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Need a boost for your business? Explore top personal loans for May 2023

Peter Terlato avatar
Peter Terlato
- 2 min read
Need a boost for your business? Explore top personal loans for May 2023

As interest rates climb ever higher, Australians are more cautious when it comes to spending and borrowing funds. Whatever your needs, it’s sensible to consider a variety of loan options in order to find finance that fits your budget.

The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance fall (-3.1%) in March, following a modest rise (0.8%) in February 2023.

Commitments for personal lending were dragged down by an decrease in the number of loans for personal investment (-1.2%) but were somewhat buoyed by an increase in lending for road vehicles (0.7%).

New loan commitments, personal fixed term loans (seasonally adjusted), values, Australia - larger purposes

Source: ABS data on new loan commitments, personal fixed term loans (seasonally adjusted).

Personal loans vs business loans - which is right for you?

If you’re seeking financial support for your business, you have choices. A business loan is used for funding specific business needs and can be cumbersome due to the vast amount of paperwork involved. On the other hand, getting a personal loan may be simpler, but you could be putting your assets at risk if you default.

Deciding between a personal and a business loan can be challenging. While business loans may appear more appropriate, personal loans can offer more flexibility. Before making a decision, it’s important to understand and compare your options so you can find the best finance  for your business.

Finding the personal loan that’s ideal for your situation

If you're seeking a personal loan with repayments that fit your budget, credit score and desired loan term, RateCity's personal loans calculator can provide you with an estimate to help find one that's right for you.

RateCity has ranked the top-rated personal loans on our Personal Loans Leaderboard using our comprehensive, game-changing Real Time Ratings™ system. This system gives loan products a score out of five, based on cost and flexibility. Unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of personal loan options.

Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.

Compare personal loans

Product database updated 23 Jul, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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