Now you have a deeper understanding of what features you want for your personal loan, it’s time to shop around and compare your options. There are a range of tools that may help you to filter down and narrow your personal loan search until you’ve created your ideal shortlist of options. This includes:
Comparison tables, like the one on this page, may help you to compare apples with apples by showing you loan options side by side. You enter the amount you want to borrow and the loan term, and then filter down your loan options based on the features you want in a loan.
Then you can easily compare your options to see how they stack up on several factors, including interest rate and monthly repayments. You can also sort your results by the lowest interest rates or comparison rates to find the most competitive options available.
Personal Loan Repayment Calculator
To help narrow down your shortlist, use our Personal Loan Repayment Calculator to view an estimate of how much your personal loan options could cost you on an ongoing basis. This may allow you to narrow down your best option based on how repayments suit or don't suit your budget.
Interest rates are not the only cost associated with a personal loan. This is where a comparison rate comes in. It is a combination of a loan’s interest rate with some of its fees and other charges, such as ongoing fees and upfront fees. A comparison rate aims to create a more “realistic” cost of the loan, based on a $30,000 personal loan over five years.
This provides a clearer picture of the total cost of borrowing over the loan's term and enables borrowers to make more informed decisions when comparing different loan options. By factoring in both the interest rate and associated fees, the comparison rate offers a more transparent representation of the true cost of a personal loan, allowing borrowers to assess and select the most suitable loan for their financial needs.
If a loan has a low advertised rate, but a much higher comparison rate, you’ll be able to identify that it likely has costly ongoing fees. If your best personal loan is one that doesn’t cost you an arm and a leg, then choosing an option with a competitive comparison rate may be worth considering.
Real Time Ratings
Real Time Ratings is RateCity’s world-first rating system that ranks personal loans based on your individual requirements. Simply consider using the star ratings of the products in the comparison table on this page as a guide towards which loan options may be more competitive than others.
Each personal loan is given a score out of five, based on loan costs and flexibility. It then takes into consideration your ideal loan size, loan term, borrowing purpose and if you’re securing the loan, to give you a more tailor-made result. Unlike other comparison pages which rank their products once or twice a year, Real Time Ratingsresults are calculated live, so they are up to date as possible.