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

By Ceyda Erem · Monday, 26 November 2018 · 3 min read

Fact Checked

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.

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.

Important disclosures and comparison rate warning*

Important disclosures

Advertiser disclosure

Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.

We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.

We provide only general advice

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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 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.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

loans.com.au - New Car Loan - Prime Special

Fixed 5.44% interest rate (5.99% comparison rate^^)
$0 service fee
2018 Mozo Experts Choice Car Loan winner

Find out more

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.

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

Find out more

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.

MoneyPlace - Unsecured Personal Loan

Low fixed rates from 7.65% (7.65% comparison rate^^)
$0 application fee
2018 Mozo Experts Choice Excellent Credit Unsecured Personal Loan winner

Compare 75+ lenders with our trusted partner, LoanOptions.ai.

LoanOptions.ai uses artificial intelligence to match you with the most competitive loan from its extensive lender panel.

Get started today

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.

Great Southern Bank - 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

Find out more

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.

SocietyOne - Unsecured Personal Loan

Fixed 7.50% interest rate (9.51% comparison rate^)
No ongoing or exit fee
2018 Mozo Experts Choice Excellent Credit Unsecured Personal Loan winner

Find out more

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.

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.

^* 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 Personal Loan Awards

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.

Ceyda Erem

Money writer

Ceyda Erem is Mozo’s authority on Energy, as well as having broader expertise as a personal finance writer. She loves to put her researching and writing talents into stories that help our readers to make more informed financial choices, whether that’s about finding the best energy deal or writing about the latest sneaky bank tricks. Ceyda has a Bachelor of Arts (major in writing) from Macquarie University.