Personal Loan Providers - The Pros & Cons

Loan sharks don't all have caged pawn shops and a love of broken thumbs. Some are respectable-sounding financial providers who charge high interest - 20% or more - on loans. You could save thousands by finding the best provider for your situation.

Providers of loans include:

Big banks. Big bank loans are widely available and fairly dependable, and can be your ticket to a fast personal loan.

• Pros: They're not going to come for your firstborn.
• Cons: They may not bother offering the most competitive rates.

Financial houses. Australia's banking scene was once a dismally small party. These days, there's plenty of competition from smaller banks and financial houses.

• Pros: Smaller banks typically offer more competitive rates to stand out from the crowd.
• Cons: Less flexibility when you have different banking accounts with different providers.

Quick approval lenders. 'Non-conforming lenders' these guys love a spot of late-night TV, and promise no credit check loans and the like.

• Pros: Bad credit loans if your credit rating isn't healthy
• Cons: Typically crippling interest, less security

Who's the fairest of them all?

Stick with reputable lenders at all costs. Why not check out Australias largest customer reviews database and find personal loans reviews to see who's up to scratch