Does checking personal loan rates impact your credit score?

By Ceyda Erem · · 3 min read
Fact Checked
Advertiser disclosure

Whether you’re treating yourself to a well-deserved holiday or are looking to give your kitchen a bit of an upgrade, taking out a personal loan can help you do it. 

But in an age where it’s never been more important to maintain a pristine credit score, it’s not uncommon for many Aussies to take precautions to keep their credit history in check. 

And if you’ve been thinking about taking out a personal loan, you might be wondering whether if simply checking personal loan rates can make a difference to your credit score, especially with many lenders now offering personalised rates. 

Since comprehensive credit reporting (CCR) entered the banking world, Aussie borrowers with clean credit histories are now being rewarded with lower interest rates on credit products, like personal loans. 

So while using a free comparison site like Mozo, or simply browsing the web for personal loan rates won’t make a difference to your credit score, depending on the lender and their process, obtaining a personalised rate might. 

According to Chief Operating Officer at NOW FINANCE, David Norman, customers are able to access their personalised rate before applying without putting their credit score in jeopardy. 

“Historically, some lenders have only provided customers with their actual interest rate after they submit a full application, impacting their credit score and leaving a mark on their credit report. We believe it’s important for customers to be able to make an informed decision upfront, so we allow customers to get their personalised rate before they apply using our Get My Rate tool,” he said. 

Many services, like Mozo’s Rate Matcher, also allow you to compare personal loans that you are eligible for without causing any damage to your credit score and can help you avoid being rejected for a personal loan application, which brings us to the next question. 

When will my credit score be impacted when shopping around for a personal loan? 

Even though we’ve established that checking personal loans rates is unlikely to hurt your credit score, it doesn’t mean prospective Aussie borrowers are in the clear just yet. 

It’s important to keep in mind that whenever you apply for a credit product - and are either accepted or rejected - the application will appear on your credit history. 

“One application for credit or a loan is not likely to hurt your score but if you've applied for several other credit products recently, it could make an impact as numerous applications can be perceived as desperation for credit or it could indicate to lenders that you're taking on too many accounts in a short period of time,” said Credit Reporting Expert at CreditSmart, Geri Cremin. 

It’s recommended that if you are rejected for a personal loan to avoid applying for others until you find out why you were rejected. Generally, it may be due to a poor credit history, so it’s worth repairing your credit score first before applying again. 

You can do this by making sure you pay all your bills on time by setting up a direct debit, closing any unused credit accounts and fact checking your credit report to make sure there are no errors or black marks you can’t explain. 

Then once you’re ready to go, check out these personal loan offers below or head on over to Mozo’s free personal loan comparison tool to find the right option for your spending needs.

Compare personal loans

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Last updated 11 July 2025 Important disclosures and comparison rate warning*
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.45% p.a.to 26.95% p.a.
    6.45% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.

    Compare
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    Details
  • Low Rate Personal Loan

    Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes

    interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.

    Compare
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    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    16.95% p.a.to 29.95% p.a.
    32.99% p.a.to 45.5% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.

    Compare
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    Details
  • Secured Personal Loan

    Exceptional Credit, $5,000-$75,000

    interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.

    Compare
    Go to site
    Details

* 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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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.

Compare personal loans