Want a personal loan? Smaller lenders want your business

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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.

Lender Product Advertised rate Comparison rate Total repayment*
Catalyst Money Online Personal Loan Package 5.25% 5.89% $10,830
Illawarra Credit Union Online Personal Loan Package 5.25% 5.89% $10,830
360 Finance Leisure Finance 5.49% 6.36% $10,869
G&C Mutual Bank Fair Rate Personal Loan Diamond 5.99% 6.20% $10,950
Credit Union SA Special Fixed Rate Personal Loan 5.99% 6.26% $10,950
Community First Credit Union Home Improvement Loan 6.12% 6.39% $10,971
Cairns Penny Secured Loan 6.25% 12.07% $10,993
Police Bank Green Loan 6.49% 6.63% $11,032
Newcastle Permanent Building Society Personal Loan Secured 6.69% 8.41% $11,065
Queensland Country Credit Union Reno Loan 6.79% 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.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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