February 2018 personal loan deals - Mozo editors picks

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From online shopping discounts to in store vouchers, there’s something satisfying about scoring an awesome deal.

And if you're considering a kitchen reno, big holiday or a new car this year, there's one more great deal you should be searching for first - the perfect personal loan.

But with the current number of personal loans on the market, finding the right loan to suit your needs can get tricky, so our editors have taken a peek into the Mozo database and have found some great personal loan deals for February.

HSBC Unsecured Personal Loan

Key features

  • Fixed 9.50% interest rate (10.06% comparison rate, based on $30,000 over 5 years*)
  • Borrow up to $50,000, unsecured
  • Able to make extra repayments
  • No exit fee

First up, we have HSBC with its Fixed Unsecured Personal Loan. With this unsecured loan, you’ll be able to borrow up to $50,000 with monthly repayments between 1 - 5 years. You’ll also be able to make extra repayments as you see fit with no exit fee. Plus, there’s no waiting time with HSBC as once you submit an application, you’ll have a response within 60 seconds!

People's Choice Credit Union Unsecured Personal Loan

Key features

  • Fixed 13.99% interest rate (15.78% comparison rate, based on $10,000 over 3 years**)
  • Borrow up to $100,000
  • No service, exit or early repayment penalty
  • Extra repayments and redraw facilities available

If you’re all about community and appreciate a member owned institution, then look no further than People’s Choice Credit Union. With its Unsecured Personal Loan, you’ll be able to borrow up to $100,000 at an interest rate of 13.99% without having to provide any security. Then once you’ve been approved, you can start paying it off when it suits you best - weekly, fortnightly or monthly.

CUA Discount Unsecured Personal Loan

Key features

  • Variable 10.89% interest rate (10.89% comparison rate, based on $30,000 over 5 years)
  • $0 application fee, service fee, exit fee
  • Borrow up to $60,000
  • Redraw facility available

If it’s simplicity you’re after, then CUA’s Discounted Unsecured Personal Loan could be right for you. With this loan, you’ll have access of up to $60,000 to be repaid within 7 years on a weekly, fortnightly or monthly basis. And since CUA are a member owned institution, they’re all about their customers and offer no application, service or exit fees.

St.George Secured Personal Loan

Key features

  • Fixed 8.49% interest rate (9.60% comparison rate, based on $30,000 over 5 years)
  • Repayment flexibility
  • Redraw facility available
  • $0 exit fee

If you’re starting to feel like your home needs a bit of love with a touch up, or your soul is in need a holiday, why not look to St.George and its Secured Personal Loan? While you will have to offer up your car as security against the loan, you’ll be given a fixed rate with set repayments, making it easier to manage your budget. Application takes less than 10 minutes, or 5 if you’re already a St.George customer!

RACQ Bank Unsecured Personal Loan

Key features

  • Variable 12.95% interest rate (13.25% comparison rate, based on $30,000 over 5 years)
  • $0 monthly, exit or service fees
  • Unlimited additional repayments

Queenslanders like to keep it simple, which is why the RACQ Bank Variable Unsecured Personal Loan does just that. Featuring a variable 12.95% interest rate, you’ll be able to borrow up to $60,00 for your dream wedding, holiday or home. And once the honeymoon or holiday mode wears off, you can pay off the loan in no time with unlimited additional repayments with no penalty fees. Easy as.

MyState General Purpose Personal Loan

Key features

  • Variable 12.99% interest rate (16.42% comparison rate, based on $10,000 over 3 years)
  • Fast conditional approval and same day funding available
  • Free online redraw and no early repayment penalty
  • No exit fee

Finally on our list is MyState with its General Purpose Loan. MyState takes the hassle out of the application process with its fast conditional approval and same day funding, getting you one step closer to 2018 goal. You’ll have access to the convenience of free online redraws, just in case you need some breathing room and won’t have to worry about an early repayment penalty if you decide to pay the loan out earlier.

*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 quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

*Comparison rate based on $30,000 over 5 years

** Comparison rate 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 quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples.

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