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 a lower rate Personal loan. Below, we’ve compiled just a few fast, online personal loans that are worthy of your attention.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 13 July 2024 Important disclosures and comparison rate warning*
Symple Loans - Personal Loan
  • Interest rates from 5.75% p.a. (6.47% p.a. comparison rate^)
  • Borrow up to $50,000
  • 2021 Mozo Experts Choice Award winner
Find out more

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 25.99% p.a. (6.47% p.a. to 29.20% p.a. comparison rate^^).

NOW Finance - No Fee Unsecured Personal Loan
  • Interest rates from 6.95% p.a. (6.95% p.a. comparison rate^)
  • Borrow between $5,000 and $40,000
  • 2021 Mozo Experts Choice Award winner

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 6.95% p.a. and go up to 17.95% p.a. (6.95% to 17.95% 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 also no ongoing or upfront fees to worry about, only a $35 ate payment fee if you don't make your regular repayment on time.  Plus, this loan also received a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan!

OurMoneyMarket - Low Rate Personal Loan
  • Fixed rates from 6.75% (6.96% comparison rate^)
  • Borrow up to $50,000
  • 2021 Mozo Experts Choice Award winner

After an online loan with a low interest rate and a quick application process? Say hello to the OurMoneyMarket Low Rate Personal Loan. Fixed interest rates are determined in relation to your credit history, but start at a low 6.75% (6.96% comparison rate^). Customers can borrow up to $50,000 and choose from a loan term of 1 to 7 years. There are also no ongoing fees on this loan, but there is a $150 application fee to be mindful of. OurMoneyMarket has 5-minute online application process and once approved you could get your money in just 24 hours! It's no wonder this loan took home a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan!

Plenti - Personal Loan
  • Interest rates from 5.99%% p.a. (6.27% p.a. comparison rate^)
  • No early repayment fee
  • Free extra repayments
Find out more

Plenti is an online lender that boasts a speedy application process and competitive interest rates. Loan amounts range from $2,000 to $50,000, with interest rates starting at 5.99% p.a. (6.27% 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 $249.

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. 

* 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.