Mozo reveals the best personal loans of 2018
Article by Ceyda Erem
Whether you’re in desperate need of a holiday or are finally treating yourself to the ensuite of your dreams, you might be thinking about taking out a personal loan to make it happen.
However, before you settle on colour schemes or airport transfers, you’re going to have to do some research to find the best value personal loan.
But fear not because today we’ve announced the winners of our 2018 Mozo Experts Choice Personal Loan Awards.
Our award judges were hard at work, having analysed 196 personal loans from 74 providers before awards were given to the top 10% in each category.
“Our awards are designed to highlight the products we think deliver great value to everyday Aussies,” said Mozo Product Data Manager and Experts Choice Judge, Peter Marshall.
“So whether you’re after a car loan or a personal line of credit, you’re bound to find an option that could be right for you.”
To select the winners, our judges considered both fixed and variable interest rates as well as ‘mandatory fees’ in all categories, including application, monthly service and exit fees.
However, late payment fees, extra repayment facilities, other loan features and exception fees were not considered.
Loans requiring an upfront deposit, existing membership, term deposit or direct salary deposits were also not considered for the awards.
One of the standout Experts Choice winners for 2018 was Police Bank who not only received four awards, the member funded bank also took out the title of Personal Loan Provider of the Year.
“Taking out the top gong of Provider of the Year is not easy, since we only give out awards to the top 10%. By receiving more awards than any other lender Police Bank has really proven itself to be a provider worth considering,” said Marshall.
Other major winners included MOVE Bank which took home three awards in the Unsecured Personal Loan, Excellent Credit Unsecured Personal Loan and Car Loan categories.
Peer-to-peer lenders MoneyPlace, Harmoney, RateSetter and Society One were also among the winners, which according to Marshall was unsurprising.
“Similar to last year, we found that peer-to-peer lenders, Credit Unions and smaller banks are the lenders who take the time to listen to their customers and can provide a product at a more competitive price.”
So if you’re ready to kickstart your summer with some of the best personal loans around, you can check out our full list of winners or head over to our personal loan comparison tool for even more options.