7 cheap personal loans to help you hit your spending goals

Port melbourne beach victoria australia

From holidays to home renovations to cars, personal loans can save the day if you're ever short on cash while trying to fund your next trip away, kitchen revamp or brand new car.

With the right offer, a personal loan can be a handy way to give you access to extra funds so you can hit your big spending goals now and gradually pay it off over time, rather than having to wait until you’ve saved up enough dollars to cover the full amount. 

But with so many different lenders floating around nowadays, finding a top-notch rate is no easy feat. So, to help you start your search, let’s shine the spotlight on 7 great value personal loans. That family vacay or a snazzy new set of wheels could be yours before you know it!

NOW Finance No Fee Unsecured Personal Loan
NOW Finance
  • Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate^^)

  • Borrow from $5,000 up to $50,000

  • 2022 Mozo Experts Choice Award-winner**

The details:

The NOW Finance Unsecured Personal Loan offers loan amounts from as little as $5,000 to as much as $50,000, with 18-month to 3-year loan terms for loans between $5k-$8k (or up to 7 years for amounts between $8k-$50k). But that’s not all, this loan offers tailored interest rates according to your credit score, which means you could score a rate as low as 5.95% p.a. (5.95% p.a. comparison rate^^) if you’re an eligible credit-worthy borrower. Being an unsecured loan, you won’t need to put up any assets as security against the loan. On top of this, the loan can be fee-free and allows you to make extra repayments. But the real cherry on top is that it won a 2022 Mozo Experts Choice Award for best Unsecured Personal Loan!**

OurMoneyMarket Low Rate Personal Loan
  • 2022 Mozo Experts Choice Award-winner**

  • Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate^^)

  • Free extra repayments & redraw facility

The details:

The OurMoneyMarket Low Rate Personal Loan offers different rate tiers based on your credit score - so creditworthy borrowers could receive competitive fixed interest rates from as low as 5.45% p.a. (6.07% p.a. comparison rate^^). The loan lets customers borrow amounts between $2,001 and $75,000 with 1-7 year loan term options. On top of this the loan is also packed with flexible features, such as the ability to make free extra repayments, plus, a free redraw facility so you can dip into those extra repayments should you ever need some cash. While this loan doesn’t come with any service fees, there is, however, a $150 upfront fee and a $35 late payment fee should you ever miss a repayment.

Alex Bank Personal Loan
Alex Bank
  • Unsecured rates from just 4.99% p.a. fixed (4.99% p.a. comparison rate^)

  • Mozo's Experts Choice Best New Loan Product 2022^

  • 100% online approval

The details:

Alex is Australia's new digital bank, and this award-winning unsecured personal loan boasts one of the lowest rates on the market for borrowers with excellent credit. There are no upfront fees, monthly fees or early repayment penalties to worry about. You can borrow up to $30,000 and enjoy flexible repayment terms of 6 months to 5 years to suit your needs. Borrowers must be over 18 with a regular income to apply. To top off this long list of great features, this personal loan won a 2022 Mozo Experts Choice Award for best New Loan Product.**

Symple Loans Personal Loan
Symple Loans
  • Interest rates from 5.75% p.a. (6.47% p.a. comparison rate^^)

  • Borrow up to $50,000

  • Earn Qantas Points on your loan amount

The details:

Digging around for last-minute loans to help pay for a big upcoming expense? Then say hello to the Symple Loans Personal Loan, which offers tier-based interest rates according to your credit score - meaning good credit-borrowers could get variable rates from as low as 5.75% p.a. (6.47% p.a. comparison rate^^), on amounts between $5,000 and $50,000 with 1-7 year loan term options. Other features to get excited about include a speedy online application process, funds that can be transferred in up to 24 hours (for eligible applicants), and free extra repayments. Plus, you can also earn 1 Qantas Point for every $1 you borrow once the loan is approved and drawn - that's up to 50,000 points! Keep in mind that you’ll need to factor in a few fees, such as the $10 monthly service fee, $35 late payment fee if you miss a repayment and a loan application fee which ranges between 0% and 5% of your loan amount (the more you borrow, the steeper the fee could be).

Wisr Unsecured Personal Loan
  • Fixed rates from 6.49% p.a. (6.49% p.a. comparison rate^^)

  • No ongoing or early repayment fees

  • Free extra payments

The details:

The Wisr Unsecured Personal Loan hits offers interest rates tailored to your credit score - so, borrowers with a good credit rating could get a fixed rate from as low as 6.49 p.a. (6.49% p.a. comparison rate^^) on loans from $5,000 to $64,000 with 3-5 year loan term options. Another great thing about this loan is that it comes with a range of flexible repayment options (weekly, fortnightly and monthly), and the option to make extra repayments too. Plus, it’s an unsecured loan, so you won’t have to put any assets up as collateral. Be aware, that there is a $25 late payment fee, as well as a special offer $195 establishment fee.

Harmoney Unsecured Personal Loan
  • Fixed interest rates from 5.35% p.a. (6.14% p.a. comparison rate^^)

  • No ongoing fees ($575 upfront fee)

  • Loan top-up feature

The details:

For creditworthy borrowers looking for a low-rate deal, Harmoney’s Unsecured Personal Loan could be right up your alley. This loan offers tier-based interest rates according to your credit score - so if your credit score is in tip-top shape, then you could receive a fixed rate from as low as 5.35% p.a. (6.14% p.a. comparison rate^^). Customers can borrow amounts from $2,000 to $70,000 paid back over 3 or 5 years - although, if you’d like to borrow more you can apply for a top-up for a $575 fee (payable on approval). You’ll have the choice of either weekly, fortnightly or monthly repayments, plus the ability to make extra repayments if you want to pay your loan off sooner and save on interest. The loan has no ongoing fees, however, you will need to budget for the $575 application fee (which drops down to $200 if you borrow less than $5,000) and a $15 late payment fee if you ever miss a repayment.

loans.com.au New Car Loan
  • 2022 Mozo Experts Choice Award-winner**

  • Special homeowners fixed rate of 3.99% p.a. (4.53% p.a. comparison rate^^)

  • Flexible repayment terms

The details:

Thinking of treating yourself to a brand new car? Well, with a fixed interest rate of 4.99% p.a. (5.53% p.a. comparison rate*) on amounts between $5,000 and $100,000 with 3-5 year loan terms, and no monthly service fees, then be sure to check out the loans.com.au New Car Loan. Additionally, if you own your home, you could be eligible for a lower rate, starting at 3.99% p.a. (4.53% p.a. comparison rate*). This loan also features a flexible repayment schedule, which means you can tailor your regular repayments to best suit you and your lifestyle, whether that’s weekly, fortnightly or monthly. While this loan does offer the ability to make extra repayments, be aware that if you do end up choosing to pay your loan off early, you’ll cop a pretty big early repayment fee of $700 ($700 early repayment penalty applies on a pro-rata basis. No penalty charged in the last year of the loan). Keep in mind that there’s also a $400 upfront fee that you’ll need to budget for.

^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

^See information about the Mozo Experts Choice Personal loans Awards

Head over to our personal loans comparison page for more options. Or, alternatively, you could check out one of our city-based personal loans comparison pages below:

**Click here for more information about the 2022 Mozo Expert Choice Car Loans Awards.