Showing personal loans for
$
over
for a credit score of
Advertised Rate

6.39

% p.a

Variable up to 7.49%

Comparison Rate*

6.39%*

% p.a

Variable up to 9.16%

Company
Monthly repayment

$918

36 months

Loan term

1 year to 3 years

Total repayments
Real Time Rating™

4.28

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.39%* would be $33,047*. Terms from 1-3 years

More details
Advertised Rate

6.25

% p.a

Fixed up to 19.95%

Comparison Rate*

7.64

% p.a

Fixed up to 21.36%

Company
Monthly repayment

$916

36 months

Loan term

1 year to 5 years

Total repayments
Real Time Rating™

3.96

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.64% would be $32,978*. Terms from 1-5 years

More details
Advertised Rate

6.99

% p.a

Variable up to 18.99%

Comparison Rate*

7.91

% p.a

Variable up to 19.83%

Company
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.13

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years

More details
Advertised Rate

8.99

% p.a

Fixed

Comparison Rate*

9.13

% p.a

Fixed

Company
Monthly repayment

$954

36 months

Loan term

2 years to 5 years

Total repayments
Real Time Rating™

3.64

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 9.13% would be $34,339*. Terms from 2-5 years

More details

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Learn more about personal loans

Extra repayments

Some loans come with a facility that allows you to make extra repayments if you have the capacity. If you’re not sure how useful or otherwise this could be, it’s worth doing a little checking up before you commit to a specific loan arrangement.

What are extra repayments? 

When you sign your loan agreement with your Australian lender of choice, you are pledging to repay your borrowing at a specific rate every week, fortnight or month, depending on your loan contract. The same applies if you have a credit card. Your lender sets the minimum amount you have to repay. However, at times you may have the option to pay a little bit extra if you are able to do so. This loan feature is called 'extra repayments'. 

Why do people make extra repayments?

There are a number of reasons why you might want to make extra loan repayments. 

  • If you regularly pay even just a little bit extra on your loan you may discover that it can make a huge difference in the long run, and that your debt is paid off more quickly. This is because as you reduce the amount you owe you are also reducing the amount of interest that is calculated on the outstanding balance.
  • If your chosen loan agreement allows you to make extra repayments without any additional penalty, doing so is likely to be of benefit to you at or before the end of the repayment period. 

What are the main features?

Lenders set a minimum loan repayment value based on charging you interest on the outstanding balance at each stage for the lifetime of your loan. So, often the largest portion of your early repayments will be to offset interest rather than repay the capital or principal you have borrowed. Making extra repayments provides you with an option to cover the required interest, repay some of the capital and then repay more of the capital because you are paying an additional amount. 

Each time you repay a little more of the capital amount you are effectively reducing the amount of interest the lender will be able to charge in the future. This means that the balance between interest and capital repaid changes in your favour during the loan period. 

What are the pros and cons of extra repayments?

Most lenders will provide you with a helpful calculator on their website that indicates the difference it can make to overpay loan amounts occasionally or regularly. Generally where an extra repayment feature is available there is an opportunity to overpay on loans at both fixed and variable rates, although always check with your lender if you have a fixed rate arrangement as some may charge additional fees for the privilege. Calculators can demonstrate how much interest you could save and how much time you could save in terms of the length of the repayment period.

What you need to look out for is whether or not your lender will impose a penalty if you pay off your debt earlier than expected. This is important as if this is a significant amount it may not be worth making extra loan repayments.

Frequently asked questions

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.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

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.

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.

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.

How long does it take to get a $5000 loan?

Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • Over how long you want to pay it back
  • Purpose of your loan

Are there any interest-free emergency loans?

The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.

There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.

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.

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.

How can I improve my credit rating/score?

Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.

Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.

If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.

The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).

AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.

If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.

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.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

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. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.