For the 2018 personal loan awards, Mozo’s money experts compared personal loans from 74 financial institutions based on data contained in Mozo’s product database.
When you're selecting a personal loan, whether it’s for a car, holiday or home reno it is still important for you to compare loans based on your loan amount and repayment plans. For details on how we crunched the numbers and determined the award winners see our methodology report.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to Australian consumers. Our Judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Personal loan providers don’t pay to be in the running and we don’t play favourites.
Our award methodology report is available for you to read which includes criteria for each award category and lists all providers considered for awards.
Cost calculations were based on a loan of $10,000 over 3 years for Unsecured and Secured personal loans including the Excellent Credit and Green awards, and for Personal Line of Credit. For New Car and Green Car loans the calculations were based on a $30,000 loan over 5 years, and for Used Car loans $15,000 over 5 years.
For the 2018 personal loan awards, Mozo compared 196 personal loans from 74 financial institutions.
The personal loan market is diverse so to better help consumers narrow down their choice of loan that will best meet their needs, there are several Experts Choice Awards Categories. Our full methodology report lists out the criteria for each awards category and provides a list of all providers compared for awards consideration.
Some personal loan providers have loans that are specially designed for the purchase of green products such as low emission cars or environmentally friendly home improvements like rainwater tanks or solar panels.
We have not taken into account the green credentials of the bank or financial institution in determining our award winners. We simply reviewed the loans in our database that could only be used for the purchase of green products.
Not always. Some personal loan lenders have different interest rate tiers depending on a customer’s credit history. Usually, the better your history, the lower your interest rate. The interest rate you receive could also depend on how much you intend to borrow and whether you get a secured or an unsecured loan.
Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 22 years in online financial comparison.
Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.