Cheap Personal Loans of 2020

Whether you’re planning a big spend or getting a handle on existing debts, there’s no reason to pay tonne of fees or interest. So here at Mozo we’ve compared some of the cheapest personal loan options side-by-side, to help you find the best deal.

Cheap Personal Loans - page last updated October 20, 2020

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  • Hot DealZERO Upfront fee until 31st October 2020^

    6.95% p.a.to 19.99% p.a.

    6.95% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.

      Compare
    Details
  • mozo-experts-choice-2019

    6.49% p.a.to 8.99% p.a.

    6.84% p.a.to 9.34% 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.

      Compare
    Details
  • 6.99% p.a.to 25.69% p.a.

    7.79% p.a.to 26.65% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,208.67 including fees.

      Compare
    Details
  • 6.75% p.a.to 8.48% p.a.

    6.96% p.a.to 8.69% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.

      Compare
    Details
  • 6.95% p.a.to 17.95% p.a.

    6.95% p.a.to 17.95% p.a.based on $10,000
    over 3 years

    Terms from 2 to 7 years. Representative example: a 3 year $10,000 loan at 6.95% would cost $11,107.53 including fees.

      Compare
    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.

      Compare
    Details
  • 7.65% p.a.to 26.99% p.a.

    7.65% p.a.to 26.99% 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.

      Compare
    Details
  • 7.59% p.a.to 8.89% p.a.

    12.24% p.a.to 13.91% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 7.59% would cost $36,844.34 including fees.

      Compare
    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.

      Compare
    Details
  • mozo-experts-choice-2019

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

    7.65% p.a.to 28.6% 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.

      Compare
    Details
  • mozo-experts-choice-2020

    9.89% p.a.

    10.14% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.89% would cost $38,322.33 including fees.

      Compare
    Details
  • 8.49% p.a.to 11.19% p.a.

    8.81% p.a.to 11.52% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,146.08 including fees.

      Compare
    Details
  • 6.95% p.a.to 17.95% p.a.

    8.57% p.a.to 19.53% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $36,874.71 including fees.

      Compare
    Details
  • 10.50% p.a.

    11.38% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 10.50% would cost $39,439.02 including fees.

      Compare
    Details
  • 12.69% p.a.to 18.99% p.a.

    13.56% p.a.to 19.83% 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

Bankwest Unsecured Personal Loan review
Overall 7/10
I would recommend the bank.

I liked the bank because when I bought my house I needed to borrow 98% and Bankwest was happy to do this.

Read full review

I liked the bank because when I bought my house I needed to borrow 98% and Bankwest was happy to do this.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
7/10
Trust
10/10
Less
Antje, Western Australia reviewed 1 day ago
Commonwealth Bank Unsecured Personal Loan review
Overall 3/10
Would never bank with them again.

I applied for a personal loan of $10,000. I was approved and received the loan pretty quickly. Then the next day I found that they'd transferred another $10,000 into my account. When I spoke to customer service they were rude and didn't understand that they'd given me $20,000 instead of $10,000. I kept on telling them that I'd only been approved for $10,000 and they kept on telling me that they'd only transferred $10,000. They ended up saying that they would look into it. Luckily the next day they had taken out the extra money. Over all, ATM locations are great. Bank locations not so much since they moved away from my suburb. Customer service, interest rates, products not worth it. I had my home loan and personal account with them and ended up closing both.

Read full review

I applied for a personal loan of $10,000. I was approved and received the loan pretty quickly. Then the next day I found that they'd transferred another $10,000 into my account. When I spoke to customer service they were rude and didn't understand that they'd given me $20,000 instead of $10,000. I kept on telling them that I'd only been approved for $10,000 and they kept on telling me that they'd only transferred $10,000. They ended up saying that they would look into it. Luckily the next day they had taken out the extra money. Over all, ATM locations are great. Bank locations not so much since they moved away from my suburb. Customer service, interest rates, products not worth it. I had my home loan and personal account with them and ended up closing both.

Price
3/10
Features
5/10
Customer service
3/10
Convenience
6/10
Trust
1/10
Less
Ingrid, New South Wales reviewed 2 days ago
ANZ Personal Loan review
Overall 6/10
Great customer service. Happy with ANZ.

I like my bank but when having a personal loan with them there are no rewards for customers. In saying that ANZ are a great bank and customer service is the best!

Read full review

I like my bank but when having a personal loan with them there are no rewards for customers. In saying that ANZ are a great bank and customer service is the best!

Price
10/10
Features
1/10
Customer service
10/10
Convenience
10/10
Trust
6/10
Less
Shelley, Victoria reviewed 2 days ago

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