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Personal Loan Ratings
CANSTAR CANNEX personal loan ratings compare the major types of secured and unsecured personal loans products in Australia. Each loan reviewed for the CANSTAR CANNEX personal loan star ratings is awarded points for its comparative cost and for the array of positive features attached to the loan.
All products are assessed against these measures with the competitiveness of each product being highlighted by the star rating allocated.
The results are reflected in a consumer-friendly 5-star concept, with 5 stars denoting a product which offers outstanding value. Only personal loan products that obtain a score in the top 5% of the score distribution will receive a 5 star rating.
CANSTAR CANNEX realises that personal loan users have two separate groups. One group of borrowers use personal loans mainly to purchase cars while the other group uses personal loans to finance other things such as debt consolidation or holidays. In recognition of these differences, the CANSTAR CANNEX personal loan star ratings methodology has been modified to reflect the distinction between these three groups.
Compare some of the best personal loans rated by CANSTAR from the table below.
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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.
