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Unsecured Personal Loan (5 Year Term)

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*Comparison rate is calculated based on a loan of $30,000 over 5 years.

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Loan Term

years

Repayment Frequency

Unsecured Personal Loan (5 Year Term) Pros and Cons

Pros:
  • No early exit penalty
  • Can apply online
Cons:
  • Monthly fee charged
  • Application fee charged
  • Cannot apply in branch
  • Has ongoing fees

RateSetter Unsecured Personal Loan (5 Year Term) Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$350
Ongoing Fee
Ongoing Fee
$5 monthly
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$25
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$350
Ongoing Fee
Ongoing Fee
$5 monthly
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$25
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
Other Benefits
Some approvals happen within minutes, but it can take up to one business day to make a decision after receiving everything needed. Funds will be transferred to your bank account on the business day after. Same day transfer may be available in some cases.

Compare and review personal loans with similar features

Interest Rates
Advertised Rate
Advertised Rate
From
8.10%
fixed
Advertised Rate
From
6.99%
fixed
Advertised Rate
From
9.50%
fixed
Advertised Rate
12.99%
fixed
Comparison Rate
Comparison Rate
9.36%
Comparison Rate
7.69%
Comparison Rate
10.06%
Comparison Rate
14.14%
Monthly Repayment
Monthly Repayment
$610
Monthly Repayment
$594
Monthly Repayment
$630
Monthly Repayment
$682
Total Repayments
Total Repayments
$36,600
Total Repayments
$35,640
Total Repayments
$37,800
Total Repayments
$40,920
Loan amount
Loan amount
$5k to $50k
Loan amount
$5k to $70k
Loan amount
$5k to $50k
Loan amount
$4k to $50k
Loan Fees
Upfront Fee
Upfront Fee
3%
of loan amount
Upfront Fee
$500
Upfront Fee
$150
Upfront Fee
$250
Ongoing Fee
Ongoing Fee
$0
Ongoing Fee
$0
Ongoing Fee
$5 monthly
Ongoing Fee
$12 monthly
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Early Exit Penalty Fee
$0
Early Exit Penalty Fee
$199
Early Exit Penalty Fee
$175 during first 2 years
Missed Payment Penalty
Missed Payment Penalty
$35
Missed Payment Penalty
$15
Missed Payment Penalty
$0
Missed Payment Penalty
$9
Loan Profile
Available to 457 Visa Holders
Available to 457 Visa Holders
Available to 457 Visa Holders
Available to 457 Visa Holders
Available to 457 Visa Holders
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Unlike a traditional bank, Ratesetter is an ASIC-regulated peer-to-peer or marketplace lender. Originally established in England in 2009, Ratesetter set up shop in Australia in 2012 with the aim of creating a more efficient, customer-focused financial system.

As a peer-to-peer lender, Ratesetter doesn’t directly provide the funds for a loan; instead, it provides a platform which connects borrowers with individual investors.

Ratesetter is an online-only operation, which means it doesn’t have branches. You can apply for loans online, while they also have a customer service line if you need to speak to someone.

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