Debt consolidation the leading reason Aussies take out personal loans, says Plenti
Whether it’s spending more time at home or a new perspective on life, many Aussies across the country have been taking great strides in smashing their financial goals by taking out a personal loan.
In fact, according to a recent Loan Book Update from peer-to-peer lender, Plenti, debt consolidation (27%) was the leading financial reason for applying for a Plenti personal loan.
Other major reasons for taking out a personal loan were for renewable energy spending (25%) and home improvements (13%), suggesting that more Aussies are looking to boost the value of their home.
Interestingly, 30% of current personal loan customers were between the ages of 30 and 39, while more than half (52%) earned between $50k and $100k.
If you’ve been thinking about taking out a personal loan, finding the right option for your needs and financial goals can be tricky. The good news is if you’ve got a decent credit history, you could have access to some low interest rates, as many providers offer competitive rates to these kinds of borrowers.
To help get your search started, we’ve rounded up some hot personal loan deals available in the Mozo database.
Plenti Unsecured Personal Loan
- Competitive fixed rates from 6.39% (6.39% comparison rate*)
- Zero fees
- Extra repayments allowed
Like the idea of keeping fees to a minimum? Then you might want to check out the Plenti Unsecured Personal Loan. Borrowers with a clean credit history could have access to fixed rates as low as 6.39% (6.39% comparison rate*) and borrow as much as $50,000 on terms between three to five years. The loan is also highly flexible, as there are no upfront or ongoing fees, plus there’s the option to make additional repayments. Just keep in mind there is no redraw option with this loan.
NOW Finance Unsecured Personal Loan
- 2021 Mozo Experts Choice Award winner^
- Fixed rates from 5.95% (5.95% comparison rate*)
- No upfront or ongoing fees
You know you’re onto a top personal loan deal when it’s a 2021 Mozo Experts Choice Award winner^ for Best Unsecured Personal Loan. The NOW Finance Unsecured Personal Loan is stuffed with value, like its competitive fixed rates from 5.95% (5.95% comparison rate*) for borrowers with a pristine credit score to flexible loan repayment features. With this personal loan, you could borrow between $8,000 to $50,000 to be paid back on terms from 18 months to seven years. And best of all, there are zero fees no matter how much you’re borrowing so you can put every dollar towards paying off your loan.
Wisr Unsecured Personal Loan
- Fixed rates from 6.49% (6.76% comparison rate*)
- Fast application process
- No ongoing fees
Whether you’re keen to get cracking on that renovation or finally found the car of your dreams, the Wisr Unsecured Personal Loan could help you reach your financial goals in no time. If you’ve got an excellent credit score, you could have access to fixed rates from as low as 6.49% (6.76% comparison rate*) and no ongoing fees, though there is a $195 upfront fee you’ll need to budget for. There’s the option to make additional repayments and if you’re approved for the loan, you could have the money deposited into your account within 48 hours!
SocietyOne Unsecured Personal Loan - Excellent Credit
- Fixed rates from 6.39% (6.39% comparison rate*)
- Upfront fee waived for credible borrowers
- Fortnightly and monthly repayment options
If you’ve got a pristine credit score and in need of some fast funding, then the SocietyOne Unsecured Personal Loan could be the pick for you. For borrowers with an excellent credit score, there’s fixed rates starting from 6.39% (6.39% comparison rate*), plus the $495 upfront fee is waived for credible borrowers. This personal loan also comes with great repayment flexibility, as you’ll have the choice between fortnightly or monthly repayments and the option to make additional repayments whenever you’d like.
* 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
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 PDS or offer documentation, or seeking independent advice.
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.