Personal loans for household bils
Get on top of household bills with a low rate loan from one of our 90+ lenders.
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Fixed up to 8.5%
Tech-savvy borrowers can join this digital lender, without needing to put down security.
Fixed up to 17.95%
1.5 years to 7 years
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
Fixed up to 8.99%
3 years to 5 years
Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner.
Fixed up to 19.49%
1 year to 7 years
Be rewarded for your excellent credit rating with this competitive fixed rate personal loan offering fast funding and flexible repayments.
Fixed up to 9.49%
2 years to 3 years
Variable up to 9.99%
1 year to 7 years
1 year to 10 years
1 year to 7 years
1 year to 7 years
1 year to 7 years
0 year to 7 years
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Can you take out personal loans for household bills?
Yes, you can take out personal loans for household bills.
Who offers personal loans for household bills?
With both traditional and non-traditional lenders offering personal loans for household bills, borrowers will have no shortage of options to compare. Depending on the amount you’re looking to borrow, the type of personal loan you’re looking for and your credit history, there is a wide range of personal loans for household bills available.
Comparison sites like RateCity are a great place to see who offers personal loans for household bills and help you make a more informed decision when selecting a suitable lender.
How do you take out personal loans for household bills?
Once you’ve compared your options and found a personal loan for household bills you want to take out, you can click through to apply directly to the lender's website and begin the application. Depending on the type of loan you’re looking for and your credit history, some borrowers may be better off engaging a mortgage broker to help them with their application and loan structure.
Can people with bad credit take out personal loans for household bills?
People with bad credit can take out personal loans for household bills – at least in some situations. If you’ve got bad credit and you’re sure that you can afford to make the repayments, there are some online lenders and non-traditional lenders that can help people with bad credit take out personal loans for household bills. But if you have a history of bad credit and you can’t afford to pay your household bills, you should be very wary of taking out another loan and falling into a debt trap.
How do you compare personal loans for household bills?
There is a wide range of personal loans for household bills on offer. To help you compare your options, look at the following;
- Interest rate. Start by looking at the interest rate and compare the difference between a fixed and variable rate. When comparing options side by side, look at the comparison rate as it combines all fees to give you a more accurate rate.
- Fees vary between lenders so check establishment fees, ongoing fees, early repayment penalties and late payment fees.
- Loan amount. Some lenders may have a minimum loan amount that may not suit you.
- Loan terms. Loan terms vary between 30 days and seven years, depending on the lender and the amount you wish to borrow.
- Repayment schedule. Some lenders may let you schedule your repayments to suit your pay cycle.
What are the pros and cons of personal loans for household bills?
If you’ve got household bills piling up, taking out a personal loan for household bills may help you consolidate your debt and avoid any late payment penalties or credit impairments. Before applying for any personal loans for household bills, always weigh up the pros and cons.
The obvious down side of taking out any sort of personal loan is that you will have to pay – in the form of interest and fees – for the privilege. And if you fall behind on your repayments, it could damage your credit score.
Generally speaking, personal loans for household bills tend to have lower interest rates than credit cards, which may work out costing you less in the long run, especially if you’re not in the habit of paying off your monthly statement in full.
If you’ve got an existing mortgage with a redraw feature, this may be a better option as the interest rate is generally lower than that of a personal loan or credit card.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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Frequently asked questions
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.
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.
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 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 bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear 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 and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds 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.
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 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.
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
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.
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.
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 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.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
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.
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.
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.
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 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 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
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.
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.