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RateSetter leading the way for personal loans
Interest rates for personal loans listed on RateCity range from as low as 3.57 per cent to as high as 48.00 per cent.
The average personal loan interest rate was 11.89 per cent at the end of December, according to an analysis of the dozens of lenders listed on RateCity.
RateSetter, a peer-to-peer lender, has a one-year unsecured personal loan with an advertised rate of 3.57 per cent and a comparison rate of 3.92 per cent.
This loan has an upfront fee of $300 – almost twice as high as the average, which was $169 at the end of December.
Consumers can borrow between $2,000 and $45,000 with the RateSetter loan, which can be used for a range of purposes, including to consolidate debts, purchase a vehicle, take a holiday, settle a medical bill or pay for a wedding.
To put personal loans into perspective, the average car loan interest rate at the end of December was 9.99 per cent, while the average home loan variable rate was 4.67 per cent.
Disclaimer
This article is over two years old, last updated on January 16, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent personal loans articles.
Compare personal loans
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 2024 Award Winner
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
5.76%
up to 24.03%
6.55%
up to 24.99%
$909
Australian Credit Licence 474726
Fees & charges apply
- 2024 Award Winner
- 3 to 5 years
- Unsecured
- Fixed Rate
- No ongoing fees
7.24%
up to 9.39%
7.24%
up to 10.31%
$930
Australian Credit Licence 286596
Fees & charges apply
- 3 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
6.75%
up to 26.95%
6.75%
up to 26.95%
$923
Australian Credit Licence 411227
Fees & charges apply
- 2024 Award Winner
- Special
- 1 to 7 years
- Unsecured
- Fixed Rate
7.49%
up to 13.95%
8.33%
up to 17.58%
$933
Australian Credit Licence 393845
Fees & charges apply
- Via broker
- 1 to 7 years
- Secured
- Fixed Rate
8.99%
up to 10.99%
10.99%
up to 13%
$954
Australian Credit Licence 517589
Fees & charges apply
- 1 to 3 years
- Unsecured
- Fixed Rate
- No ongoing fees
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 1 to 7 years
- Secured
- Fixed Rate
- No ongoing fees
6.99%
6.99%
$926
Australian Credit Licence 517589
Fees & charges apply
- 2024 Award Winner
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
Product database updated 19 Apr, 2024
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