Get a loan from home: 5 online personal loans you can apply for right from your couch

brunette woman in orange pants and a white blouse is sitting on her grey couch on her laptop, applying for a personal loan online during lockdown

Aussies have been forced to adopt a range of digital alternatives to adhere to ongoing lockdown guidelines.

For example, we’re seeing people switch their regular gym workouts for at-home exercise apps and ditch their usual trips to the high street for online shopping.

Although banks remain open during lockdown, many branches have closed or now keep limited hours, too. So, if you’re shopping for a personal loan, keep in mind that there are loads of online banking solutions available for you to access and browse from home.

In addition to neobanks, nowadays, there are also lots of online lenders that offer entirely online applications and approvals - without ever stepping foot into a branch.

So, if you’re using your time at home to take on a home renovation project and need some extra cash to get you started, then here are 5 top online personal loans that you can apply for from your couch:

Online personal loans

NOW Finance No Fee Unsecured Personal Loan
  • 2021 Mozo Expert Choice Award Winner^
  • No fees
  • Online application

It’s no wonder the NOW Finance Unsecured Personal Loan took a 2021 Mozo Experts Choice Award^ for best Unsecured Personal Loan: It offers competitive fixed interest rates which start from 5.95% (5.95% comparison rate*) on loans from $5,000 to $40,000 - and the better your credit score, the lower your rate could be. NOW also offers the ability to make free extra loan repayments, so you’ll be able to pay your loan off early and could save on interest. However, it’s essential to keep in mind that this product has no redraw facility, so you cannot access your money once you have paid.

OurMoneyMarket Low Rate Personal Loan
  • 2021 Mozo Expert Choice Award Winner^
  • Free redraw facility
  • Online application

If you’re looking to fund some home improvements or a new set of wheels, then one of the 2021 Mozo Experts Choice Award^ winners for best Unsecured Personal Loan could be worth checking out. With fixed rates from 5.45% p.a. (6.07% p.a. comparison rate*) on loans from $2,001 to $50,000, the OurMoneyMarket Low Rate Personal Loan offers different rate tiers based on your credit score, so you could be rewarded for your stellar credit history. It also comes with a few flexible features, like free extra repayments and a free redraw facility, so you can dip into those extra repayments if you ever need access to additional funds. While there are no service, exit or early repayment penalties, the OurMoneyMarket Low Rate Personal Loan does have a $250 (minimum) upfront fee.

Alex Bank Personal Loan
  • 2021 Mozo Expert Choice Award Winner^
  • Free additional payments
  • Online application and mobile loan management

2021 Mozo Expert Choice Award^ winner for Best New Loan Product, Alex Bank Personal Loan offers both low rates and a 100% digital experience. This loan sets itself apart with fixed rates that start at 5.45% (5.45% comparison rate*) on loans $2,100 to $30,000, dependent on credit history. ​​It also comes with fab features like free additional payments and flexible payment terms. Plus, if you end up paying down your entire loan early, you won’t be slapped with an early settlement fee either. But, the loan does not have a redraw facility, so remember that you cannot withdraw your cash after paying. Remember that the Alex Bank Personal Loan comes with a $295 establishment fee, but that fee is waived on all applications made before 30 September 2021.

Plenti Unsecured Personal Loan
  • Fixed rates from 6.39% p.a. (6.39% p.a. comparison rate*)
  • Free extra repayments
  • Online application
Find out more

The Plenti Unsecured Personal Loan is a peer-to-peer loan that offers competitive variable interest rates, starting from 6.39% p.a. (6.39% p.a. comparison rate*) on loans between $2,001 and $50,000. This loan customises rates based on your creditworthiness, so the better your credit score, the better the interest rate you get. Not only does the Plenti Unsecured Personal Loan allow free extra repayments, but there is also no fee for paying off your entire balance early. That said, there is no redraw facility, so you will not have access to that cash again once it’s paid. Although there are no upfront fees for those with outstanding credit, you may be charged fees depending on Plenti’s assessment of your application.

Symple Loans Personal Loan
  • Earn 1 Qantas Point for every $1 borrowed (terms and conditions apply)
  • Variable rates starting at 5.75% p.a. (6.47% p.a. comparison rate*)
  • Online application

Are you hoping to do some home improvements, upgrade your car or even just consolidate a debt? Symple Loans personalised variable rate personal loans could be a good option. Symple Loans offers a competitive rate, starting at 5.75% p.a. (6.47% p.a. comparison rate*), on loans between $5,000 and $50,000, dependent on credit history. This loan is loaded with extra features like free extra repayments, as well as the ability to earn 1 Qantas Point for every $1 they borrow once the loan is approved and drawn (terms and conditions apply) Just remember, there is no redraw facility attached to this product. Plus, there are fees to be wary of, like the ongoing $10 monthly service fee, as well as the upfront fee, which ranges from 0% to 5% of the loan amount if the rate you've received is higher than the lowest rate of 5.75% p.a. (6.47% p.a. comparison rate*).

* 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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