Don’t get stung by high personal loan rates

Polly Fleeting

24 Aug 2020

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Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

According to the Mozo database, the lowest unsecured personal loan variable rate for low-risk customers sits at 3.15% (4.10% comparison rate*) while the highest rate skyrockets to 15.99% (16.29% comparison rate*). That’s a massive 12.84% difference!  

You may be asking yourself, with the curveball of COVID-19 is it still possible to get your hands on one of these low interest personal loans? If you have a solid credit history and a steady income, then the answer is yes! 

So if you need a hand to start your search for a killer personal loan to avoid paying too much in interest, we are here to help. Scroll down for some of the top low interest personal loan options right now.

LOW RATE PERSONAL LOANS SEPTEMBER 2020 - rates updated daily

  • Promoted

    OurMoneyMarket

    OurMoneyMarket

    Low Rate Personal Loan (Excellent Credit) (Fixed, Unsecured)

    8.00% p.a.

    8.21% p.a.based on $30,000
    over 5 years

  • Promoted

    Alex

    Alex

    Personal Loan (Unsecured, Fixed)

    6.95% p.a.to 19.99% p.a.

    6.95% p.a.to 19.99% p.a.based on $30,000
    over 5 years

  • Promoted

    Symple Loans

    Symple Loans

    Personal Loan (Variable, Unsecured)

    5.75% p.a.to 21.99% p.a.

    6.47% p.a.to 25.11% p.a.based on $30,000
    over 5 years

  • Promoted

    NOW FINANCE

    NOW FINANCE

    Unsecured Personal Loan (Fixed, $5,000 - $15,000)

    6.95% p.a.to 17.95% p.a.

    6.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

  • Promoted

    Liberty

    Liberty

    Personal Loan (Fixed, Unsecured)

    7.65% p.a.to 26.99% p.a.

    7.65% p.a.to 26.99% p.a.based on $30,000
    over 5 years

  • Promoted

    SocietyOne

    SocietyOne

    Unsecured Personal Loan (Excellent Credit, Fixed)

    6.99% p.a.to 9.49% p.a.

    6.99% p.a.to 12.2% p.a.based on $10,000
    over 3 years

^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

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