The best personal loans – 5 expert picks

Finder's picks for the best personal loans for January 2025:

• Best non-bank personal loan: OurMoneyMarket Unsecured Low-Rate Personal Loan
• Best low interest personal loan: NOW Finance Unsecured Personal Loan
• Best good credit: Harmoney Unsecured Personal Loan
• Best for Bank loan: NAB Personal Loan
• Best quick loan: Latitude Variable Rate Personal Loan

Top pick for Non-bank loan

OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000)

Int. rate 6.57% to 18.99%

Comp. rate 7.19% to 21.78%

Min. Loan Amount $5,000

Max. Loan Amount $75,000

Int. rate 6.57% to 18.99%
Min. Loan Amount $5,000

Finder Award

Comp. rate 7.19% to 21.78%
Max. Loan Amount $75,000

Go to site

Read our review

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Summary

A loan for any worthwhile purchase of up to $75,000, such as for a car, equipment, and even debt consolidation. Your interest rate will be based on your credit history. Pre-approval available.

Pros

• Competitive interest rates
• No ongoing fees
• No penalties for additional payments

Cons

• Late payment fee of $35
• Direct debit dishonour fee of $25

Top pick for Low interest loan

NOW Finance No Fee Unsecured Personal Loan

Int. rate 6.75% to 26.95%

Comp. rate 6.75% to 26.95%

Min. Loan Amount $5,000

Max. Loan Amount $50,000

Int. rate 6.75% to 26.95%
Min. Loan Amount $5,000

Finder Award

Comp. rate 6.75% to 26.95%
Max. Loan Amount $50,000

Read review

Read our review

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Summary

An unsecured personal loan with personalised interest rates and a fast application process. There are no fees, flexible repayment options and you can pay out the loan early with no penalty.

Pros

• No security is required
• Use the loan on any worthwhile purchase
• Fast application

Cons

• Interest rates may be high if you have a low credit score

Top pick for Good credit

Harmoney Unsecured Personal Loan

Int. rate 5.76% to 24.03%

Comp. rate 6.55% to 24.98%

Min. Loan Amount $2,000

Max. Loan Amount $70,000

Int. rate 5.76% to 24.03%
Min. Loan Amount $2,000

Finder Award

Comp. rate 6.55% to 24.98%
Max. Loan Amount $70,000

Go to site

Read our review

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Summary

An unsecured personal loan up to $70,000. You'll receive a tailored interest rate between 5.76% p.a. and 24.03% p.a. based on your risk profile.

Pros

• Tailored, competitive rates
• Apply for up to $70,000
• No security required

Cons

• Restrictive repayment terms
• $275/$575 upfront fee

Top pick for quick loan

Latitude Variable Rate Personal Loan

Int. rate 9.49% to 29.99%

Comp. rate 10.37% to 30.69%

Min. Loan Amount $5,000

Max. Loan Amount $70,000

Int. rate 9.49% to 29.99%
Min. Loan Amount $5,000

Comp. rate 10.37% to 30.69%
Max. Loan Amount $70,000

Go to site

Read our review

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Summary

Apply Latitude Personal Loan for what you need from $5,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.

Pros

• Tailored interest rate
• Low minimum borrowing amount
• Secured or unsecured

Cons

• $13 monthly fee
• Early repayment fees may be charged
• Fairly high minimum and maximum interest rates

Methodology: How we chose our Top Picks

We analysed our database of over 200 loans, and filtered out loans that were members-only or secured in niche ways (such as by term deposits). This left us with a pool of accessible loans, which we further filtered based on interest rates, fees, and availability through Finder. In the case of a tie or a close call, we factored in features such as redraw facilities.

While we are confident that our top picks are competitive personal loans, keep in mind that there is no one-size-fits-all loan or lender. Your personal situation and preferences will determine what the best personal loan for you will be.

Best personal loans for customer satisfaction in 2024

We asked hundreds of Australians to rate their personal loan lenders on factors like customer service, features and benefits, ease of application, fees and interest rate, and trustworthiness. Here are the results.

Bank	Overall satisfaction	Trustworthy/reliable
	★★★★★ 4.52/5	96%
	★★★★★ 4.31/5	91%
	★★★★★ 4.18/5	94%
	★★★★★ 4.07/5	85%
	★★★★★ 3.9/5	88%

How do I find the best personal loan for me?

The best personal loan depends on your circumstances: there’s no one size fits all. Particularly as your rate will be different depending on things like income and credit score.

Here are some things to look out for to get the best loan for you.

Interest and comparison rate

Lenders advertise a minimum interest rate and a maximum interest rate. They’ll decide your rate based on your financial situation and while this depends on a couple of things, you can check your credit score to give yourself a rough idea of where you will sit in their interest rate range.

You should also look at the comparison rate to see how the rate changes when you incorporate fees. However it is usually based on a $30,000 loan over 5 years. If your plans are different, use a personal loan calculator to get a sense of how much a loan will cost you.

Secured or unsecured

Securing your loan could get you a lower rate or increase the odds that you'll be approved for a personal loan. However, you will need to put up an asset (like your vehicle) as collateral, so ensure you can comfortably repay the loan to avoid the risk of repossession.

Borrowing amounts

Quite simply, can you borrow the amount you need? In general, higher borrowing amounts have stricter eligibility criteria.

Early repayment options

Not a must, but repaying your personal loan early means you pay less in interest. So, that’s pretty nice. Some loans that allow early repayment have fees attached, so make sure you're saving more than you're spending or opt for a loan with free early/extra repayments.

Special deals

Personal loans can offer special deals which range from waived fees to a discounted interest rate or cashback. These could save you hundreds if not thousands of dollars depending on the loan.

Our expert says

"Finding a loan that's even 1% cheaper can save you hundreds of dollars. You can save even more if you can afford some extra repayments early on, just watch out for any early repayment fees."

Graham Cooke

Head of consumer research

Comparing interest rates to find the best personal loan

To see how the interest rate can affect your repayments, we looked at 2 loans with the same loan amount and loan term.

Loan amount: $30,000

Loan term: 5 years

By paying 1% more on this loan, you’d pay $868 more in interest.

Explore more options to find the best personal loan for you

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Updated regularly

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000) Finder award winner Fixed1 - 7 Years $5,000 - $75,000	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 Compare	Applicants with an Equifax credit score of 500 or above 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.
Harmoney Unsecured Personal Loan Finder award winner Fixed3 - 7 Years $2,000 - $70,000	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	Go to siteMore Info Compare
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $654.15	Go to siteMore Info Compare
OurMoneyMarket Home Improvement Loan Fixed1 - 7 Years $5,000 - $100,000	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 Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $654.15	Go to siteMore Info Compare
OurMoneyMarket Secured Personal Loan ($5,000-$75,000) Fixed1 - 7 Years $5,000 - $75,000	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 Compare
Jacaranda Finance Secured Personal Loan Fixed25 Months - 3 Years $3,000 - $25,000	Interest Rate (p.a.) 16.95% to 29.95%	Comp. Rate (p.a.) 32.99% to 45.50%	Application Fee $125 - $1,190	Monthly Fee $26	Monthly Repayment $780.95	Go to siteMore Info Compare

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FAQs

• Which is best: A bank or a non-bank personal loan?

  Banks and non-banks are quite similiar when it comes to personal loans, and so it's generally best to compare products from both when choosing a personal loan. They both need to abide by the same Australian Government regulations, so you will be safe borrowing money from either one.

  The main differences are that non-banks tend to have lower overhead and more relaxed rules, so you might find lower rates and wider eligibility criteria with them. Banks will have a wider variety of financial products, and may have deals if you use them for multiple things (such as your personal loan, savings account or credit card).

• Which is best: Fixed or variable interest rates?

  Your own preferences will determine whether a fixed or a variable interest rate is best for you. In general, variable rates tend to be lower - though you risk the interest rate rising as market conditions change. Fixed interest rates give you more certainty and are easier to budget for.

  There are good deals for both types of interest rates. So, unless you strongly prefer one over the other, it may be worth looking at both when choosing your personal loan.

• What is the best personal loan for bad credit?

  "Best" is relative to your situation and credit score. With a bad credit personal loan, you may have to readjust what you think is best (for example, low cost). Instead, you may have to look into things like which loans have wider eligibility criteria. Once you've picked out the loans you are eligible for, you can filter them based on cost and features.

• What is the average personal loan interest rate in Australia?

  In January 2025, the average unsecured personal loan is 10.95%. The average secured personal loan is 10.29%. But remember that these are the advertised rates. Real rates will vary depending on the interest rate offered to you based on your credit score and financial situation.

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.

Written by

Rebecca Pike

Senior writer

Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products. See full bio

Rebecca's expertise

Rebecca has written 204 Finder guides across topics including:

• Home loans
• Cost of living
• Budgeting