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Advertised Rate 5.75% Variable up to 7.99% | Comparison Rate* 6.47% | Company ![]() | Monthly repayment $909 36 months | Loan term 1 year to 7 years | Total repayments $32,733 | Go to site | Enjoy the flexibility of a variable-rate personal loan on a competitive interest rate. | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | Highlighted | ||
Advertised Rate 5.99% Fixed up to 9.39% | Comparison Rate* 6.27% | Company ![]() | Monthly repayment $913 36 months | Loan term 3 years to 5 years | Total repayments $32,851 | Go to site | Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner. More details | ||||
Advertised Rate 6.99% Fixed up to 9.49% | Comparison Rate* 6.99% | Company ![]() | Monthly repayment $926 36 months | Loan term 2 years to 3 years | Total repayments $33,342 | Go to site | Sign up online for a personal loan with this digital marketplace lender, and pay no ongoing fees. More details | ||||
Advertised Rate 6.95% Fixed up to 8.99% | Comparison Rate* 6.95% | Company ![]() | Monthly repayment $926 36 months | Loan term 1 year to 5 years | Total repayments $33,323 | Go to site | An unsecured personal loan with a competitive interest rate and no ongoing or extra repayments fees, giving you the flexibility to pay it off faster. | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | |||
Advertised Rate 7.95% Fixed up to 8.5% | Comparison Rate* 7.95% | Company ![]() | Monthly repayment $939 36 months | Loan term 3 years to 5 years | Total repayments $33,818 | Go to site | More details | ||||
Product | Advertised Rate 5.99% Fixed up to 21.99% | Comparison Rate* 7.26% | Company ![]() | Monthly repayment $913 36 months | Loan term 1 year to 7 years | Total repayments $32,851 | Go to site | More details | |||
Advertised Rate 6.95% Fixed up to 17.95% | Comparison Rate* 6.95% | Company ![]() | Monthly repayment $926 36 months | Loan term 1.5 years to 7 years | Total repayments $33,323 | Go to site | More details | ||||
Advertised Rate 6.75% Fixed up to 7.05% | Comparison Rate* 7.10% | Company ![]() | Monthly repayment $923 36 months | Loan term 1 year to 7 years | Total repayments $33,224 | Go to site | Winner of Excellent credit personal loans, RateCity Gold Awards 2021 More details | ||||
Advertised Rate 9.39% Fixed | Comparison Rate* 9.64% | Company ![]() | Monthly repayment $959 36 months | Loan term 0 year to 7 years | Total repayments $34,540 | Go to site | More details | ||||
Advertised Rate 7.99% Fixed | Comparison Rate* 8.62% | Company ![]() | Monthly repayment $940 36 months | Loan term 1 year to 7 years | Total repayments $33,838 | Go to site | More details | ||||
Advertised Rate 12.69% Fixed | Comparison Rate* 13.56% | Company ![]() | Monthly repayment $1006 36 months | Loan term 1 year to 7 years | Total repayments $36,228 | Go to site | More details | ||||
Product | Advertised Rate 6.95% Fixed up to 17.95% | Comparison Rate* 8.57% | Company ![]() | Monthly repayment $926 36 months | Loan term 1 year to 7 years | Total repayments $33,323 | Go to site | More details | |||
Product | Advertised Rate 12.69% Variable | Comparison Rate* 13.56% | Company ![]() | Monthly repayment $1006 36 months | Loan term 1 year to 7 years | Total repayments $36,228 | Go to site | More details |
$606
based on $20,000 loan amount for 3 years at 6.47%
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Alex Ritchie
Personal Finance Writer
Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for over three years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.
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Frequently asked questions
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 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.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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 a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
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.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
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.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
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 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.
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.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
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.
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.
What are the pros and cons of debt consolidation?
In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.
However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.
How can I improve my credit rating/score?
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.