$4000 personal loans from 90+ lenders

Find personal loans from a wide range of Australian lenders that best suit your needs. Compare interest rates, repayments, fees and more.

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What is a $4,000 personal loan?

A $4,000 personal loan is a short-term loan that will usually have a loan term of anywhere up to five years.It can be either be secured or unsecured.

A secured loan is connected to a form of security (or collateral) such as a car or property - so if the borrower fails to repay the loan, the lender can seize the security, sell it and recoup its money.

An unsecured loan is not connected to any security, which makes it harder for a lender to chase its debts.

As a result, lenders regard unsecured loans as riskier than secured loans. That’s why a $4,000 unsecured personal loan is likely to have a higher interest rate than a $4,000 secured personal loan.

$4,000 loan - fixed or variable?

When you apply for a $4,000 personal loan, you might be asked to choose between a variable interest rate or a fixed interest rate.

If you take out a variable-rate loan, the lender can change your interest rate whenever it likes. Sometimes, variable rates go up (which means higher repayments) and sometimes they go down (which means lower repayments). Lenders set their variable rates based on a range of factors - including how the market is performing and what their competitors are doing – so there’s no easy way to predict whether they’ll go down or up.

If you take out a fixed-rate loan, the lender can’t change your interest rate. That can be good if interest rates are moving up in the wider market, but bad if they’re moving down.

How much does a $4,000 personal loan cost?

If you took out a $4,000 personal loan with a loan term of two years and a monthly fee of $10, here’s how much you’d have to pay based on different interest rates:

  • 8 per cent = $191 per month, $4,582 in total
  • 9 per cent = $193 per month, $4,626 in total
  • 10 per cent = $195 per month, $4,670 in total
  • 11 per cent = $196 per month, $4,714 in total
  • 12 per cent = $198 per month, $4,759 in total

Can you get a $4,000 personal loan if you have bad credit?

It is possible to get a $4,000 personal loan if you have bad credit, although it’s harder and more expensive.

As a general rule, the lower your credit score, the fewer lenders will want to do business with you, and the more they’ll charge in interest rates and fees.

If you want a $4,000 bad credit personal loan, you will probably have to do business with a smaller, online lender rather than a well-known bank or credit union.

Make sure you do your research before you apply for a $4,000 bad credit personal loan, because a failed application might further damage your credit score.

RateCity's personal loan marketplace can help assess the likelihood of getting approved for a personal loan, just by adding in your personal details and your loan requirements. Best of all, it won't affect your credit score so you can sort through the list of lenders likely to approve you, before submitting an application.

How do you compare $4,000 personal loans?

There are six main ways to compare $4,000 personal loans:

  1. Interest rates
  2. Interest rate type
  3. Fees
  4. Features
  5. Loan type
  6. Loan term


Make sure you do lots of research before taking out a $4,000 personal loan, because there can be a big difference in the interest rates charged by different providers. These differences could save you - or cost you - hundreds of dollars.


Do you want to play the market with a variable-rate loan or do you want the certainty of a fixed-rate loan? This is something to consider when comparing $4,000 personal loans, because while some lenders will allow you to choose your interest rate type, others will offer only one option.


Pay close attention to fees when researching $4,000 personal loans, because these can significantly affect how much you end up paying over the life of the loan. The two most common fees are application fees (also known as upfront fees) and account-keeping fees (also known as ongoing fees or monthly fees). Some lenders may also charge fees for accessing a redraw facility, paying off your loan early or missing a repayment.

Facts about personal loans

A $4,000 personal loan is defined as a ‘medium amount loan’, which is the name given to personal loans between $2,001 and $5,000. When medium amount loans have a loan term of between 16 days and two years, fees are limited to a one-off application fee of $400 and a maximum interest rate of 48 per cent (including all other fees and charges).


When comparing $4,000 personal loans, don’t forget to weigh up any add-on features, which can affect how easy (and expensive) it is to use the loan in question. Features may include:

  • Extra repayments (which allows you to pay off your loan ahead of schedule)
  • Redraw facility (which allows you to ‘borrow back’ extra repayments)
  • Line of credit (which allows you to use the funds only as you need them, like a credit card)


Your $4,000 personal loan can either be secured or unsecured. A secured personal loan will almost certainly be cheaper, but you’ll have to offer some sort of collateral, such as a car or property. An unsecured personal loan will probably be simpler to take out, but will almost certainly be dearer.


Different lenders will offer you different loan terms, which is another factor that can significantly affect how much you end up paying over the life of the loan. A shorter loan term means higher monthly repayments but lower total repayments, while a longer loan term means lower monthly repayments but higher total repayments. For example, if you took out a $4,000 personal loan with an interest rate of 10 per cent and a monthly fee of $10, here’s how the loan term would affect your repayments:

  • Loan term of 1 year = $362 per month, $4,340 in total
  • Loan term of 2 years = $195 per month, $4,670 in total
  • Loan term of 3 years = $139 per month, $5,006 in total

Who offers $4,000 personal loans?

The big four banks (ANZ, Commonwealth Bank, NAB and Westpac) offer $4,000 personal loans. So do dozens of other lenders, including smaller banks, credit unions, building societies, online lenders, peer-to-peer lenders and non-bank lenders.

How do you take out a $4,000 personal loan?

Most lenders will allow you to take out a $4,000 personal loan over the internet, although some will also allow you to do it in-branch.

As a general rule, you’ll need to provide information about your:

  • Personal details
  • Income and expenses
  • Job situation

Some lenders may assess your application and (if successful) transfer funds on the same day.

How long does it take to get a $4,000 personal loan?

In the best-case scenario, the lender will need just 60 minutes to assess your $4,000 personal loan application, approve it and then transfer the funds to your account. If you already have an account with that lender, you could receive the funds almost immediately.

A more likely scenario is that it would take a week for the lender to assess your application and for the $4,000 to then appear in your bank account.

What can I use a $4,000 personal loan for?

Here are seven ways to use a $4,000 personal loan:

  1. Holiday
  2. Wedding
  3. Debt consolidation
  4. Car repairs
  5. Rental bond
  6. Medical bill
  7. School fees

What are the pros and cons of $4,000 personal loans?

The benefit of taking out a $4,000 personal loan is that you can quickly access a substantial amount of money, which you can use to pay a pressing bill.

The downside to taking out a $4,000 personal loan is that this speed and convenience might cost you hundreds of dollars in interest and fees.

Worse still, if you fall behind on your repayments, you might be hit with penalty fees and a downgrading of your credit score.

What are some of the alternatives to $4,000 personal loans?

Two alternatives to $4,000 personal loans are to access the funds through a credit card or a home loan - although both options come with potentially serious consequences and should not be done lightly.

If you wanted the $4,000 to make a purchase or pay a bill, you could charge it to your credit card. This strategy might work well if you paid off the entire debt during your credit card’s interest-free period. But if you didn’t, you would be charged interest - and this rate would most likely be higher than the interest on a personal loan.

If you wanted the $4,000 to consolidate credit card debt, you might be able to take out a balance transfer credit card instead. This strategy might work well if you had the discipline to pay off the debt during the balance transfer period and to refrain from spending any money on the new credit card. However, it could prove very costly if you failed to do one or both of those things.

Another option would be to take out the $4,000 from your home loan - either from an offset account or a redraw facility. This strategy might work well if you continued to make your mortgage repayments and eventually returned the $4,000 to your offset account or redraw facility. However, if taking $4,000 from your home loan caused you to fall behind on your mortgage repayments, you might face the terrible prospect of your home being seized.

Looking for other forms of finance with bad credit?

We can help. Visit out guide to bad credit to find out how to improve your credit score and apply for other financial products with bad credit, including home loans, car loans and credit cards.


^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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