Personal loan brokers

Personal loan brokers aim to help you find a loan that meets your needs and personal financial situation. Instead of applying directly with a lender, you apply for a loan via the broker instead. The broker will then contact the lenders that they are affiliated with, as well as search the market, to find you potential options.

While it can be helpful to have a professional ensure you find a good deal, you should keep in mind that your own personal loan comparison can be quick, easy, and free.

Here's what you need to know about personal loan brokers, the potential benefits and drawbacks of using one, and how to find a reputable broker.

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
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 $615.26	Go to siteMore Info Compare
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 $623.70	Go to siteMore Info Compare
OurMoneyMarket Unsecured Low-Rate Personal Loan Finder award winnerFixed1 - 7 Years $2,001 - $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
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.) 9.54% to 21.49%	Application Fee $250	Monthly Fee $10	Monthly Repayment $649.15	Go to siteMore Info Compare
OurMoneyMarket Secured Personal Loan Fixed1 - 7 Years $2,001 - $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
Revolut Unsecured Personal Loan ExclusiveFixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.99% to 24.99%	Comp. Rate (p.a.) 6.99% to 21.79%	Application Fee $0 - $499	Monthly Fee $0	Monthly Repayment $632.86	Go to siteMore Info Compare	Finder Exclusive: For a limited time only - for all loan applications started by 30th September 2024, if approved and funded, you will receive a $150 cash back after your first scheduled repayment has been made successfully. T&Cs apply.
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.) 9.54% to 21.49%	Application Fee $250	Monthly Fee $10	Monthly Repayment $649.15	Go to siteMore Info Compare
Jacaranda Finance Express Personal Loan Fixed25 Months - 4 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 $751.11	Go to siteMore Info Compare

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How do personal loan brokers work?

Personal loan brokers work in a similar way to mortgage brokers: they try to help you find a good deal on your loan.

Personal loan brokers can help you with the full range of personal loan products offered by lenders. Whether you are planning a holiday or buying a new car, a broker can assist you with finding a suitable product.

Personal loan brokers search for a loan within their lending panel, which is simply the group of lenders that they deal with. Once you sign up for their services, they will find a product from one of these lenders. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.

Are personal loan brokers worth considering?

How to find a good broker

• Loans offered. Make sure the broker you are considering offers the type of loan that you require.
• Type of interest. Most brokers offer fixed interest loans only.
• Loan conditions. Can you pay the loan out sooner, make additional repayments or redraw on overpaid amounts? Make sure you can access these services without having to pay a fee.
• Lending panel. This is the group of lenders from which your broker will choose a loan. The bigger the panel, the greater the chance of you getting the best deal available.
• How they work. Some brokers operate almost entirely online, whereas others use the more traditional phone, fax and mail. Make sure you’re comfortable with whichever system your broker uses.
• Funding time. Brokers have different speeds at which they are able to approve and fund your loan. If you are in a hurry, an online-based broker should be able to approve your loan faster than a paper-based one.
• Customer service. You will be dealing with the broker for the term of your loan, so make sure you are happy with the level of service they provide. Call them to see how long it takes to get an answer and find out what kind of support they offer.

Alternatives to personal loan brokers

There are other ways to get a personal loan:

1. Compare rates yourself

   By visiting a range of lender websites, you can get an idea of what different lenders are charging, what their eligibility criteria are and how much you can borrow.

   However, this is time consuming and could be confusing for prospective loan customers who aren't sure where to look.

2. Compare the options in the table above

   At Finder, we compare the market so that you don't have to. Compare the rates above from our table of lenders and see some of the best rates currently available in Australia.

   For more information on the eligibility criteria involved in the loans, available loan amounts, features and fees of each loan, simply click "More info" to be taken to our product review page. Or, to be securely routed to the lender's website directly to submit an application, simply click "Go to site".

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.

Have more questions about personal loan brokers?

• Does it cost more to use a personal loan broker?

  You may have to pay a monthly fee for using a personal loan broker, but you can try to negotiate this down when signing up for the service. All brokers make money through commissions, which are paid to them by the lenders they recommend. This is not directly added to the cost of your loan or interest rate.

  Selecting the right loan requires analysing the application fees, monthly fees and interest rate. If you don't have time to compare personal loans, using a broker could save you a considerable amount of money over the life of the loan.

• Can I take out a loan from my current bank via a broker?

  Brokers offer products from lenders that are within their lending panel, that is, lenders that they have a relationship with. If your current bank is within the broker's lending panel and it offers a competitive product, then yes, you might end up borrowing from your current bank. However, your broker should be looking for the best value option for you.

• Can I stop using the broker's services, or switch to another broker, once I have my loan?

  This will depend on the terms and conditions of your contract. Make sure you read and understand all of them before you sign on the dotted line. You will generally need to cancel the loan and take out a fresh one if you wish to change brokers.

Written by

Elizabeth Barry

Lead Editor

Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

Elizabeth's expertise

Elizabeth has written 219 Finder guides across topics including:

• Banking
• Personal finance
• Investing

Co-written by

Bria Horne

Writer

Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio