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Personal loan comparison

Name: Personal Loan Comparison - Interest Rates from 5.49%
Creator: RateCity
Published: 2022-10-04T03:41:06.723Z

Find a low-rate personal loan that fits your needs. Compare interest rates, fees, and features quickly and easily on RateCity.

90+ personal loan providers in RateCity’s database

300+ personal loan products in RateCity’s database

Mark Bristow

Updated on

07 Jul, 2025

Why search and compare at RateCity?

No cost to you

Using our comparison tool to help find a personal loan is free. However, we might receive a commission from partners if you apply through our site.

Expert research

Our team of personal loan research experts evaluates personal loans for value (including price and features, offering detailed ratings to aid your comparison.

Dedicated experts

Our seasoned editorial team has extensive experience in financial comparisons, aiming to simplify complex terms into useful information for Australians.

A variety of providers

We review and rate personal loans from various providers, offering a wide selection of personal loans for informed decision making.

Providers we compare

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Personal loans expert tips

	A personal loan can be a smart way to get the finance you need for an investment, an event, or help you clear credit card debt that you’re struggling to get rid of. However, finding the right personal loan to fit your finances comes with a few steps:
	Check the rate is competitive: Getting a great interest rate on your loan will help reduce your repayments - make sure to do your research and compare across a number of lenders.
	Know your credit rating: The majority of personal loan rates will be determined by your credit score. Take a few minutes to check your credit score for free so you know what you’ll be eligible for.
	Review the features: Do you want a loan that allows you to make extra repayments, or even pay it out early? Not all lenders will give you that flexibility, so make sure to review all the features given to you.
	Put it to practise in your budget: Once you have an idea of what your repayments could be, make sure it works into your budget.
	Factor in the fees: Alongside your repayments, you’ll be charged fees by the lender. Make sure to read the PDS and TMD of your loan to understand exactly what that could be.
	Laine Gordon - Money Editor at RateCity

Personal loan repayment calculator

Personal Loan Repayment Calculator

Our personal loan calculator can help you find a loan with repayments that fit your budget.

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What’s new in personal loans in April 2025?

The Reserve Bank kept the cash rate steady at 4.10% in April 2025. While the RBA’s next move remains uncertain, some economists expect a rate cut as early as May.

If you're considering a personal loan, the cash rate is just one piece of the puzzle. Factors such as whether the loan is fixed or variable, secured or unsecured, can all influence the interest rate you pay.

Whether you’re consolidating debt, covering a major expense, or planning a project, comparing your options could help you save. Before applying, take the time to compare interest rates, fees, features and benefits to find a loan that suits your needs.

If you already have a personal loan that no longer fits your situation, it may be possible to refinance a personal loan. Just make sure to factor in any fees or charges that may apply.

Some of the lowest-rate personal loans on RateCity include:

What is a personal loan?

A personal loan allows you to borrow a lump sum of money for a specific personal use. Depending on the lender and your financial situation, you may be able to borrow between $2,000 and $100,000 with a personal loan. You then repay the loan amount, plus interest, over a predetermined length of time, known as the loan term. This term could be anywhere from 1 to 7 years long.

What can I use a personal loan for?

Personal loans can be used for a wide variety of purposes, from paying for university fees and legal costs, to getting on top of other debts. A lender may ask why you are borrowing money when you apply for a personal loan, as the loan’s purpose may influence your application’s chance of approval.

One popular reason that some Australians apply for personal loans is to help pay for renovations to their property, whether to improve their lifestyle at home, or increase the value of their investment. When financing a renovation or buying a big-ticket item, some homeowners use their home loan to access the money they need. Others finance their project by taking out a personal loan. But which option is the right choice for you? Before you apply for a personal loan, it’s important to consider whether now is the best time to consider undertaking a renovation project, and if are there any risks or hazards to avoid.

You may also be able to get a personal loan in Australia for:

Buying a car: Car loans are specialised personal loans for buying vehicles, and may be secured by the value of the car being purchased.
Debt consolidation: Rolling other debts such as credit cards into one personal loan could help you manage your repayments and potentially help save on interest charges.
Holidays: The right personal loan can help you go on a trip to remember, and pay for it gradually over time.
Weddings: It’s no secret that your special day can be expensive and stressful, though a personal loan could help ease some of the financial pressure.
Student fees: Investing in your education with the help of a personal loan could help to improve your future career prospects.
Hospital bills: If your health insurance isn’t enough to cover your medical costs, a personal loan may be able to help.
Veterinary bills: You could use your personal loan to pay for treatment for your feathered, furred, or finned friends.
Dental work: A personal loan could help cover the cost of routine or major dental procedures.
Cosmetic surgery: Reconstructive and elective surgeries can be paid for with the right personal loan.
Rooftop solar: Using a personal loan to add green features to your home could also help to shrink your future energy bills.
Boat loans: A specialised type of personal loan that could help you finance a boat and get out on the water.

What types of personal loans are there?

Before you start your comparison, it’s worth figuring out what type of personal loans may best fit your needs.

Secured personal loans

A secured personal loan uses an asset, such a car, as collateral for the money being borrowed. If you don’t keep up with your repayments, the lender can seize the security asset to help them recover their financial losses.

Secured loans often have lower interest rates than unsecured loans as lenders consider them less risky, as the borrower is motivated to make repayments to avoid losing their asset. This lower risk could let you borrow more money, or raise your loan application’s chance of approval if your credit score isn’t as high as you'd like.

Unsecured personal loans

An unsecured personal loan doesn’t have an asset attached as collateral, so they may be riskier for lenders. While this means unsecured personal loans are more likely to have higher interest rates than secured personal loans, there's also no risk of losing an asset if you default.

Debt consolidation loans

A debt consolidation personal loan may be able to help you manage other outstanding debts by combining them into a single personal loan. With just one regular repayment to manage, one interest rate, and one set of fees, you can simplify your budget and potentially save money.

For example, imagine you had two maxed-out credit cards and an outstanding car loan. You’re paying interest plus fees on each of these credit products. By taking out a debt consolidation personal loan, you can clear all these debts at once, leaving you with just one loan to manage. You’ll be charged interest at a single rate (which is often lower than the rates charged on most credit cards) and pay just one set of loan fees. This may cost you less per month than managing three credit products separately, and help simplify your budgeting.

Keep in mind that if you apply for a personal loan with a lengthy loan term, you may pay more in interest on your outstanding debts than you would by paying them off separately over shorter terms, even if your new interest rate is lower and your monthly repayments are cheaper.

Line of credit

A line of credit is a personal loan that functions similarly to a credit card. Rather than borrowing a lump sum that's repaid over time, you can borrow and repay money up to a maximum credit limit, which is often based on the value of the asset used as security, such as a vehicle, or equity in a property.

Guarantor personal loans

A family member or friend may be able to guarantee your personal loan to increase your chances of approval. By co-signing your loan, the guarantor accepts responsibility for the debt if you’re unable to repay the loan, making it less risky for the lender to loan you money.

You could apply for a guarantor personal loan if you don’t meet the eligibility criteria for a personal loan on your own. However, make sure you only borrow an amount you can afford to repay. Failing to meet your repayments could strain your relationship with the guarantor as the financial responsibility for the debt will shift onto them.

How much can I borrow on a personal loan?

Find out the minimum amount you can borrow on a personal loan.

Features to compare when choosing a personal loan

There are many different features to consider when choosing a personal loan. Careful comparison of the following personal loan features can help you find the right product for your needs, because the best personal loan for one person may not be the best choice for someone else.

Interest rates

Comparison rate

Loan term

Extra features

Fees

How much can I borrow with a personal loan?

Most personal loans have a minimum amount of at least $5000. To borrow less than $5000, you may need to search for a payday loan or medium-amount loan, though the fees involved could be high. Borrowers experiencing financial stress may also be able to apply for the No Interest Loan Scheme (NILS) for essential purchases.

The maximum borrowing amount for a personal loan may depend on the lender, though a maximum amount of between $50,000 and $100,000 is not uncommon. The maximum amount a lender will allow you to borrow may also depend on factors such as your credit score or credit rating, your income and expenses, or what you use as security for the loan. Generally, the more you can lower a lender’s risk, the more they may be willing to lend you.

How quickly can I repay a personal loan?

Personal loan terms can be for anywhere from six months to ten years, with many lasting between 12 and 60 months.

Choosing a longer loan term means smaller monthly repayments, easing some of the pressure on your household budget. However, the longer you take to pay off a personal loan, the more interest and fees you’ll pay in total.

The reverse is also true – a shorter personal loan term will likely cost you more from month to month, but you’ll clear the debt sooner and pay less total interest.

Sometimes a personal loan with a low interest rate but a long loan term can actually cost more in total than a personal loan with a higher rate and a shorter loan term.

You can use a Personal Loan Calculator to work out how a loan's term may affect your personal loan repayments, and whether a shorter or longer personal loan term may better suit your goals and financial needs.

Can my credit score affect my personal loan?

Your credit score could affect your personal loan options, including the lenders and the interest rates available to you. Lenders use your credit score to measure your creditworthiness, or how likely you are to repay the loan.

If your credit score is low, you may find it challenging to get a personal loan application approved, or you may only be eligible for loans with higher interest rates, which may only be available from specialised lenders. But an excellent credit score could give you access to more personal loans from a wider range of lenders. You might also become eligible for lower interest rates on some personal loans, as borrowers with high credit scores may be viewed as less risky than those with bad credit scores.

That said, there’s much more to a personal loan application than just your credit score. Consider the eligibility criteria of each individual offer before you apply for a personal loan.

Borrowers with bad credit may still be able to find a personal loan that works for them by carefully comparing the available options. It’s also worth thinking about the steps you can take to improve your credit score, such as paying off existing debts and building your savings.

How to get a personal loan with average credit

Find out if it's possible to get a personal loan with an average credit score.

Read now

Does repaying my personal loan improve my credit score?

If I improve my credit score, will my personal loan repayments be lower?

How do I apply for a personal loan?

1. Check your credit score

Knowing your credit score can help you better understand which personal loans and interest rates might be available to you. You can visit RateCity’s credit score hub to access your score within minutes.

2. Assess your budget

Consider using RateCity’s personal loan calculator to estimate your loan repayments and ensure you can comfortably afford them on your budget. This could help you make an informed decision on how much you can afford to borrow before you apply, potentially increasing your chances of approval.

3. Search and compare

RateCity’s comparison tables allow you to easily compare personal loans from a wide range of lenders. By adjusting the filters, you can find the options that may best suit your individual needs.

4. Check the lending criteria

Once you have compiled a personal loan shortlist, check to see whether you meet their eligibility requirements. When you apply, you will often need to provide your income and expenses, as well as proof of age, identity, and proof of citizenship or residency.

5. Prepare your application

Depending on the lender, you may have the option to submit your personal loan application online or at a local branch. It’s a good idea to have all your required documentation ready before you get started.

6. Submit your application and await a decision

After submitting the information required, it’s time to await a response from the lender. In some cases, you could see your application approved immediately, or within the hour, or by the next business day – check with the lender to find out their expected timeline.

How can I find and compare personal loans on RateCity?

To take the hassle out of shopping for a personal loan, RateCity has several tools that may be useful to you:

Personal loan comparison table

Personal Loan Marketplace

Personal loan calculator

Real Time Ratings™

Check your credit score

Sally Tindall

Research Director

Sally Tindall is the Research Director for RateCity and a regular commentator on television and radio about personal finance matters. Since she joined RateCity in 2015, she has covered mortgages, credit, loans, superannuation, and more, and is passionate about helping everyday Australians get access to affordable finance options, making budgeting and everyday expenses easier for all. Sally is a regular contributor to news outlets including Fairfax's Sydney Morning Herald and The Age, and News Ltd's Daily Telegraph, the Herald Sun and news.com.au. On TV, you can find Sally's expertise on programs from Seven, Nine, Ten, ABC, and SBS, and you can listen to Sally regularly on ABC Radio, 2GB, 3AW, 4BC, and a host of others.

Mark Bristow

Personal Finance Editor

Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. While primarily focused on Australian mortgage and home loan expertise, he has experience across energy, home and travel insurances. Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider. Mark has also completed RG 146 (Tier 1), making him compliant to provide general advice for general insurance products like car, home, travel and health insurance, as well as giving him knowledge of investment options such as shares, derivatives, futures, managed investments, currencies and commodities.

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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