Personal loans in Canberra from 90+ lenders

NOW FINANCE terms and conditions

Contact a broker

We are there to help you out with all your queries

Get a personalised rate

Make sure you're getting the best rate on your personal loan

Unsecured Joint Personal Loan

Interest rates tailored to your combined situation

Advertised Rate

Fixed

7.95%

up to 16.95%

9.56%

Unsecured Joint Personal Loan

No early repayment feesCan apply online

NOW FINANCE terms and conditions

Find and compare Canberra personal loans

Now showing 1 - 11 of 11 personal loans

Sort by

Product	Advertised Rate	Comparison Rate*	Company	Monthly repayment	Upfront Fee	Loan term	Total repayments	Go to site
Unsecured Joint Personal Loan	Fixed 7.95% up to 16.95%	9.56%	Unsecured Joint Personal Loan	$939 36 months	$495	1.5 years to 7 years	$33,818 View repayment schedule »	Go to site	More details
Unsecured Personal Loan - (Excellent Credit)	Fixed 7.50% up to 9.99%	9.51%	Unsecured Personal Loan - (Excellent Credit)	$933 36 months	3% of loan amount	2 years to 3 years	$33,595 View repayment schedule »	Go to site	More details
Fixed Rate Personal Loan	Fixed 8.99%	9.13%	Fixed Rate Personal Loan	$954 36 months	$100	2 years to 5 years	$34,339 View repayment schedule »	Go to site	More details
Discounted Personal Loan	Fixed 7.99%	8.35%	Discounted Personal Loan	$940 36 months	$250	1 year to 10 years	$33,838 View repayment schedule »	Go to site	More details
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)	Fixed 6.99% up to 25.69%	7.69%	Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)	$926 36 months	$500	3 years	$33,342 View repayment schedule »	Go to site	More details
Discount Personal Loan	Variable 10.89%	11.15%	Discount Personal Loan	$981 36 months	$175	1 year to 7 years	$35,302 View repayment schedule »	Go to site	More details
Personal Loan Fixed	Fixed 12.45%	13.32%	Personal Loan Fixed	$1003 36 months	$150	1 year to 7 years	$36,104 View repayment schedule »	Go to site	More details
Advertisement Advertisement
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term) special Rate Promise: Found a cheaper personal loan? RateSetter will match it & pay $200 towards your loan. T&Cs apply. *Comparison rate is calculated based on a loan of $10,000 over 3 years.	Variable 6.79%	8.83%*	Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)	$923 36 months	$299	3 years	$33,244 View repayment schedule »	Go to site	More details
Tier 2 SocietyOne Loan Fixed	Fixed 10.49% up to 11.49%	13.38%	Tier 2 SocietyOne Loan Fixed	$975 36 months	3% of loan amount	2 years to 3 years	$35,098 View repayment schedule »	Go to site	More details
Unsecured Personal Loan	Fixed 13.99%	15.78%	Unsecured Personal Loan	$1025 36 months	$250	1 year to 7 years	$36,907 View repayment schedule »	Go to site	More details
Personal Loan	Variable 15.99%	16.84%	Personal Loan	$1055 36 months	$150	1 year to 7 years	$37,964 View repayment schedule »	Go to site	More details

Include all personal loans products without View Now links

Data last updated on 1 Apr 2020

Read our important disclosures and general advice warning

Today's top personal loans products

Find popular personal loans lenders from a wide range of Australian. View All >

Unsecured Joint Personal Loan

Fixed

7.95%

up to 16.95%

9.56%

No early repayment fees
Can apply online

Unsecured Personal Loan - (Excellent Credit)

Fixed

7.50%

up to 9.99%

9.51%

No ongoing fees
No early repayment fees
Can apply online

Fixed Rate Personal Loan

Fixed

8.99%

9.13%

No ongoing fees
No early repayment fees
Can apply online

Discounted Personal Loan

Fixed

7.99%

8.35%

No ongoing fees
No early repayment fees
Can apply online
Can apply in branch

Apr 1, 2020( 6 min read )

The latest in personal loans news

View All >

Personal Loans

The lenders providing personal loan repayment relief during the coronavirus

More than 20 personal loan lenders are providing some much-needed breathing room for borrowers during COVID-19.

Personal Loans

Aussies rack up $18 billion of debt over Christmas

Debt is the last thing most Australians want to talk about, despite the country owing more than $18 billion in credit card and loan debt over Christmas alone.

Jan 30, 2020( 2 min read )

Personal loans in Canberra

Canberra is the capital city of Australia and the headquarters of the government. It’s a prosperous city, with higher average incomes and lower unemployment rates than the national average. House prices and rental costs are relatively high, pushing up the cost of living. However, Canberrans have access to a thriving financial sector when they need assistance with purchasing property or wish to take out personal loans.

How do personal loans in Canberra work?

Financial institutions, including banks and non-bank lenders, offer a range of personal loans in Canberra, so there are plenty of options available. If you have a project you need to borrow money for, a personal loan may be the ideal solution, as they can be used for a variety of purposes.

Your first step should be to check the policies of various lenders to identify those that will make suitable loans available to you. Next, compare the various features that suitable loans have, as well as any restrictions on them and extra charges that may be made.

Why do people use personal loans in Canberra?

Canberrans apply for personal loans for specific purchases, such as buying a new car, motorbike or caravan, or to support students at university. Alternatively, they are sometimes used for large bills, unforeseen costs and large, one-off expenses, such as:

Consolidating debt;
Medical treatment;
Financial emergencies;
Vital home repairs.

What are the main features?

A basic personal loan consists of borrowing an amount on which your lender charges interest and then repaying it at regular intervals over an agreed period. Additional features can include other financial products, overpayment and redraw facilities, and a line of credit. It’s still possible to get a personal loan from certain lenders if you’re deemed a higher risk applicant because you have a poor credit rating or you’re self-employed, for example.

Linked products can include transaction accounts and credit cards. Your lender may also offer a feature that enables you to make occasional extra payments and redraw funds if you later find that you need them. Overpayment is one way of paying off your loan early, thus saving yourself money on interest rates, while a line of credit allows you to borrow what you need initially, and then start to repay it, but with the option of borrowing again, up to an agreed limit, should you need to.

What are the pros and cons of personal loans in Canberra?

A personal loan can help you to make major purchases and pay unforeseen costs by providing extra funds. Terms and conditions can be flexible, and can be negotiated with lenders to better suit your circumstances.

With a basic personal loan, there aren’t usually any extra fees involved, but some lenders charge for extra features and place restrictions on how much and how often you can overpay or redraw. Make sure your personal loan repayments are affordable and always compare the features and options available to identify the best choice for your circumstances.

Mark Bristow

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.

FAQs

View All >

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.

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.)

Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.

However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

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 usually 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.

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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.

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

The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
Non-bank lenders (such as Pepper Money, Liberty and RACV)
Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)

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.

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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.