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Advertised Rate 5.75% Variable up to 7.99% | Comparison Rate* 6.47% | Company ![]() | Monthly repayment $909 36 months | Loan term 1 year to 7 years | Total repayments $32,733 | Go to site | Enjoy the flexibility of a variable-rate personal loan on a competitive interest rate. | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | Highlighted | ||
Advertised Rate 5.99% Fixed up to 9.39% | Comparison Rate* 6.27% | Company ![]() | Monthly repayment $913 36 months | Loan term 3 years to 5 years | Total repayments $32,851 | Go to site | Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner. More details | ||||
Advertised Rate 6.99% Fixed up to 9.49% | Comparison Rate* 6.99% | Company ![]() | Monthly repayment $926 36 months | Loan term 2 years to 3 years | Total repayments $33,342 | Go to site | Sign up online for a personal loan with this digital marketplace lender, and pay no ongoing fees. More details | ||||
Advertised Rate 6.95% Fixed up to 8.99% | Comparison Rate* 6.95% | Company ![]() | Monthly repayment $926 36 months | Loan term 1 year to 5 years | Total repayments $33,323 | Go to site | 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. | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | |||
Advertised Rate 7.95% Fixed up to 8.5% | Comparison Rate* 7.95% | Company ![]() | Monthly repayment $939 36 months | Loan term 3 years to 5 years | Total repayments $33,818 | Go to site | More details | ||||
Product | Advertised Rate 5.99% Fixed up to 21.99% | Comparison Rate* 7.26% | Company ![]() | Monthly repayment $913 36 months | Loan term 1 year to 7 years | Total repayments $32,851 | Go to site | More details | |||
Advertised Rate 6.75% Fixed up to 7.05% | Comparison Rate* 7.10% | Company ![]() | Monthly repayment $923 36 months | Loan term 1 year to 7 years | Total repayments $33,224 | Go to site | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | ||||
Advertised Rate 9.39% Fixed | Comparison Rate* 9.64% | Company ![]() | Monthly repayment $959 36 months | Loan term 0 year to 7 years | Total repayments $34,540 | Go to site | More details | ||||
Advertised Rate 7.99% Fixed | Comparison Rate* 8.62% | Company ![]() | Monthly repayment $940 36 months | Loan term 1 year to 7 years | Total repayments $33,838 | Go to site | More details | ||||
Advertised Rate 12.69% Fixed | Comparison Rate* 13.56% | Company ![]() | Monthly repayment $1006 36 months | Loan term 1 year to 7 years | Total repayments $36,228 | Go to site | More details | ||||
Product | Advertised Rate 6.95% Fixed up to 17.95% | Comparison Rate* 8.57% | Company ![]() | Monthly repayment $926 36 months | Loan term 1 year to 7 years | Total repayments $33,323 | Go to site | More details | |||
Product | Advertised Rate 12.69% Variable | Comparison Rate* 13.56% | Company ![]() | Monthly repayment $1006 36 months | Loan term 1 year to 7 years | Total repayments $36,228 | Go to site | More details |
$606
based on $20,000 loan amount for 3 years at 6.47%
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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 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.
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 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 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.
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 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 no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
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.
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
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.
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.
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.
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 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.
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.
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.
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.
Is it hard to improve your credit score?
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.