Personal Loan - Excellent Credit
specialEarn up to 50,000 Qantas Points with a more rewarding personal loan from Symple.
Interest rates ranked in the best 20%
No application fees
based on $20,000 loan amount for 3 years at 5.75%
Find and compare same day personal loans
Variable up to 7.99%
Variable up to 8.69%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 6.47% would be $32,733*. Terms from 1-7 years
Enjoy the flexibility of a variable-rate personal loan on a competitive interest rate.
Fixed up to 7.05%
Fixed up to 7.4%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 6.07% would be $32,587*. Terms from 1-7 years
Pay no ongoing fees, and avoid being penalised for paying off your personal loan early.
Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2021
Fixed up to 7.49%
Fixed up to 8.19%
3 years to 7 years
Total repayments for a 3-year, $30,000 loan at 5.44% would be $32,582*. Terms from 3-7 years
Enjoy lower rates and no early repayment fees with an unsecured loan.
Fixed up to 18.99%
Fixed up to 19.83%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years
Manage your repayments more easily on a fixed rate loan with no fees for extra repayments.
Personal loan lenders we compare at RateCity
Learn more about personal loans
What are same day personal loans?
A same day personal loan is one where the lender requires less than a day to receive an application, assess it and then make the payment (assuming the application is accepted).
As a general rule, personal loan applications will be assessed faster if your financial position is stronger rather than weaker and has fewer complications rather than more complications.
That’s because the safer and simpler a personal loan application appears, the less time the lender needs to spend analysing the risk of lending you money.
Some lenders charge a premium for speed - if you want the personal loan faster, you need to pay a higher interest rate.
Why do people take out same day personal loans?
People take out same day personal loans because they want to get money in a hurry. Often, it’s because they don’t have the funds to deal with an imminent or unexpected bill. Example may include:
- Emergency renovations
- Mortgage repayment
- School fees
- Medical bills
How much do same day personal loans cost?
Here’s how much you’d have to pay in interest over the life of the loan if you took out a $10,000 with a three-year term:
- 8% interest rate = $1,281
- 11% interest rate = $1,786
- 14% interest rate = $2,304
- 17% interest rate = $2,835
Who offers same day personal loans?
There are a range of Australian lenders that offer same day personal loans, including several of the big four banks as well as some smaller banks, credit unions and online-only lenders.
Please note that just because a lender provides same day personal loans, it doesn’t mean it offers this service to all borrowers. A lender may offer faster turnaround times for certain types of customer and slower turnaround times for others.
How do I get same day personal loans?
If you want to get same day personal loans, you need to make sure you meet the lender’s criteria. This criteria may differ from lender to lender, but some common examples include:
- Be aged 18 or above
- Be an Australian citizen or permanent resident
- Be employed
- Not be bankrupt
Personal loan lenders might also want you to meet minimum criteria regarding:
- Job tenure
- Credit rating
You’ll also need your paperwork in order when applying for a same day personal loan. Lenders might request:
- Proof of identity
- Proof of address
- Proof of employment
- Proof of income
- Proof of savings
How do I compare same day personal loans?
There are five main ways to compare same day personal loans:
- Interest rate type
- Advertised rate
- Comparison rate
- Interest rate type
The first way to compare same day personal loans is by interest rate type. Do you want a variable-rate loan or a fixed-rate loan? Or are you open to both?
If you take out a variable-rate personal loan, the interest rate could fluctuate at any time during the loan term. If you’re lucky, rates will fall; if you’re unlucky, they will rise.
If you opt for a fixed-rate loan, the interest rate is set in stone. That will feel good if variable rates increase during the loan term; but you might regret your decision if they go down.
- Advertised rate
Once you’ve decided on your preferred type of interest rate, the next way to compare same day personal loans is to look at their interest rates (also known as ‘advertised rates’).
A word of warning: don’t fall into the trap of thinking that advertised rates are the only way to compare personal loans. Comparison rates, fees and features are also important.
- Comparison rate
Once you’ve looked at the advertised interest rate of a personal loan, you should also check its comparison rate. The comparison rate is often regarded as the ‘real’ cost of a personal loan, because it combines the advertised interest rate with the main fees.
Sometimes, a personal loan with a higher advertised rate and lower fees might cost you less money over the life of the loan than a personal loan with a lower advertised rate and higher fees.
After doing your research on interest rates, take a close look at the fees of the same day personal loans you’re considering. The fees that a lender charges can significantly affect the life-of-loan cost of a same day personal loan. Here are the main you fees you might have to pay:
- Upfront fees (also known as application fees)
- Ongoing fees (also known as account-keeping fees)
- Early exit penalty fees (a charge for paying off your loan early)
- Redraw activation fees (a charge for using your redraw facility)
Finally, take the time to compare the different features offered by different same day personal loans. As a general rule, the more flexible a loan, the easier it is to manage.
Some lenders offer a redraw facility - this is a feature that allows you to ‘borrow back’ any money you’ve paid off ahead of schedule. Some lenders also allow early repayment - this means you can pay off your loan ahead of schedule, thereby reducing the amount of interest you get charged.
Who has the cheapest same day personal loans in Australia?
Unfortunately, it’s impossible to say who has the cheapest same day personal loans in Australia, for two reasons.
First, there’s no one ‘same day personal loan’. Instead, lenders offer different rates for different types of loan and different types of borrower. For example, secured loans generally have lower interest rates than unsecured loans, while borrowers with higher credit scores are generally offered lower rates than those with lower credit scores.
Second, the personal loan market is very competitive and constantly changing. So if a particular lender was offering the cheapest same day personal loans in Australia today, they might get undercut by several rivals tomorrow.
It’s also worth remembering that the cheapest personal loan might not be the best personal loan for your specific situation.
Who has the best same day personal loans in Australia?
Unfortunately, it’s impossible to say who has the best same day personal loans in Australia, because ‘best personal loan’ means different things to different people.
For some, the best same day personal loan might be the one with the lowest advertised rate. For others, the best same day personal loan might be the one with the lowest comparison rate. And there might also be borrowers who assess same day personal loans on other criteria, such as fees, features, loan terms, loan sizes, approval times and customer service.
How much will I have to pay in fees?
Here’s how much you’d have to pay in monthly fees over the life of the loan if you took out a same day personal loan with a three-year term:
- $3 monthly fee = $108
- $6 monthly fee = $216
- $9 monthly fee = $324
- $12 monthly fee = $432
- $15 monthly fee = $540
What are the pros and cons of same day personal loans?
Like all loan products, same day personal loans come with pros and cons that should be carefully weighed before you apply.
The biggest positive with same day personal loans is that it allows you to quickly get your hands on more cash. That could mean the difference between, say, paying your rent on time or being forced to find a new home.
Another positive is that the interest rate you pay on a same day personal loan may be less than the interest rate you would be charged if you took out a cash advance through your credit card.
Furthermore, same day personal loans - unlike credit cards - come with structured repayment plans, so although they may be tricky to pay off, at least the repayment path is clearly marked.
However, same day personal loans also have negatives. One of these is having to go through an application process - something that wouldn’t be necessary if you used your credit card.
Another negative is the cost of borrowing. Your same day personal loan will come with interest charges and fees, which will effectively mean you’re ‘buying’ money off the lender.
Same day personal loans also come with one big potential downside - the risk of default. If you fail to repay the loan, you might be chased by debt collectors, your credit rating might suffer and you might be forced into bankruptcy.
- Quick money
- Cheaper than credit cards
- Structured repayment plan
- Application process
- Borrowing costs
- Risk of default
Learn with our guides
Find personal loans from a wide range of Australian lenders that best suit your needs.
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Personal Finance Editor
Georgia Brown is a Personal Finance Editor and journalist for RateCity. Before venturing into the world of personal finance, she worked as a reporter for realestate.com.au and Smart Property Investment. She now works truly amongst personal finance, while also writing about other areas, such as sustainable finance and super.
Today's top personal loans
Frequently asked questions
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.
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.
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.
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.
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:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
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 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.
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.
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.
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.
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.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
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.
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.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
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.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
What do credit scores have to do with personal loan interest rates?
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
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.
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.
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