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Find and compare Hobart personal loans

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Product

Unsecured Personal Loan

Real Time Rating™

4.11

/ 5
Interest 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™

4.11

/ 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

special

Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Plus enjoy no fees for extra repayments and no early exit fees.
Product

Unsecured Personal Loan Fixed

Real Time Rating™

4.02

/ 5
Interest Rate

6.99

% p.a

Fixed up to 18.99%

Comparison Rate*

7.91

% p.a

Fixed up to 19.83%

Company
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.02

/ 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

special

Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Plus enjoy no fees for extra repayments and no early exit fees.

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Personal loan lenders we compare at RateCity

Learn more about personal loans

Personal loans in Hobart 

The busy seaport of Hobart, Tasmania’s capital city, is central to the local economy. With modest house prices, relative to the rest of Australia, the city is an attractive place in which to live and work, and should you find yourself in need of financial help, there are plenty of institutions that offer personal loans.

How do personal loans in Hobart work? 

If you decide you want to take out a personal loan in Hobart, you need to talk to local banks and other lenders. You may want to compare their terms and conditions online beforehand. Personal loans can be used for a variety of purposes, although while lenders will sanction borrowing to buy a car or pay medical bills, they may not agree to fund debt consolidation. Your first step should be to check the policies of lenders to identify those that will offer you a loan that suits your circumstances. 

Why do people use personal loans in Hobart? 

Hobartians use personal loans to meet major or additional expenses. It’s possible to identify lenders who will offer you a loan even if you have poor credit history or are self-employed, you just need to shop around for the right deal. If you don’t want to secure your loan on an asset, such as your car or home, you will need to look for lenders that offer unsecured loans. 

Personal loans can be used for the following:

  • Paying for a wedding;
  • Making essential repairs to your home;
  • Student funding;
  • Dealing with financial emergencies, such as unexpected medical bills;
  • Consolidating debt;
  • Buying a new vehicle, such as a car, caravan or motorcycle.

What are the main features?

Personal loans have a number of features, but not all will be available from every lender. If you are seeking a degree of flexibility you may want a loan with overpayment and redraw facilities or a line of credit. Alternatively, you may want a loan that comes bundled with other financial products, such as a transaction account or credit card. It is, of course, possible to take out a basic, no-frills loan with a regular repayment schedule if that’s what suits your needs.

How do I find the right personal loan?

A personal loan helps you to meet your financial commitments in a structured and affordable way. There’s plenty of choice and, due to the competitive nature of the marketplace, you should be able to identify a lender and a product that provides the level of flexibility you require. 

Some lenders charge for extra features such as redraw and making additional payments, so it’s best to check what fees and charges you could be liable for before signing any personal loan agreement. Investigating and comparing the details of personal loans at the outset is a must to ensure you choose the loan that’s right for you.

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 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.

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.

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 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.

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 an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

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 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.

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.

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 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.

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.

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 I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can you get an emergency loan on Centrelink?

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.

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.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.