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Best Personal Loans
Unfortunately, there is no such thing as the best personal loan as what’s perfect for one person is different to the next. What we can do though, is steer you in the right direction to find the best personal loan to suit your needs. Here are some things to consider:
What can a personal loan be used for?
Personal loans can be used to legally purchase any goods or service that is such as paying for tuition fees, debt consolidation, a holiday, a boat, bathroom or kitchen renovations or to purchase your dream car.
How do they work?
Personal loans are a relatively basic kind of financial product. Consumers can borrow a specific amount of money which is required to be paid back with interest over the specified term of the loan.
Types of personal loans
- Secured - this type of loan is tied to an asset (like a car or boat) which is used as collateral if you fail to make your repayments. If you fail to make your repayments this asset can be reposed.
- Unsecured - this type of loan is not tied to an asset and therefore offers no security to the bank if you are unable to make repayments. Unsecured loans are collateral free and therefore tend to have higher interest rates.
Compare some of the best personal loans from the table below and find one that suits your needs.
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Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term.
The comparison rate is based on secured credit of $30,000 and a term of 5 years. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
