Laptop loans and finance options

Laptops have become a vital piece of technology for work, studying and general life admin.

Thankfully, there's plenty of options if you're looking to loan or finance a laptop.

What are my laptop loan and finance options?

There are a number of ways to finance the purchase of a laptop:

Unsecured personal loan

An unsecured personal loan is when you borrow money from a lender, without having to use an asset as security. You then pay the loan back (including interest) in weekly, fortnightly or monthly instalments over an agreed term.

With an unsecured personal loan, you receive the money upfront and then can pay for your new computer or laptop in full.

Short term loans

Short term loans are available from $100 to $2,000. They are quick to apply for and have minimal eligibility criteria.

However, depending on your financial situation, getting a short term loan to cover the cost of a laptop can be an unsound financial decision. This is because short term loans generally have high interest rates and fees, which means you'll end up paying more over the course of the loan.

Credit card

If you have a credit card, you can purchase your new laptop and pay it off over an extended period of time in instalments. You could also consider a 0% purchase card, which will give you a certain period of time to pay off your balance without incurring any interest.

In-store finance

Many shops offer in-store finance to help customers purchase expensive items like laptops. With in-store finance, you can spread the cost of your new laptop over 6, 12 or even up to 18 months. Many companies even offer interest-free loans or a 0% interest period.

Student loan

If you're a student, you could be eligible for help purchasing a laptop from the government with StudyAssist. Alternatively, you may be able to borrow a laptop from your university while you save to purchase your own.

NILS

If you're on a low income, you may be able to qualify for a No Interest Loan (NILS) to cover the cost of your laptop. NILS are available up to $2,000 for essential devices like laptops.

To qualify for NILS, you must meet at least one of the following criteria:

• Have a Health Care Card or Pension Card
• Earn less than $70,000 per year before tax (or less than $100,000 for couples or people with dependants)
• Have experienced family or domestic violence in the last 10 years

If you are under 18, your parents may be able to qualify on your behalf, depending on their circumstances. Anyone applying for a NILS must also be able to demonstrate that they can afford to repay the loan.

Can I get a laptop loan with bad credit?

You may still be eligible for a loan even if you have bad credit, though you will usually find that your options are more limited compared to someone with good credit. If you are eligible for a No Interest Loan, your credit score will not be checked.

If you are ineligible for NILS, short term loans are often available to applicants with bad credit (though they come with the aforementioned risks attached).

You can check your credit score for free with Finder.

What are my other options?

If you're not looking to purchase a laptop, there are a few ways to borrow a laptop free-of-charge:

Through a university or TAFE

If you're currently enrolled at a university, TAFE or other tertiary institution, you may be able to borrow a laptop directly through your school. Many of the biggest universities offer laptop loan programs through the university library or student centre.

You can generally borrow a laptop or computer for up to a couple of days for free, but may need to pay a small fee if you borrow it for an extended period of time.

Borrow from a library

Like universities, many Australian libraries offer public access computers and laptops that can be used for free. You'll generally need to be a member of the library in order to book a laptop and will normally be unable to take it home with you.

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 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	Go to siteMore Info Compare
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment	Go to siteMore Info Compare
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000) Finder award winnerFixed1 - 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	Go to siteMore Info Compare
Revolut Unsecured Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.56% to 24.99%	Comp. Rate (p.a.) 6.56% to 21.79%	Application Fee $0 - $499	Monthly Fee $0	Monthly Repayment	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	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	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	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	Go to siteMore Info Compare
Jacaranda Finance Express Personal Loan Fixed25 Months - 3 Years $3,000 - $25,000	Interest Rate (p.a.) 14.95% to 27.95%	Comp. Rate (p.a.) 29.30% to 42.80%	Application Fee $130 - $990	Monthly Fee $24	Monthly Repayment	Go to siteMore Info Compare

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Am I eligible for a laptop loan?

Whether or not you are eligible for a personal loan for a laptop will largely depend on the type of finance that you opt for. However, if you are planning on opting for a standard personal loan from a bank or non-bank lender, the below criteria usually applies:

• 18 years or over
• Australian resident or permanent citizen
• Have a regular income
• Have a good credit rating

Remember to compare your options thoroughly prior to submitting an application.

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)

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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.

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 197 Finder guides across topics including:

• Home loans
• Cost of living
• Budgeting