6 debt consolidation loans that’ll help you conquer your financial fears

Spiders, snakes or just life in general, we all have our fears. But for some Aussies, it’s the thought of mounting credit card debt that makes their heart stop.

But with Halloween right around the corner, there’s never been a better time to face your financial fears and blast that lingering debt once and for all.

And one of the ways to do it is with a debt consolidation loan. Not only do these loans come with lower rates than a standard credit card, but there’s also a set term to pay off the debt, to help keep you on track.

So if you think a debt consolidation loan could be the right option for you, check out these 6 offers below.

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Last updated 21 July 2024 Important disclosures and comparison rate warning*
SocietyOne - Unsecured Personal Loan
  • Fixed rates starting from 7.50% (9.51% comparison rate^)
  • Personalised interest rates available
  • No monthly account or exit fees
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If you’ve got a top credit history, then you might want to check out the SocietyOne Unsecured Personal Loan. You’ll be able to score personalised fixed rates, starting from 7.50% (9.51% comparison rate^) and pay no monthly or exit fees. And to throw in some more flexibility, you’ll be able to make repayments on a schedule that suits you best, either fortnightly or monthly. The only thing you’ll need to factor into your budget is the $300 upfront fee.

MoneyPlace - Unsecured Personal Loan
  • Fixed rates starting from 7.65% (7.65% comparison rate^^)
  • No upfront or ongoing fees
  • Mozo 2017 Experts Choice Award winner for Best Excellent Credit Personal Loan

With fixed rates starting as low as 7.65% (7.65% comparison rate^^), you can’t go wrong with MoneyPlace and its Unsecured Personal Loan. This budget-friendly loan features no upfront, exit or monthly fees, helping you get debt free fast. And since this loan is unsecured, you won’t have to worry about having any big asset as collateral. Not bad for a 2017 Mozo Experts Choice award winner.

Australian Military Bank - Unsecured Personal Loan
  • Fixed rates from 7.93% (8.77% comparison rate^^)
  • $0 exit fee
  • Free extra repayments
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If you’re serious about getting out of debt and have an excellent credit history on your side, then look no further. The Australian Military Bank Unsecured Personal Loan offers fixed rates from 7.93% (8.77% comparison rate^^) and features no exit fee in case you decide to pay out your loan early. You’ll also be able to make free extra repayments to your loan with no penalty as well as the option to make payments directly from your salary. Just keep in mind that there is a $10 monthly fee and $100 upfront fee with this loan.

HSBC - Unsecured Personal Loan
  • Fixed rates from 9.50% (10.06% comparison rate^^)
  • $0 exit fee
  • Apply online and get a response in 60 seconds
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Getting a rate that suits you best is easy with the HSBC Unsecured Personal Loan. This loan offers fixed rates starting from 9.50% (10.06% comparison rate^^), so you’ll always know your repayment amount. Plus, there’s free extra repayments and no exit fee so you can put every extra dollar towards getting out of debt. And to make life easier, once you submit your application online, you’ll get a response in 60 seconds! But bear in mind, you will have to pay a $5 monthly fee and a $150 upfront fee.

Bank Australia - Lifestyle Personal Loan
  • Variable 11.89% interest rate (12.94% comparison rate^)
  • No monthly or exit fees
  • Free extra repayments
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But if you prefer the idea of a variable rate, then why not try the Bank Australia Lifestyle Personal Loan. This loan comes with a variable rate of 11.89% (12.94% comparison rate^) and offers free extra repayments! And while the interest rate is the highest rate so far, there are no monthly or exit fees with this loan. Plus, you’ll be able to make repayments on your terms, either weekly, fortnightly or monthly.

RACQ Bank - Unsecured Personal Loan
  • Variable 12.95% interest rate (13.25% comparison rate^^)
  • $0 monthly and exit fee
  • Unlimited extra repayments
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Featuring a variable 12.95% interest rate (13.25% comparison rate^^) and no monthly or exit fees, the RACQ Unsecured Personal Loan is hard to pass up. Aside from having unlimited free extra repayments, if you’re an RACQ member, you’ll receive a discount on your loan! But there are a couple of things to keep in mind, like the $200 upfront fee. Plus, you’ll also need to be a Queenslander to have access to this loan. 

And if you’d like to compare even more debt consolidation loans, head over to our personal loan comparison tool!

* WARNING: 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. 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.

^See information about the Mozo Experts Choice Home Loan 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.