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What is a personal loan calculator?

A personal loan calculator is a helpful interactive online tool that can give you an estimate of your potential personal loan repayments.

By entering information such as the amount you’d like to borrow, your preferred loan term and interest rate, the personal loan calculator can estimate your potential weekly, fortnightly or monthly repayments, as well as the interest payable over the life of the loan.

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 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 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.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How much can I borrow with a personal loan?

It’s unusual for a lender to provide a personal loan of above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

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 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.

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 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 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 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.

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.

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 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.

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.

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

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.