5 online personal loans you can apply for right from home
Due to the current Coronavirus pandemic, the Australian government has enforced strict lockdown restrictions in attempts to slow down the spread of COVID-19, instructing Australians to self-isolate at home for the next foreseeable future and only leave the house for essential travel.
This means Aussies are now opting for digital solutions as alternatives to leaving the house, in order to adhere to these new guidelines. We’re seeing people switch their regular gym workouts for online workout apps and ditching their usual coffee catchups for digital date via video-call.
But while visiting a bank branch technically comes under the essential’s category (at this stage), keep in mind that there are loads of online banking solutions available for you to access from home.
In addition to neobanks, nowadays, there are also lots of online lenders around that allow you to apply for loan products totally online without ever stepping foot into a branch.
So, if you’re using your time at home to take on a home renovation project and need some extra cash to get you started, then here are 5 online personal loans that you can apply for from self-isolation:
OurMoneyMarket - Low Rate Personal Loan
- Lower rates up for grabs for borrowers with a better credit score
- Free extra repayments & free redraw facility
- Flexible weekly, fortnightly & monthly repayment options
The details:
With fixed rates from 8.00% p.a. (8.21% p.a. comparison rate^^) on loans from $2,001 to $50,000, the OurMoneyMarket Low Rate Personal Loan offers different rate tiers based on your credit score, so you could be rewarded for keeping your credit report in tip-top ship-shape with one of the lower rates that are available for this loan. Being an unsecured loan, you won’t need an asset to put up as security, plus, it also comes with a few flexible features, like free extra repayments and a free redraw facility, so you can dip into those extra repayments if you ever need access to extra funds.
Wisr - Unsecured Personal Loan
- Fixed rates from 7.95% (8.78% comparison rate^)
- No early repayment or ongoing fees
- Apply online and receive a response in minutes
The details:
If you’re after a great value loan, then take a look at this Unsecured Personal Loan from Wisr, an online player offering super competitive rates for borrowers with great credit. It’s available for up to $50,000 over a 3 to 5 year term and you don’t need a big asset to put up as security against the loan. You also have the freedom of making free extra repayments to pay your loan off faster, with no penalty for early loan repayment.
Harmoney - Unsecured Personal Loan
- Fixed interest rates from 6.99% (7.69% comparison rate)
- No ongoing fees ($500 upfront fee applies)
- Free extra repayments allowed and no early repayment fee
The details:
Fast, easy and 100% online, Harmoney sources it’s funding from its online marketplace to provide you with a low rate, low fee personal loan. You can borrow up to $70,000, to fund your spending goals, and the better your credit history, the better your rate will be. This is an unsecured loan, available for terms 3-5 years. Although there is a fee for being listed on the P2P platform, you’ll only pay this once your loan has been approved.
Plenti - Unsecured Personal Loan
- Low variable rates from 6.79% p.a. (8.83% p.a. comparison rate^)
- Extra loan repayments allowed, plus, no early repayment fee
- 2019 Mozo Experts Choice Award-winner
The details:
The RateSetter Unsecured Personal Loan sets itself apart with its super-low variable interest rates which start from 6.79% p.a. (8.83% p.a. comparison rate^) on loans between $2,0001 and $45,000 and flexible loan terms which range from just 6 months to 5 years. This loan offers rates based on your creditworthiness, so the better your credit score, the better the interest rate you get. Not only does this loan allow extra repayments with no early repayment fee, it even took out a 2019 Mozo Experts Choice Award* in the Unsecured Personal Loan category!
NOW Finance - No Fee Unsecured Personal Loan
- Fixed rates from 7.95% p.a. (9.56% p.a. comparison rate^^)
- Tailored interest rate based on your credit score
- Security asset not required
The details:
The NOW Finance Unsecured Personal Loan has competitive fixed interest rates which start from 7.95% p.a. (9.56% p.a. comparison rate^^) on loans from $5,000 to $40,000. Rates are tailored based on your credit score, meaning that you could score one of the lower interest rates available with this loan for keeping your credit report in good shape. With the ability to make extra loan repayments you’ll be able to pay your loan off early, however, be aware that there is a $175 early repayment penalty if you pay out the loan within the first 6 months (or a $120 penalty if paid within the first 12 months).
Remember folks, go online so you stay inside! Head over to our online personal loans comparison table for more personal loan options you can get from the comfort of your own home!
*Click here for more information about the 2019 Mozo Experts Choice Personal Loan Awards.
* 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
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