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Updated on 21 October, 2021

2021 RateCity Personal Loan Gold Awards Winners

Finding Australia's best Personal Loans has just been made easier. Select a category below and discover the loans that have received a coveted RateCity Gold Award.

Best Excellent credit personal loans
Company Product Real Time Rating™ Go to site

Personal Loan

Personal Loan

4.6 / 5

Low Rate Personal Loan

Low Rate Personal Loan

4.53 / 5

Low Rate Personal Loan

Low Rate Personal Loan

4.53 / 5

Fair Rate Personal Loan Diamond

Fair Rate Personal Loan Diamond

4.51 / 5

Equity Plus Personal Loan Unsecured

Equity Plus Personal Loan Unsecured

4.4 / 5

Personal Loan - Excellent Credit

Personal Loan - Excellent Credit

4.29 / 5

Low Rate Personal Loan Unsecured (Excellent Credit)

Low Rate Personal Loan Unsecured (Excellent Credit)

4.27 / 5

Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)

Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)

4.21 / 5

Liberty Personal Loan (Excellent Credit History)

Liberty Personal Loan (Excellent Credit History)

4.21 / 5

Unsecured Personal Loan (Excellent Credit Rating) (Variable)

Unsecured Personal Loan (Excellent Credit Rating) (Variable)

4.2 / 5

Unsecured Loan (Excellent Credit)

Unsecured Loan (Excellent Credit)

4.19 / 5

Personal Loan

Personal Loan

4.18 / 5

Best Green personal loans
Company Product Real Time Rating™ Go to site

Green Loan

Green Loan

4.87 / 5

Solar Eco Loan

Solar Eco Loan

4.75 / 5

How RateCity works out the Gold Awards

Nearly 350 products were analysed and compared from a variety of lenders and providers, and only the top ten percent were deemed winners.

The RateCity Personal and Car Loan awards celebrate lenders who consistently offer competitive loans to Australian consumers.

The awards are based on our market-leading Real Time Ratings™ system which gives every loan in our database a score out of five, based on cost and flexibility.

Importantly, these scores are calculated every day, capturing product changes as they happen – a factor missed by some awards programs.

Methodology for Personal Loans 2021 Gold Awards
How are Real Time Ratings™ calculated

How RateCity Leaderboards work

We’ve built these leaderboards to help you quickly see what are the top banking products in each of the key categories.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.