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An unsecured personal loan with a competitive interest rate and no ongoing or extra repayments fees, giving you the flexibility to pay it off faster.
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What is a personal loan broker?
A personal loan broker is a finance specialist that can help connect you with personal loans that may suit your needs. A good personal loan broker can help you compare different personal loan options, work out which personal loan may be best for you, and walk you through the application process, saving you time and effort.
Is a mortgage broker the same as a personal loan broker?
Some mortgage brokers are also personal loan brokers, but not every personal loan broker is also a mortgage broker.
In order to recommend a financial product, a broker must be accredited with the bank or lender that offers the loan. As personal loans and home loans require separate accreditation, some finance brokers choose to specialise in one area of expertise.
Much like mortgage brokers, personal loan brokers won’t be accredited with every bank and personal loan provider on the market. The more lenders a broker is accredited with, the more potential options they may be able to share with you. However, it’s also important to do your own research and compare different personal loans for yourself before signing on the dotted line.
Keep in mind that while most mortgage brokers won’t charge you a fee for their services, you may need to pay a fee for help from a personal loan broker. Both mortgage brokers and personal loan brokers may also receive commissions from lenders, which could influence which loans they recommend to you – use your own judgement.
How can a personal loan broker help me?
Talking to a personal loan broker about your financial situation and what you’re looking for in a personal loan can get you started in the right direction. A broker can:
- Help you determine what type of personal loan may best suit your needs
- Compare different personal loan options
- Estimate the cost of different personal loans
- Negotiate with personal loan providers on your behalf to help you get a better deal
- Handle the personal loan application process for you, so there’s less hassle and paperwork
Borrowers who don’t receive regular incomes (such as freelancers or contractors) or who have had money troubles in the past may also appreciate help from a personal loan broker. Rather than applying for a personal loan on your own and getting rejected (which could make a bad credit situation worse), a finance broker can help you find a specialist lender that offers personal loans for your financial situation, which could help improve the chances of seeing your application approved.
Can a broker get me a better personal loan than a bank?
While a bank can provide you with a personal loan, a personal loan broker can help you compare multiple personal loan options from different banks and lenders. By comparing a wider variety of options, you may be able to find a personal loan that’s better suited to your needs with the help of a broker.
If you’ve been a good customer with your current bank, you may be able to negotiate a better interest rate on one of their personal loans. However, a personal loan broker may be able to use their knowledge of personal loans and experience with lenders to negotiate an even better interest rate on your behalf.
Remember that some finance brokers have minimum loan amounts for the personal loans they work with, such as $5,000 or higher. If you’re looks for a smaller personal loan than this, you may need to compare your options before approaching a lender directly.
Pros and Cons of personal loan brokers
- Can get you a better deal
- Does the work for you
- Can help you find special loans to suit your needs
- Can’t offer every loan option on the market
- May charge fees or commissions
- Higher minimum loan amounts
Where can I find a personal loan broker?
Personal loan brokers may run their own businesses or operate as part of a large company or broking group. Personal loan brokers who are also mortgage brokers may be contacted though their mortgage broking network. You may be able to meet with your personal loan broker in person, but many finance brokers operate online and over the phone.
You can get in touch with a personal loan broker in your local area right here at RateCity. Simple enter your details, including your location and what type of personal loan you’re looking for, and you can be connected with nearby personal loan brokers.
Senior Financial Writer
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
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Frequently asked questions
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 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.
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.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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 repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
How do you get a bad credit personal loan?
You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
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.
Can I get a fast loan with bad credit?
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.