Fast, cheap and online: Personal loans you can't go past


Whether you’re planning on renovating your home, going on holiday or consolidating debt, there’s no shortage of personal loans to help you get things off to the right start. And with so many digital lenders out there, much of the lengthy wait times and paperwork that were once par for the course when borrowing have been cut in half.

Since digital lenders aren’t bogged down by the same constraints that big banks are, they’re often able to offer much faster services, and lower overhead costs mean they can usually do so at a much cheaper price. Below, we’ve compiled just a few fast, online personal loans that are worthy of your attention.

Symple Loans Personal Loan
  • Interest rates from 5.75% p.a. (6.89% p.a. comparison rate^^)

  • Borrow up to $50,000

  • No early repayment fee

If you’re after a loan of up to $50,000, an unsecured personal loan from Symple could be just the ticket. Completing the online application should take no more than a few minutes, and you can expect a response within 60 seconds. Assuming you tick all the necessary boxes, your requested funds will arrive in your account within 24 hours. As for how much you’ll pay, you’ll receive a personalised interest rate ranging from 5.75% p.a. to 19.99% p.a. (6.89% p.a. to 23.07% p.a. comparison rate^^).

Harmoney Unsecured Personal Loan
  • Competitive rates for creditworthy borrowers

  • No monthly account keeping fees

  • No early repayment fee

Offering loans of between $2,000 and $70,000, the Harmoney Unsecured Personal Loan would fit the bill whether you’re planning a holiday or a renovation for your home. As a 100% online peer to peer lender, Harmoney connects investors with borrowers, offering better rates the more impressive your credit score is. Interest rates range from 6.99% p.a. to 28.69% p.a. (7.69% p.a. to 29.55% p.a. comparison rate^^), and you’ll be able to pay off your loan early without incurring any penalties. Finally, there’s an establishment fee of $200 for those borrowing less than $5,000, and $500 if you’re borrowing more.

Plenti Unsecured Personal Loan
  • Interest rates from 6.89% p.a. (8.89% p.a. comparison rate^)

  • No early repayment fee

  • Free extra repayments

RateSetter is a peer to peer lender that boasts a speedy online application process and competitive interest rates. Loan amounts range from $2,000 to $45,000, with interest rates starting at 6.89% p.a. (8.89% p.a. comparison rate*). You’ll be able to apply online in under 10 minutes, and if your application is successful, RateSetter will transfer the funds into your account by the next business day. Just keep in mind there’s an application fee of $299.

MoneyPlace Unsecured Personal Loan
  • Interest rates from 7.65% p.a. (7.65% p.a. comparison rate^^)

  • No ongoing fees

  • 2 minute application

MoneyPlace offers loans of between $5,000 and $45,000, to be paid off over 3, 5 or 7 years. You’ll receive a personalised interest rate based on your credit score and financial history (among other factors), with those deemed most creditworthy looking at interest rates in the range of 7.65% p.a. (7.65% p.a. comparison rate^^). This can go as high as 26.99% (28.60% comparison rate^^) for others though. The latter group might also have to spring for an establishment fee of 5%.

NOW Finance Unsecured Personal Loan
  • Interest rates from 8.95% p.a. (10.56% p.a. comparison rate^^)

  • Borrow between $5,000 and $40,000

  • Funds transferred within 2 business days

You’ll be able to take out an unsecured personal loan of as little as $5,000 or as much as $40,000, with loan terms spanning 18 months to 7 years. Interest rates start from 8.95% p.a. and go up to 16.95% p.a. (10.56% to 18.53% p.a. comparison rate^^). Once Now Finance has run all the necessary checks and your loan application (which should only take 2 minutes) has been approved, your funds will be sent to your nominated account within two business days. There are a few fees that come with this one, including the $495 application fee and the $35 late payment fee.

^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

How to spot a payday loan

If you’re not currently flush with cash and in need of a quick loan to pay for something urgent, such as rent or an upcoming utility bill, it’s important to remember that some lenders have the potential to make your money problems even worse. 

In particular, you should be wary of payday lenders. These are lenders that offer short loan terms (typically between 16 days and a year) at very high costs. They’ll often lure in financially strapped or vulnerable customers with promises of immediate credit, only to charge deceptively high interest rates. A payday lender will usually tick the following boxes.

• Offers short loan terms.

• Charges higher interest rates than your usual loan.

• Loan repayments are typically deducted on the day you are paid.

For a look a look at other options in the personal loan market, be sure to visit our personal loan comparison page.