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Top rated personal loans for December 2020
As we bid adieu to what has been a difficult year for many, there’s still time to get a head start on your financial goals before ringing in the new year.
Despite the nation entering a recession triggered by the COVID-19 pandemic, many Aussies have been working hard to pay down their debts this year.
New figures released by the Reserve Bank of Australia show Australians have slashed the national credit card bill to $19.71 billion in October 2020. This marks the first time debt accruing interest has dropped below $20 billion in almost 16 years.
Throughout 2020, Australians have managed to pay off $7.8 billion in debt and have closed down almost one million credit card accounts.
If you’re eager to follow suit and start the new year with a bit less plastic in your wallet, one option that might be worth considering is a debt consolidation personal loan.
Using a personal loan to consolidate existing debts could potentially help you save on interest costs, as you may be able to access a more competitive interest rate than your credit cards currently offer. You might also be able save money by avoiding paying duplicate account fees.
Keep in mind that consolidating your debts with a personal loan still means you are taking on a financial commitment. It’s worth comparing all of your options before opting for a debt consolidation personal loan. And, for advice specific to your personal situation, consider speaking to a financial adviser.
If want to stay up to date on the personal loans market, consider using RateCity’s Personal Loans Leaderboard, where personal loans are tracked and rated daily using the Real Time Ratings system.
RateCity has put together some of the top-rated personal loans for December 2020 to help you start your personal loan comparison.
(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.)
Best excellent credit personal loans
Best green personal loans
Disclaimer
This article is over two years old, last updated on December 16, 2020. 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
9.49%
up to 9.99%
9.92%
up to 10.42%
$961
Australian Credit Licence 517589
Fees & charges apply
- 2024 Award Winner
- 1 to 5 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
11.99%
12.57%
up to 12.57%
$996
Australian Credit Licence 517589
Fees & charges apply
- 1 to 3 years
- Unsecured
- Fixed Rate
- No ongoing fees
Product database updated 26 Apr, 2024
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