Cheap Personal Loan Rates of 2020

Cheap Personal Loan Rates - page last updated August 06, 2020

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  • mozo-experts-choice-2019

    7.65% p.a.to 26.99% p.a.

    7.65% p.a.to 23.5% p.a.based on $30,000
    over 5 years

    Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 7.65% would cost $36,196.75 including fees.

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    Details
  • Hot Deal1.5% discount for homeowners until 31 August (T&Cs apply)

    7.45% p.a.to 16.95% p.a.

    9.07% p.a.to 18.53% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 7.45% would cost $37,300.55 including fees.

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    Details
  • 6.49% p.a.to 8.79% p.a.

    7.84% p.a.to 9.36% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,459.64 including fees.

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    Details
  • 5.75% p.a.to 21.99% p.a.

    6.47% p.a.to 25.11% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.

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    Details
  • 7.95% p.a.to 19.45% p.a.

    8.78% p.a.to 20.4% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 7.95% would cost $37,049.45 including fees.

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    Details
  • 8.99% p.a.

    9.62% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a n/a year $0 loan at 8.99% would cost $7,856.30 including fees.

      Compare
    Details
  • 12.45% p.a.

    13.32% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.45% would cost $41,200.53 including fees.

      Compare
    Details
  • 7.50% p.a.to 14.99% p.a.

    9.51% p.a.to 12.71% p.a.based on $10,000
    over 3 years

    Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 7.50% would cost $11,534.19 including fees.

      Compare
    Details
  • 9.35% p.a.

    9.67% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.35% would cost $37,896.54 including fees.

      Compare
    Details
  • 12.69% p.a.to 18.69% p.a.

    13.56% p.a.to 19.53% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,420.45 including fees.

      Compare
    Details

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Personal Loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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Personal loan resources

Reviews, news, tips and guides to help find the best personal loan for you.

Personal Loan Reviews

Westpac Personal Loan review
Overall 2/10
Do your research

When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

Read full review

When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

Price
4/10
Features
1/10
Customer service
7/10
Convenience
1/10
Trust
2/10
Less
Keirah, Queensland reviewed about 1 hour ago
ANZ Unsecured Personal Loan review
Overall 7/10
Simple, easy and functional.

Have had no issues with the loan, have been able to redraw when ever necessary. Being able to use either phone or online banking makes life that bit easier.

Read full review

Have had no issues with the loan, have been able to redraw when ever necessary. Being able to use either phone or online banking makes life that bit easier.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Kym, Victoria reviewed 2 days ago
St.George Secured Personal Loan review
Overall 8/10
Good experience with a minimal inconvinience

It’s a bit inconvinient for me as the main branch of St George is only located at Perth City.

Read full review

It’s a bit inconvinient for me as the main branch of St George is only located at Perth City.

Price
8/10
Features
8/10
Customer service
6/10
Convenience
5/10
Trust
7/10
Less
Gizzelene, Western Australia reviewed 3 days ago

Personal loan guides

Personal loan news

Personal loan question: Is secured or unsecured right for me?

If you’re on the hunt for a personal loan, one question that may be on your lips is, should I choose a secured or unsecured loan? Ultimately, the type of loan you choose could influence things like the interest rate you receive, what you can borrow for and what fees are attached to the loan. So which personal loan is right for you? Let’s break it down: If you have some assets, like a car or a home, you may qualify for a secured personal loan. An example of a typical type of secured loan is a car loan, used to purchase either a new or pre-loved car. Because you are putting up your goods as collateral, these types of loans often come with lower interest rates and fees. According to the Mozo database, the current secured variable rate averages sit at 9.04% (not including car-specific loans) and 7.62% (including car-specific loans). However, it’s important to bear in mind that providers of secured loans are able to seize your assets if you default on your loan.On the flip side, if you don’t have assets to secure against your loan, or you don’t want to put up your car or home as collateral, you could opt for an unsecured personal loan. You might use this type of loan to fund something like a home renovation or to cover an outstanding medical bill. While borrowers aren’t required to risk their assets against the loan, unsecured loans often have higher fees and interest rates attached to them. For example, at the moment the average variable unsecured personal loan rate on the Mozo database is 10.75%. What secured and unsecured personal loans are on the market at the moment? Check out these competitive options below.

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