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Some of the top-rated personal loans in October 2023

Mark Bristow avatar
Mark Bristow
- 2 min read
Some of the top-rated personal loans in October 2023

The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance rise 6.1% in August, following a rise of 6.0% in July 2023.

These figures were partially driven by an increase in the number of fixed term loans for personal investment (8.2%), while loans for road vehicles rose 8.2%.

While many Australians may already be familiar with the general principles of car loans, did you know that you can also take out a personal loan to invest in shares, bonds, or other assets? Depending on your investment strategy, this could prove an effective means of making returns on your investment. 

Of course, past performance is not a reliable indicator of future performance, and borrowing to invest could mean you risk losing money if your investments don’t pan out as expected. Even though you may be able to offset some of these losses through negative gearing (it’s not just for property investment), this could potentially leave you in a difficult financial situation. Consider seeking financial advice before you borrow money to invest.

Whatever your reason for applying for a personal loan, it’s important to consider more than just the interest rate on offer. Personal loan interest rates, fees, features and other benefits can all go towards establishing their overall value to you. To help quicken and simplify the process of comparing personal loans, you could consider looking at the Real Time Ratings™ on RateCity, which combine each loan’s cost and flexibility into a single simple star rating.

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.

Some of the top-rated green personal loans

The top-rated secured and unsecured personal loans today for those borrowing for sustainability purposes, such as installing solar panels and energy-efficient white goods. Assumes a $10,000 loan on a 36-month loan term.

Ask the lender for information about how it determines a personal loan to be ‘green’ or ‘eco’ and how it contributes to emissions reduction and environmental responsibility.

Compare personal loans

Product database updated 20 Jun, 2024

This article was reviewed by Mia Steiber before it was published as part of RateCity's Fact Check process.

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