Our five picks to help you demolish debt
Still carrying your EOFY credit card debt? Or maybe you're struggling to pay off multiple high-interest loans?
That's where a debt consolidation loan might come in handy and be your secret weapon to crushing your current debts. By rolling things like personal loan, car loan and credit card debt into one loan and one repayment you not only save yourself the hassle of managing multiple debts, you may also save on things like interest and fees.
So if you’re ready to join the party and crush your debt, check out Mozo's five picks of some killer debt consolidation personal loan deals below.
Compare debt consolidation loans
NOW Finance - No Fee Unsecured Personal Loan
- Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate^^)
- 2021 Mozo Experts Choice Award^ for Best Unsecured Personal Loan
- No fees
Want a debt consolidation loan that offers competitive interest rates and has no fees? Meet the NOW Finance Unsecured Personal Loan. Depending on a borrower's credit score, this loan comes with fixed rates starting from a low 5.95% p.a. (5.95% p.a. comparison rate^^). Borrowers can take out loans anywhere from $5,000 to $50,000 and pay it back over 2 to 7 years on a weekly or fortnightly basis. Plus, NOW Finance also allows customers to make free extra repayments whenever they like, however redraws are not allowed. And let's not forget, this loan has no fees attached to it - it's no surprise this loan snapped up a 2021 Mozo Experts Choice Award^ for Best Unsecured Personal Loan.
OurMoneyMarket - Low Rate Personal Loan
- Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate^^)
- 2021 Mozo Experts Choice Award^ for Best Unsecured Personal Loan
- No monthly ongoing service fees or early repayment penalty
Got some unpaid debt you need to clear with a low rate loan option? Well, the award-winning OurMoneyMarket Low Rate Personal Loan might be exactly what you need. This loan comes with rates as low as 5.45% p.a. (6.07% p.a. comparison rate^^), which are based on a customer's credit rating - so the healthier your credit history the better the rate. Not only that, loan amounts range from $2,001 all the way up to $75,000 and loan terms are between 1 and 7 years. OurMoneyMarket offers borrowers the choice of a weekly, fortnightly or monthly repayment schedule as well as the opportunity to make extra repayments and redraws at no extra cost. While there are no monthly ongoing fees or early repayment penalty attached to this loan, don't forget there is a $250 upfront application fee to budget for.
Alex Bank - Personal Loan
- Fixed rates from 5.45% p.a. (5.45% p.a. comparison rate^^)
- 2021 Mozo Experts Choice Award^ for Best New Loan Product
- No upfront, ongoing or early repayment fees
If saving on fees and interest is what you need to clear your existing multiple debts, then the Alex Bank Personal Loan is worth having a look at . This competitive loan product comes with fixed rates that are determined by an applicant's credit rating and start at a low 5.45% p.a. (5.45% p.a. comparison rate^^). Alex Bank offers plenty of choices with loan amounts from $2,001 and $30,000, loan terms between 1 and 5 years and the option of weekly, fortnightly or monthly regular repayments. On top of that, customers can also make free extra repayments on their loan, however Alex Bank doesn't allow redraws. When it comes to fees, there are no ongoing monthly service costs or early repayment penalties. Plus, for those that apply by 30 September 2021, Alex Bank will waive the $295 upfront establishment fee. And if you're still not convinced, it's worth noting that Alex Bank took home a 2021 Mozo Experts Choice Award for Best New Loan Product.
Harmoney - Unsecured Personal Loan
- Fixed rates from 5.35% p.a. (6.14% p.a. comparison rate^^)
- No ongoing or early repayment fees
- Flexible repayment options
If you’re over big banks and prefer to borrow with a lender that’s big on community to clear your debt, then you might want to consider Harmoney's Unsecured Personal Loan. Based on a customer's credit rating, Harmoney offers low fixed interest rates starting at 5.35% p.a. (6.14% p.a. comparison rate^^). Customers are able to borrow between $2,000 and $50,000 for terms between 1 to 5 years. There is also the choice of a weekly, fortnightly or monthly repayment schedule and the ability to make extra repayments without being charged a fee (no redraws allowed). While there’s no early repayment or monthly costs attached to this loan, there is a $575 upfront fee to factor into your budget ($275 for loans under $5,000).
Symple Loans - Personal Loan
- Fixed rates from 5.75% p.a. (6.47% p.a. comparison rate^^)
- No upfront or early repayment fees
- Earn Qantas Points on your loan amount
Consolidating your debt with the right loan is crucial. With that in mind, the Symple Loans Personal Loan not only offers competitive fixed rates that start at low 5.75% p.a. (6.47% p.a. comparison rate^^) based on a customer's credit score, it also has no early repayment fees. Loan amounts range from $5,000 to $50,000 and loan terms are from 1 to 7 years. Not only that, a major perk of this loan is that customers can earn 1 Qantas Point for every $1 they borrow from Symple Loans (capped at 50,000 points). While borrowers can only make monthly regular repayments on this loan, there is the option to make free extra repayments. It's important to remember no redraws are allowed, plus there is a $10 monthly service fee attached to this loan, so the longer the loan term the greater this cost will add up over time. Also note, the upfront application fee on this loan ranges from 0% to 5% for loans with interest rates above 5.75% p.a. (5.75% p.a. comparison rate^^).
And if you’d like more debt consolidation loan offers, you can check out our personal loan comparison tool!
* 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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