Mozo experts name the best of the best in personal loans, after scouring hundreds of quotes from dozens of providers

Picture of couple getting a personal loan with a Mozo Experts Choice Awards Badge

Today, leading financial comparison site has unveiled the best of the best in the car and personal loans as part of the Mozo Experts Choice Awards for Personal Loans 2024.

"When Aussies need money for things like holidays, medical bills, or a new car, a personal loan can help cover the cost at a much lower rate than a credit card. However, with so many choices it can be tough to find which provider has the best rates," said Peter Marshall, Mozo Experts Choice Awards Judge.

“The Mozo Experts Choice Awards for Personal Loans helps reduce the noise, to point borrowers in the direction of the lowest rates and most competitive personal loan products on the market.”

The Mozo Experts Choice Awards for Personal Loans 2024 compared 350 personal loan products from 88 providers to find the most competitive products and rates on the market.

“Australians looking for a low rate personal loan can use the winners list as a handy shortlist, so they don’t have to search through hundreds of quotes to find the providers offering the best value personal loans.”

As the cost of living continues to rise, more Australians are turning to personal loans to help cover large expenses, but unless they check the market regularly, they could be paying a higher interest rate than they need to. 

Checking the rates on offer for personal loans on the market is not only tiresome, but can be difficult due to the “risk-based” pricing many lenders are using. As advertised rates on personal loans are often just a starting point, rather than a guaranteed rate, the market itself can be difficult for one person to evaluate.

Mozo’s team of experts collected information over three months to narrow down hundreds of products, to a manageable amount that Aussies can use as a reference point. 

Then, the experts split the products into different categories based on varying financial situations, to make it even easier for Australians to find and compare the best of the best in the market. 

Personal Loans Provider of the Year 2024

Teachers Mutual Bank took out the top spot as Personal Loan Provider of the Year for 2024, securing multiple awards across both secured and unsecured lending categories. 

Teachers Mutual Bank’s affiliated brands – Health Professionals Bank, Firefighters Mutual Bank, UniBank, and Hiver Bank – also claimed victories in the Unsecured Personal Loan, Car Loan, and Used Car Loan categories.

Unsecured Personal Loan Winners:

Excellent Credit Unsecured Personal Loan Winners:

Secured Personal Loan Winners:

Excellent Credit Secured Personal Loan Winners:

Car Loan Winners:

Used Car Loan Winners:

Excellent Credit Used Car Loan Winners:

Green Car Loan Winners:

Green Personal Loan Winners: