Australia's Best Personal Loans & Rates Comparison | Personal Loan Shopping Made Easy (2024)

FAQs

Who is the easiest to get a personal loan from Australia? ›

For quick and easy loans Australia wide, MoneyMe is the number one choice. Simply apply online in just a few minutes, and you may receive between $5,000 and $50,000 in your bank account, in under an hour. No paperwork.

Cheapest personal loans in Australia

The lowest rate on a secured personal loan is 5.66% p.a. with a comparison rate of 6.45% p.a. Of course, various factors can impact what YOUR interest rate will be. According to Money.com.au data, the average personal loan interest rate actually quoted to borrowers is 13.87% p.a.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

However, many mainstream lenders in Australia consider a score of 600 to 650 to be the baseline. Below this range, loan options may still be available, but they might have higher interest rates or require additional security.

The amount of money you can borrow under a personal loan can vary between lenders, depending on a myriad of factors. However, the maximum borrowing amount for personal loans may be capped anywhere between $50,000 and $100,000. This is the general range between bank and non-bank lenders.

If your credit report shows scores out of 1,200 then as a rule of thumb a score above 853 is excellent while above 661 is good. If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

How to get a loan when no one will approve you? ›

If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

MyOzMoney offers a super quick and simple loan application and approval process for a small personal loan of up to $50,000. Apply on the spot for a personal loan in Australia of up to $50,000 and you could receive your loan approval today.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

Universities across Australia provide loans for local and international students. Most institutions offer both short-term and long-term loans; these can help students cover emergencies, as well as pay for bigger expenses.

Getting a loan with City Finance puts you in control. Our ultimate goal is to help you get the loan you need with terms that work for your financial situation. We know how frustrating it can be when no one else will approve you for a loan, so we make sure to provide an easy and fast application process.

No matter which of our personal loans you're applying for, you need to: Be at least 18 years old. Hold Australian or New Zealand citizenship, or Australian permanent residency, or an eligible visa (call us on 13 1431 to find out more) Live in Australia.

Yes, many financial institutions will lend to foreigners or expats for the purpose of buying Australian property. They are likely, however, to have quite strict lending criteria because all lenders have to weigh up the risk in every case. For starters, you need to abide by the lenders' standard loan requirements.