NOW FINANCE

Unsecured Personal Loans

Real Time Rating™

3.67

/ 5
Advertised Rate

6.95%

Fixed up to 17.95%

Comparison Rate*

8.57%

Upfront Fee

$495

Loan amount

$5k to $40k

Real Time Rating™

3.67

/ 5
Repayment

based on $30,000 loan amount for 3 years

Highlighted

7.65%

Fixed up to 10.49%

7.65%

Liberty Financial

$624

3 years to 7 years

4.07

/ 5
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RateCity Says: Borrowers with an excellent credit score can benefit from a competitive personal loan interest rate.

Calculate repayment for NOW FINANCE product

Advertised Rate

6.95%

Fixed up to 17.95%

Comparison Rate*

8.57%

Upfront Fee

$495

Loan amount

$5k to $40k

I'd like to borrow

$

Loan term

years

Your estimated repayment

$926

based on $30,000 loan amount for 3 years

Pros and Cons

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Cannot apply in branch

NOW FINANCE Features and Fees

NOW FINANCE Unsecured Personal Loans Features and Fees

Details

Total repayments
Interest rate type
Fixed
Borrowing range
$5k - $40k
Security type
Unsecured
Loan term

1.5 years to 7 years

Secured by
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly

Features

Extra repayments
Yes
Redraw facility

Instant approval
Time to funding
48 hours

Fees

Upfront Fee

$495

Ongoing Fee
$13 Monthly
Missed Payment Penalty
$35
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Cannot apply in branch

NOW FINANCE Unsecured Personal Loans Features and Fees

Details

Total repayments
Interest rate type
Fixed
Borrowing range
$5k - $40k
Security type
Unsecured
Loan term

1.5 years to 7 years

Secured by
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly

Features

Extra repayments
Yes
Redraw facility

Instant approval
Time to funding
48 hours

Fees

Upfront Fee

$495

Ongoing Fee
$13 Monthly
Missed Payment Penalty
$35
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

FAQs

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.