indication of a competitive personal loan, but interest rates are not the only feature you should look into. You should also consider other features and fees involved.

Some loans advertise low interest rates but come with high fees. In this case, the loan may cost you more than the benefit you receive from a low rate. This is why you should take note of the comparison rate. It will give you an indication of the overall cost of the loan.

Additionally, if you want features like the ability to repay the loan early, you should consider break costs. Some loans allow you to repay the loan early without penalty. If that's a priority, you should account for this cost too.

What should I keep in mind when looking for the best personal loan?

When you're looking for a personal loan, there are some common misconceptions and mistakes you can make. You should avoid:

🔍 Applying for the first loan you find. The first loan you find may not be the best loan. By searching for other loans and comparing them, you can find what works best for you.

💵 Looking only at the interest rate. As we've mentioned above, you should also consider the comparison rate and loan features.

👀 Not reading loan terms and loan restrictions. You should always be aware of all the fees and restrictions associated with the loan. There could, for instance, be fees associated with extra repayments. Likewise, you may be restricted in terms of how you use the funds. For instance, a car loan can only be used to purchase a car.

💲 Applying for more than you can afford. Lenders are bound by responsible lending laws. According to these laws, they cannot lend you more than you can afford. If you apply for more than you can reasonably repay, your application will likely be rejected. You can work out how much you can afford using a personal loan calculator.

⚠️ Applying to multiple lenders. You may think you're increasing your chances of getting a loan, but this is a no go. This is because every loan application is entered into your credit file. Multiple loan applications in a short period act as a red flag, reducing your chances of getting a loan. Your credit score could also be impacted.

🤔 Not considering all your options before applying. A personal loan may not always be the best option for you, depending on your circumstances. For instance, if you're a low income earner, there are loans designed to address this. You should only apply if you're certain that what you want is a personal loan. It is also important to be sure that using a personal loan is the cheapest option for you.

How do I submit my personal loan application?

💻 After you've compared and found a loan from the table above, you can click "Go to Site".

✍This will take you directly to the lender's website, where you can start the application process.

❗Keep the documents you need on hand. These will include your driver's licence, financial and employment documents, and bank details. If you're applying for a secured loan, you will need details of the asset.

FAQs

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Rebecca Pike's headshot
Written by

Senior Money Writer

Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

Rebecca's expertise
Rebecca has written 229 Finder guides across topics including:
  • Home loans
  • Cost of living
  • Budgeting
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8 Responses

    Default Gravatar
    PhilipJanuary 30, 2025

    We are temporary residents, currently applying for Permanent Residency. What is our best option for a personal loan to support our children’s education?

    Default Gravatar
    AlofaMarch 23, 2024

    I really need help to apply BUT I got bad credit, so any chance to help me?

    Default Gravatar
    KimAugust 24, 2023

    I need a loan for a jims franchise, I have a guarantor am I best going for a personal or buisness loan ? Who’s the best people to go through?

      AvatarFinder
      RichardSeptember 1, 2023Finder

      I’m sorry but at Finder we can’t tell you which option is best for you. We provide information and encourage people to compare their options.

      You could contact several lenders and ask if they lend to borrowers with a guarantor.

    Default Gravatar
    JosephineMarch 10, 2023

    Please tell me the best loan I can apply for with bad credit and being on a disability pension

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