Based on your details, you can compare the following personal loans

Advertised Rate
Comparison Rate*
Upfront Fee
Ongoing Fee
Loan amount
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How does RateCity’s Personal Loan Calculator work?

  1. Enter how much you’d like to borrow – Try putting in different amounts to compare results. If you borrow a larger loan amount, you may need to make higher repayments, or take on a longer loan term.
  2. Select your preferred interest rate – The lower the interest rate, the more affordable your personal loan repayments may be.
  3. Choose monthly, fortnightly, or weekly repayments – Choosing a repayment schedule that suits your pay cycle could help make your budgeting simpler. Plus, more frequent repayments could help reduce the total interest you may pay.
  4. Choose a loan term – A shorter personal loan term means your repayments may be higher, but you could pay off your debt sooner and pay less total interest. A longer personal loan term means your repayments may be lower, but the cost of the loan may be higher, and you might need to pay more in total interest.
  5. Compare personal loans – Look for personal loan options that have similar interest rates to your calculation. Aside from the interest rate, be sure to check a personal loan’s fees and features before you apply to make sure it suits your needs.

RateCity’s Personal Loan Calculator offers estimates only, and does not include fees and other charges. Variable interest rates may change over time, and affect the cost of your personal loan repayments. Products are not recommendations. You may not be eligible for every personal loan offer. Consider contacting a financial counsellor for professional advice about whether a personal loan is right for you.  

Why should I use RateCity’s Personal Loan Repayment Calculator?

Use RateCity’s Personal Loan Calculator to help you work out how much a personal loan may cost you. It’s a good idea to use the calculator to compare different interest rates, different loan amounts, loan terms and repayment schedules to estimate the impact a personal loan could have on your budget.

RateCity’s Personal Loan Calculator can help you compare personal loans before you make a final decision on your personal loan. Using the Personal Loan Calculator doesn’t affect your credit rating, so consider using the calculator to understand of how repayments might change in different loan situations.

Are all personal loan repayments calculators the same?

RateCity's approach to personal loan calculators may provide more information than other calculators, which may aid in any financial planning you're doing. While not all personal loan repayment calculators cover loan details and the total amount payable through the course of a personal loan, RateCity's calculator may assist in understanding cost savings not just in regards to home expenses, but potentially business accounts expenses, as well. 

While business loans are rarer for personal loan calculators, RateCity's approach doesn't have a single customer in mind, and instead focuses on the loan, the rate, and the details. Simply enter how much you need to borrow, the expected loan term, your interest rate, and a credit score, if you know what it is. Our calculator will then provide not just the total interest payable through the course of your financial loan, but also the total amount payable either weekly, monthly, or fortnightly. 

Loan details are provided in suggested personal loans, and while lending criteria may differ in various credit products, some of these are listed in the options provided by the RateCity Personal Loans calculator. 

What do I need to know before getting a personal loan?

Whether you’re looking for a personal loan to pay for a big purchase, cover unexpected expenses, or consolidate other debts, it pays to know what you’re getting into before you sign on the dotted line.

It’s important to understand that a personal loan can be a major financial commitment. Personal loans are not free, and lenders charge you interest as well as potential fees to cover for their services.

You may want to keep in mind what you're using the personal loan for. Some personal loans can be used in lieu of a car loan, and that's because a car loan is a form of personal loan. However a car loan might be a better option long term dependent on where you're organising finance from. Likewise, a personal loan could be a better approach than charging money to credit cards, which typically have higher interest rates for purchases. On the other hand, credit cards can provide rewards and other bonuses, so choose carefully.

Make sure you know that you’re able to afford the repayment amount. If you fail to make repayments, your credit record could be negatively affected. In some cases, you may be charged late fees for making overdue repayments, similar to how customers with a home loan may be affected. 

The best personal loan for you will depend on your personal financial situation and why you need the personal loan. Remember, while low interest rates and fees may help make the personal loan more affordable, the cheapest personal loan may not always be the best option for you. Consider speaking to a professional financial adviser for advice specific to your personal situation.

What should I compare to find the best personal loan for me?

Before applying for a personal loan, it's wise to do your research to understand how a personal loan works. You should always make sure the personal loan you're considering matches your financial needs. Comparing your options is a good place to start. There are five things to look at when comparing personal loans:

Interest rates – The interest rate on a personal loan is likely the first thing you look at when comparing personal loans. You can choose between fixed rates and variable rates. Aside from the advertised rate, make sure to check different comparison rates to get a better idea of the loan’s total cost. The comparison rate combines a loan’s interest rate and standard charges into a single percentage for simple comparison. A low rate shouldn't be the only thing to look for.

Fees – A lender may charge upfront fees, such as establishment fee or application fees, and ongoing fees, which could be charged annually or monthly. If you want to make extra repayments on your personal loan, you might also need to pay early repayment fees. Late payment fees and redraw fees are another type of fee to keep an eye on.

Personal loan repayments – It’s important to know you can meet your personal loan repayments. In general, making higher repayments may mean a shorter loan term and lower total interest costs. Some personal loan lenders may let you choose between weekly, fortnightly or monthly repayments, to help you better manage your budget.

Secured or unsecured personal loan – A secured personal loan generally has lower interest rates than an unsecured personal loan. With a secured personal loan, you are putting down your asset (such as a car or property) to reduce the risk to the lender. But there’s a risk that you may lose your asset if you fail to pay back the loan. If you don’t want to risk this, you may want to consider an unsecured loan.

Features – Personal loans can come with different features. An example of a personal loan feature is the ability to make extra repayments, or a redraw facility, which generally allows you to withdraw any extra repayments you have made.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

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.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension. 

Can you pay off a quick loan early?

Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.

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.

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.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

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.

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.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

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.

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.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

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 fast loan if I’m unemployed or on Centrelink?

Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.

If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people 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 students with no credit history get loans?

It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.

Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.