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Feeling the love? Some of the top-rated personal loans for February 2024

Mark Bristow avatar
Mark Bristow
- 3 min read
Feeling the love? Some of the top-rated personal loans for February 2024

With Valentine’s Day just around the corner, it’s the time of year when a lot of money gets spent on everything from grand romantic gestures to elaborate weddings. While a personal loan could offer the financial support you need to splurge on your loved ones when the cost of living is high, it’s important to consider your budget and your credit score, and to carefully compare personal loan options before you apply.

According to research from the Australian Retailers Association (ARA) and Roy Morgan, Australians are set to spend $465 million this Valentine’s Day. This may sound like a lot, but it’s actually $20 million less than what was spent in 2023.

For those that are buying gifts, the Valentine’s Day spend per individual is set to rise to $135 per person, which is up from $118 in 2023. Almost a quarter of respondents buying gifts said they will spend more, while 57% will spend around the same and 19% will spend less.

Flowers, chocolates and romantic dinners remain popular gift choices, but some notable gifts from the more expensive end of the scale included a $60,000 car, a $15,000 motorbike and a $5000 holiday to Bali.

Before you rush out for a personal loan to buy a fancy present for your Valentine, be sure to take time out for some very romantic personal budgeting. Using a personal loan calculator, you can get a better idea of what your repayments could look like, and how easily they could fit into your household finances.

When comparing personal loans, remember that the interest rate you’ll be offered may depend on a range of factors, including your credit score. You can check your credit score for free online to see how lenders see you – if you have an excellent credit score, you could find you’re eligible for lower interest rates. But even poor credit borrowers may be able to take steps to start improving their credit score over time.

To help you quickly compare personal loan options in different categories, RateCity’s Personal Loan Leaderboards rank personal loans by their Real Time Ratings™. These simple star ratings combine each personal loan’s cost and flexibility, to reflect their overall value more closely. Ratings are updated frequently for improved accuracy, and some of the top-rated personal loans may become eligible for the RateCity Gold Awards

Some of the top-rated excellent credit personal loans

The top-rated personal loans today for borrowers with an excellent credit score. Assumes an unsecured $20,000 loan on a 36-month loan term.

6.57%

up to 9.99%

7.19%

up to 13.58%

$614

More detailsclick for more details

Australian Credit Licence 488228

Fees & charges apply

Product info
  • 1 to 7 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees

5.76%

up to 24.03%

6.55%

up to 24.99%

$606

More detailsclick for more details

Australian Credit Licence 474726

Fees & charges apply

Product info
  • 2024 Award Winner
  • 3 to 5 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees

6.57%

6.57%*

$614

Australian Credit Licence 449176

Fees & charges apply

Product info
Plenti Pty Limited
Plenti Unsecured Personal Loan (Variable) (Exceptional Credit)
  • 1 to 3 years
  • Unsecured
  • Variable Rate
  • Instant approval

6.75%

up to 26.95%

6.75%

up to 26.95%

$615

Australian Credit Licence 411227

Fees & charges apply

Product info
Wingate Consumer Finance (NOW Finance)
No Fee Joint Personal Loan
  • Special
  • 1 to 7 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees

6.75%

up to 26.95%

6.75%

up to 26.95%

$615

Australian Credit Licence 286655

Fees & charges apply

Product info
Pepper Money
Personal Loan Fixed
  • 2024 Award Winner
  • 1 to 7 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees

Some of the top-rated personal loans from new lenders

The top-rated personal loans today for borrowers with an excellent credit score. This only includes products new to the market within the past year. Assumes an unsecured $20,000 loan on a 36-month loan term.

6.99%

6.99%

$617

More detailsclick for more details

Australian Credit Licence 517589

Fees & charges apply

Product info
  • 2024 Award Winner
  • 1 to 7 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees

Compare personal loans

Product database updated 26 Feb, 2024

This article was reviewed by Public Relations Manager Eden Radford before it was published as part of RateCity's Fact Check process.

Promoted personal loans

OurMoneyMarket Services Pty Ltd

Low Rate Personal Loan Unsecured (Excellent Credit)

Real Time Rating™

  • 1 to 7 years

  • Unsecured

  • Fixed Rate

  • No ongoing fees

2024 Award Winner

Interest rate p.a.

6.57%

up to 9.29%

Comparison rate* p.a.

7.19%

up to 13.58%

More detailsclick for more details

Australian Credit Licence 488228

Product info
Money Place Australia Pty Ltd

Unsecured Personal Loan (Excellent Credit)

Real Time Rating™

  • 3 to 7 years

  • Unsecured

  • Fixed Rate

  • No ongoing fees

Interest rate p.a.

7.24%

up to 9.39%

Comparison rate* p.a.

7.24%

up to 10.31%

More detailsclick for more details

Australian Credit Licence 466327

Product info
Liberty Financial Pty Ltd

Unsecured Personal Loan (Excellent Credit)

Real Time Rating™

  • 3 to 7 years

  • Unsecured

  • Fixed Rate

  • No ongoing fees

Interest rate p.a.

7.24%

up to 9.39%

Comparison rate* p.a.

7.24%

up to 10.31%

More detailsclick for more details

Australian Credit Licence 286596

Product info
Revolut

Unsecured Personal Loan (Excellent Credit)

Real Time Rating™

  • 1 to 7 years

  • Unsecured

  • Fixed Rate

  • No ongoing fees

2024 Award Winner

Interest rate p.a.

6.99%

Comparison rate* p.a.

6.99%

More detailsclick for more details

Australian Credit Licence 517589

Product info
product data updated on

Product data updated on 26 Feb 2024