7 cheap personal loans to help you hit your spending goals

7 cheap personal loans to help you hit your spending goals content

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 Europe trip, 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!

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

  • Borrow up to $50,000

  • No early repayment fee

The details:

Digging around for last-minute loans to help pay for a big upcoming expense? Then say hello to the Symple Loan 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. 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).

OurMoneyMarket Low Rate Personal Loan
OurMoneyMarket
  • 2021 Mozo Experts Choice Award-winner**

  • Fixed rates from 6.29% p.a. (6.50% 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 6.29% p.a. (6.50% 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.

Harmoney Unsecured Personal Loan
Harmoney
  • Tiered interest rates based on your credit history

  • 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 6.99% p.a. (7.79% p.a. comparison rate^^). Customers can borrow amounts from $2,000 to $50,000 paid back over 1-5 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.

NOW Finance No Fee Secured Personal Loan
NOW Finance
  • 2021 Mozo Experts Choice Award-winner**

  • Borrow from $5,000 up to $50,000

  • Minimal fees ($35 late payment fee)

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 charges minimal fees (except for a $35 late payment fee should you miss a payment) and allows you to make extra repayments. But the real cherry on top is that it won a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan!**

loans.com.au New Car Loan
loans.com.au
  • 2021 Mozo Experts Choice Award-winner**

  • Fixed rate of 4.67% p.a. (5.22% 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 4.67% p.a. (5.22% 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. In addition, 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.

Plenti Unsecured Personal Loan
Plenti
  • Competitive fixed rates from 6.39% p.a. (6.39% p.a. comparison rate^^)

  • Tiered-based interest rates - so better rates available for borrowers with a good credit score

  • Extra repayments allowed

The details:

With super low fixed interest rates from 6.39% p.a. (6.39% p.a. comparison rate^^) for good credit-borrowers on loans from $2,001 to $50,000 with 3-5 year loan terms, the Plenti Unsecured Fixed Personal Loan has lots to bring to the table. Not to mention, this loan offers tiered-based interest rates. So the better your credit score, the better the interest rate you get. Plus, it’s an unsecured loan, so you won’t need to use any assets as collateral. In addition, the loan allows extra repayments with no early loan repayment fee, so you can be debt-free faster without any penalty fees - however, there is a $30 late payment fee you’ll need to budget for should you ever miss a payment. Keep in mind that application fees vary depending on your application (the application fee is $149 for a 3-year term).

Alex Personal Loan
Alex
  • 2021 Mozo Experts Choice Award-winner**

  • Fixed rates from 5.49 p.a. (5.49% p.a. comparison rate^^)

  • Free extra payments

The details:

The Alex 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 5.49 p.a. (5.49% p.a. comparison rate^^) on loans from $2,100 to $30,000 with 1-5 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), plus, it’s an unsecured loan, so you won’t have to put any assets up as collateral. Most importantly, this loan has the Mozo tick of approval as it won a 2021 Mozo Experts Choice Award for Best New Loan Product!** Be aware, that there is a $20 late payment fee, as well as a $295 establishment fee, however, if you apply before the 31 March 2021 then the establishment fee will be waived.

^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 2021 Mozo Expert Choice Car Loans Awards.