5 non-bank personal loan lenders you need to know about

Ceyda Erem   |   26 Nov 2018

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If it’s your first time shopping around on personal loans, then you might think that going directly to the big banks is the right way to go. But if our 2018 Mozo Experts Choice Personal Loan Award winners is anything to go by, it may be time to broaden your horizons.

Our Mozo Experts Choice judges analysed 196 personal loans from 74 providers, but only gave out awards to the top 10% in each category.

“We found in this year’s Awards it’s the smaller providers shaking up the market. It just goes to show you that non-bank lenders are offering competitive products no matter your spending needs,” said Mozo Product Data Manager and Mozo Experts Choice judge, Peter Marshall.

So whether you’re about to kickstart a renovation or are dreaming of a new set of wheels, here are 5 non-bank personal loan lenders to consider and their award winning loans.

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loans.com.au New Car Loan
  • Fixed 5.44% interest rate (5.99% comparison rate^^)

  • $0 service fee

  • 2018 Mozo Experts Choice Car Loan winner

If you’re in the market for a brand new set of wheels, then it might be time you checked out the loans.com.au New Car Loan (Fixed). This 2018 Mozo Experts Choice winner features a low fixed rate of 5.44% (5.99% comparison rate^^) and doesn’t charge any monthly service or exit fees. You’ll be able to borrow between $5,000 and $100,000 to repay within 3 to 5 years. Fair warning though, while you can make extra repayments to this loan, if you decide to to pay off the loan a year or more before the agreed term ends, you’ll be charged a whopping $700 early repayment fee.

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Harmoney Unsecured Personal Loan
  • Fixed rates from 6.99% (7.69% comparison rate^^)

  • $0 service and exit fee

  • 2018 Mozo Experts Choice Excellent Credit Unsecured Personal Loan winner

Next up is peer-to-peer lender Harmoney, a 2018 Mozo Experts Choice winner for Excellent Credit Unsecured Personal Loan. This loan offers fixed rates from 6.99% (7.69% comparison rate ^^), charges no service or exit fees and allows you to make extra repayments, so you can put every dollar toward paying off your loan. But like its Experts Choice win suggests, competitive low rates are only available for creditworthy borrowers, so you’ll need to have a top notch credit history before you apply. You’ll also need to factor in the $500 upfront fee once your loan is approved.

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MoneyPlace Unsecured Personal Loan - Excellent Credit Rating
  • Low fixed rates from 7.65% (7.65% comparison rate^^)

  • $0 application fee

  • 2018 Mozo Experts Choice Excellent Credit Unsecured Personal Loan winner

Another peer-to-peer lender to keep your eye on is MoneyPlace and its Unsecured Personal Loan (Fixed). With a low fixed rate of 7.65% (7.65% comparison rate^^) and a $0 application fee, this 2018 Mozo Experts Choice winner will have you reaching your spending goals in no time. There’s also no exit or service fee and the option to make extra repayments to your loan. Just keep in mind that in order to have access to these low rates, you’ll need to have an excellent credit history.

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CUA Secured Car Loan
  • Fixed 6.79% interest rate (6.92% comparison rate^^)

  • Free redraw and extra repayments

  • 2018 Mozo Experts Choice Used Car Loan winner

Getting the key to your dream car has never been easier, thanks to the CUA Secured Car Loan (Fixed). Aside from having a fixed rate of 6.79% (6.92% comparison rate ^^), you’ll have no exit or service fees, plus the option to make extra repayments without penalty. Plus, if you ever need to withdraw any of these extra repayments, you’ll be able to do so for free. Just keep in mind that there is a $90 application fee with this loan and a $200 minimum redraw amount.

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SocietyOne Unsecured Personal Loan - Excellent Credit
  • Fixed 7.50% interest rate (9.51% comparison rate^)

  • No ongoing or exit fee

  • 2018 Mozo Experts Choice Excellent Credit Unsecured Personal Loan winner

While they may be last on our list, SocietyOne holds the title of being the first peer-to-peer lender to reach Aussie shores and has been giving the banks a run for their money ever since. This loan features a fixed 7.50% interest rate (9.51% comparison rate^) and no ongoing or exit fees. You’ll be able to borrow up to $50,000, repay your loan on either a weekly, fortnightly or monthly basis and make free extra repayments. The only thing you’ll need to remember is the $300 application fee and that these low rates are reserved for AA-grade borrowers.

^ 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 for the amounts and terms below, 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. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years

But these are only a handful of our winners, you can check our full list of Experts Choice winners, or head on over to our personal loan comparison tool for even more options.  

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