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Want a personal loan? Smaller lenders want your business

Want a personal loan? Smaller lenders want your business

A host of smaller lenders are fighting for market share with some of the cheapest personal loans in Australia.

Two credit unions – Catalyst Money and Illawarra Credit Union – offer interest rates starting from 5.25 per cent (comparison rate 5.89 per cent) for a $10,000 personal loan over three years (see table below).

An online-only provider, 360 Finance, has personal loan interest rates from as low as 5.49 per cent (comparison rate 6.36 per cent).

Two other lenders have personal loans starting from 5.99 per cent – G&C Mutual Bank (comparison rate 6.20 per cent) and Credit Union SA (comparison rate 6.26 per cent).

Community First Credit Union, Cairns Penny, Police Bank, Newcastle Permanent Building Society and Queensland Country Credit Union also offer low-rate personal loans.

LenderProductAdvertised rateComparison rateTotal repayment*
Catalyst MoneyOnline Personal Loan Package5.25%5.89%$10,830
Illawarra Credit UnionOnline Personal Loan Package5.25%5.89%$10,830
360 FinanceLeisure Finance5.49%6.36%$10,869
G&C Mutual BankFair Rate Personal Loan Diamond5.99%6.20%$10,950
Credit Union SASpecial Fixed Rate Personal Loan5.99%6.26%$10,950
Community First Credit UnionHome Improvement Loan6.12%6.39%$10,971
Cairns PennySecured Loan6.25%12.07%$10,993
Police BankGreen Loan6.49%6.63%$11,032
Newcastle Permanent Building SocietyPersonal Loan Secured6.69%8.41%$11,065
Queensland Country Credit UnionReno Loan6.79%7.31%$11,081

* Total repayment has been calculated on a $10,000 loan, with no fees, over three years. The repayments would be higher once fees were added.

Please note that the personal loans with the lowest interest rates aren’t necessarily the best personal loans for each borrower. Also, some borrowers won’t be able to qualify for a particular lender’s lowest-rate personal loans.

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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