Personal loans in Sydney from 90+ brands
Find personal loans from a wide range of Australian lenders that suit your needs. Compare interest rates, repayments, fees and more.
Unsecured Personal Loan - (Excellent Credit)
Tech-savvy borrowers can join this digital lender, without needing to put down security.
p.a Fixed up to 8.69%
3 years to 5 years
Total repayments for a 3-year, $30,000 loan at 6.39% would be $33,047*. Terms from 3-5 years
Enjoy lower rates and no early repayment fees with an unsecured loan.
p.a Fixed up to 8.5%
3 years to 5 years
Total repayments for a 3-year, $30,000 loan at 7.14% would be $33,096*. Terms from 3-5 years
Tech-savvy borrowers can join this digital lender, without needing to put down security.
p.a Fixed up to 8.99%
1 year to 5 years
Total repayments for a 3-year, $30,000 loan at 5.49% would be $32,607*. Terms from 1-5 years
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
p.a Fixed up to 17.95%
1.5 years to 7 years
Total repayments for a 3-year, $30,000 loan at 5.95% would be $32,831*. Terms from 1.5-7 years
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
p.a Fixed up to 9.49%
2 years to 3 years
Total repayments for a 3-year, $30,000 loan at 6.39% would be $33,047*. Terms from 2-3 years
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Personal loans in Sydney
The economic and financial hub of Australia, Sydney is also the country’s largest city in terms of population, which totals 4.8 million people. With interest rates having lowered over the last few years, many people in Sydney are considering personal loans to meet their financial needs.
How do personal loans in Sydney work?
Banks and non-bank lenders offer a variety of personal loans in Sydney, so there’s plenty of choice. While home loans are obviously specifically for purchasing property, personal loans are more flexible and can be used for many purposes. If you’re considering seeking support for a project, you need to carefully review the terms and conditions of every potential lender to see whether you’re a viable prospect for a loan.
Why do people use personal loans in Sydney?
Sydneysiders use personal loans for many different things, such as providing support for students, making home repairs and buying new cars. The main advantages of taking out a personal loan are:
- Your agreement may include opportunities to link your loan to other financial products, such credit cards and everyday accounts, giving you a more flexible way of managing your finances;
- While banks and other financial institutions often charge fees for extra features, and have set interest rates, due to competition in the personal loans market, it’s often possible to negotiate these with your lender.
What are the main features?
As lenders usually offer a range of different products, enquiring about specific features will help you build a clear picture of how your loan will function. For example, some lenders permit interest-only payments for some of the loan period. While this makes repayments less expensive, you need to be aware you will still owe the amount you originally borrowed at the end of the interest-only period.
Some financial institutions may make additional charges if you decide you want to make occasional overpayments so you can pay your personal loan off early, so be sure to find out before making a final decision.
Other lenders offer redraw facilities, which means you can reclaim some of the overpayments you have made. While this is sometimes offered with no strings attached, some lenders restrict how much and how often you can reclaim overpayments, and some may charge a fee for this feature.
Sometimes, you’re only permitted to take out a personal loan for some purposes, such as repairs to your home, and not others, such as debt consolidation, so it’s best to check with the lender in question before applying.
What are the pros and cons of personal loans in Sydney?
City life can be expensive, and personal loans offer extra funds for unforeseen expenses, such as medical bills or emergency repairs.
As with any financial arrangement, it’s important to make sure your repayments are affordable and won’t cause hardship for you or your family. Compare your options thoroughly before choosing a personal loan provider to ensure you get the best deal possible for your circumstances.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Today's top personal loans
Frequently asked questions
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.
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 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.
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.
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.
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 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 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.
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.
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
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.
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.
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 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.