Personal Loans Mozo Experts Choice Awards 2024

A personal loan can be a great solution if you need a large lump sum of money to help you achieve a goal or finance a purchase when you otherwise don’t have the necessary funds. You’ll need to repay the loan in installments over an agreed-upon period of time, including interest and any fees charged on top. Applying for a personal loan can be simple and, as long as you can afford and meet your repayment requirements, paying off your personal loan should be relatively straight-forward.

If you’re considering taking out a personal loan, check out Mozo’s  best personal loans page to compare loan fees, features and rates (hint: Mozo Experts Choice Award winners offer some of the best value options). We also have a dedicated car loan comparison page.

Not always. Some personal loan lenders have different interest rate tiers depending on a customer’s credit history. Usually, the better your  credit history and corresponding credit score , 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.

A  secured loan  requires the borrower to offer up assets (like a car or house) to use as collateral should they be unable to repay their loan balance, whereas an  unsecured personal loan  allows you to borrow without the need for security. It is important to note that unsecured loans tend to have a higher interest rate and are usually based solely on the borrower’s credit score and their capacity to repay the debt, as calculated by the lender.

As the name suggests, a fixed loan means the interest rate will remain the same or ‘fixed’ for the entire loan period (often between 1 and 5 years). So, as you might expect, the interest rate on a variable loan fluctuates, as it can be altered by the lender at any point. A variable loan can have more flexible features and offer potential savings if interest rates decrease, but can also expose you to the risk of increasing rates should the tables turn.

If you like the security of knowing exactly what your repayments will be and how you’ll fit that into your budget, then you’ll likely be better off with the security of a fixed loan. If you feel comfortable that you can manage loan repayments if rates rise, while taking advantage of flexible loan features, then a variable loan could be the way to go for you.

Ultimately, whether a fixed or variable personal loan is better will depend on what is best for you and your finances.

A  comparison rate is a figure that includes the advertised interest rate in addition to fees and charges connected to the loan. It’s always important to assess comparison rates as well as flat interest rates, as it allows borrowers to identify the true cost of a loan.

Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.

You can read the information above for insight into how winners were chosen in each category. If you’d like more detailed information on how we performed product comparisons and determined the final winners see the  Mozo Experts Choice Personal Loan Awards methodology report .

In​ ​carrying​ ​out​ ​the​ ​Mozo​ ​Experts​ ​Choice​ ​Awards​ ​for​ ​Personal​ ​Loans,​ ​we analysed​ 338 ​personal​ ​loan​ ​products​ ​issued​ ​by 82 ​Australian​ ​financial institutions​ ​based​ ​on​ ​data​ ​contained​ ​in​ ​Mozo’s​ ​product​ ​database​ ​as​ ​of​ 11 October, 2021.

We​ ​aim​ ​to​ ​include​ ​most​ ​personal​ ​loan​ ​providers​ ​in​ ​the​ ​market​ ​in​ ​the​ ​Mozo Experts​ ​Choice​ ​Awards.​ ​However,​ ​not​ ​every​ ​personal​ ​loan​ ​product​ ​in​ ​the market​ ​will​ ​be​ ​included​ ​in​ ​our​ ​review.

Any​ ​personal​ ​loan​ ​product​ ​we​ ​review​ ​must​ ​be​ ​available​ ​in​ ​the​ ​market​ ​at the​ ​time​ ​of​ ​our​ ​analysis​ ​and​ ​any​ ​offers​ ​included​ ​must​ ​be​ ​available​ ​to​ ​the general​ ​public​ ​on​ ​the​ ​provider’s​ ​website.

The Mozo Experts Choice Awards analysis is overseen by Mozo’s Data Services Director AJ Duncanson and Product Data Manager Peter Marshall. Together, the pair have a combined 50 years of experience in financial services industries, and have been running the Mozo awards since their inception in 2014.

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