Personal loan matchmaker: what’s the right lending option for your situation?
Unlike a home loan, which is designed for the purchase of a ‘home’, personal loans are more than a one trick pony.
In fact, there are a range of situations where different types of personal loans could come in handy - such as:
- Going on a holiday
- Funding a wedding
- Doing a home reno
- Consolidating existing debt
Personal loans come in two variations, secured (where you put up an asset as security) or unsecured (where you don’t). Secured loans often come with lower interest rates than unsecured options. It’s also important to know that some lenders offer risk-based pricing whereby the healthier your credit rating the lower rate you’ll receive.
Like other loans, you need to make regular repayments which include paying off what you borrowed plus interest charges. Generally speaking, personal loan lenders offer either a weekly, fortnightly or monthly repayment schedule and loan terms from around one to ten years.
So with that in mind, we’ve put together a personal loan matchmaker with some top options for each scenario.
Top holiday loans
NOW Finance No Fee Unsecured Personal Loan
- Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate*)
- No fees
- 2022 Mozo Experts Choice Award^ winner for Best Unsecured Personal Loan
If an award-winning loan is what you need to help fund your next trip, NOW Finance might tick all your boxes. The No Fee Unsecured Personal Loan not only comes with fixed rates starting at a low 5.95% p.a. (5.95% p.a. comparison rate*) based on a customer’s credit rating, it also has no upfront, ongoing or early repayment fees attached to it - none at all! With this loan, borrowing amounts range from $5,000 to $50,000 so it could be a good option no matter how large or small your holiday is. Plus, when it comes to paying back what you owe loan terms range from 2 to 7 years. There’s also the choice of a weekly or fortnightly repayments as well as the option to make extra repayments too. Just bear in mind though, once you make additional contributions on your loan you cannot access them later on as NOW Finance doesn’t offer a redraw facility on this product.
Alex Bank Personal Loan
- Fixed rates from 4.99% p.a. (4.99% p.a. comparison rate*)
- No establishment, ongoing or late payment fees (conditions apply)
- 2022 Mozo Experts Choice Award^ for Best New Loan Product
Want to compare another award-winning option for your holiday? Say hello to the Alex Bank Personal Loan. This unsecured loan product comes with fixed rates that are based on a customer’s credit rating and start at a competitive 4.99% p.a. (4.99% p.a. comparison rate). And on top of that, for customers that apply by 8 December 2021, Alex Bank will waive the $295 upfront establishment fee. And while we are on the topic of fees - there are also no ongoing or early repayment costs attached to this loan either! Borrowing amounts range from $2,100 to $30,000 and loan terms are from 1 to 5 years. Customers can make regular repayments on a weekly, fortnightly or monthly basis as well as make extra repayments whenever they like. Don’t forget though, there is no redraw facility on this loan.
Top wedding loans
OurMoneyMarket Low Rate Personal Loan
- Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate*)
- No service, exit or early repayment fees
- Extra repayments and redraws allowed
Planning a wedding for 2022? You’ll want the right loan behind you for that, and that’s where the OurMoneyMarket Low Rate Personal Loan might be your perfect match! Depending on your credit rating, fixed rates on this unsecured loan could start as low as 5.45% p.a. (6.07% p.a. comparison rate*). Customers can borrow anywhere between $2,001 to $75,000 to cover wedding costs and choose a loan term from 1 to 7 years. And there’s plenty of choice when it comes to making repayments too. Not only can you opt for either a weekly, fortnightly or monthly repayment schedule, OurMoneyMarket allows customers to make extra repayments and redraws when it suits them - talk about flexibility. Plus there are no exit or early repayment fees to worry about if you pay off your loan ahead of time. But while there are no ongoing service charges attached to this loan, be mindful of the $250 establishment fee (which is added to the principal loan amount and paid over the loan term).
Symple Personal Loan
- Variable rates from 5.75% p.a. (6.47% p.a. comparison rate*)
- Earn Qantas Points on your loan amount
- No early repayment penalty
The Symple Personal Loan is a great variable rate option that could be what you need to fund your upcoming wedding. With rates starting as low as 5.75% p.a. (6.47% p.a. comparison rate*) based on your credit score, it’s worth considering. In fact, with this unsecured loan customers can earn 1 Qantas Point per $1 of the borrowing amount once the loan is drawn up (capped at 50,000 points) - T&Cs apply. Symple allows customers to borrow anywhere from $5,000 to $50,000 and pay it back on a monthly basis over 1 to 7 years. Plus, borrowers can also make extra repayments without facing an early repayment penalty if they pay off their entire loan before schedule. Just keep in mind though, there are no redraws allowed on this loan. On top of that, there are also some fees to watch out for like the upfront application fee (ranges from 0% to 5% based on credit rating), as well as an ongoing $10 monthly service charge.
Top renovation loans
Plenti Personal Loan
- Fixed rates from 6.39% p.a. (6.39% p.a. comparison rate*)
- No ongoing service or early repayment fee
- Borrow up to $50,000
With the Plenti Personal Loan, not only could you fund a renovation anywhere between $5,000 and $50,000, you could also snag yourself a low rate. Depending on your credit rating, this unsecured loan offers rates starting from 6.39% p.a. (6.39% p.a. comparison rate*). Plus, there are a range of loan terms from 3 to 5 years and while regular repayments must be made on a monthly basis, borrowers are allowed to make extra repayments whenever they like (no redraws). And when it comes to fees, Plenti doesn’t charge any ongoing service charges, exit fees or an early repayment penalty. Plus, based on your loan amount you may be charged a $0 application fee - however these upfront fees are calculated in relation to your loan amount.
Handypay Personal Loan
- Fixed rate of 5.75% p.a. (5.96% p.a. comparison rate*)
- No ongoing, exit or early repayment fees
- Extra repayments allowed
If a home reno specialist lender is what you’re after, Handypay is a good option to consider. The Handypay Personal Loan is designed for home improvements from small projects to full-house revamps, with loans between $2,000 and $75,000 on offer. This unsecured product comes with a fixed rate of 5.75% p.a. (5.96% p.a. comparison rate*), offers loan terms between 1 and 7 years and gives borrowers the choice of a weekly, fortnightly or monthly repayment schedule. Plus, extra repayments are allowed on this loan - just don’t forget, there is no redraw facility available. When it comes to fees, there are no ongoing, exit or early repayment costs to worry about. There is a $250 upfront establishment fee to budget for though.
Top debt consolidation loans
Moneyme OneDebt Personal Loan
- Fixed rates from 6.25% p.a. (7.64% p.a. comparison rate*)
- Consolidate up to $50,000
- No exit or early repayment fee
Looking to pay off your multiple debts with one easy-to-manage loan? It may be worth considering the Moneyme OneDebt Personal Loan. This unsecured loan allows customers to consolidate between $2,001 and $50,000 worth of debt and offers fixed rates from 6.25% p.a. (7.64% p.a. comparison rate*) calculated in relation to credit ratings. Loan terms are from 1 to 5 years and regular repayments must be made monthly. Extra repayments are allowed on this loan, however there is no redraw facility attached to it. The good news is, for customers that pay down their debt ahead of time there are no exit or early repayment fees. Just remember, there is an upfront establishment fee that ranges from $295 to $495 depending on your loan amount. Plus, there’s also a $10 ongoing service fee.
Harmoney Unsecured Personal Loan
- Fixed rates from 5.35% p.a. (6.14% p.a. comparison rate*)
- No ongoing, exit or early repayment fees
- Extra repayments allowed
If ridding yourself of debt is your 2022 goal you need the right financial product behind you, and that’s where Harmoney’s Unsecured Personal Loan might float your boat. This debt consolidation option comes with fixed rates from 5.35% p.a. (6.14% p.a. comparison rate*) and offers loan amounts between $2,000 and $50,000. And there’s plenty of choice when it comes to paying it off - you can opt for a loan term anywhere from 3 to 5 years as well as choose a weekly, fortnightly or monthly repayment schedule. Extra repayments are also allowed on this loan and there are no exit or early repayment charges if you pay it off ahead of time. Plus, there are also no ongoing service fees either. Just bear in mind, there is a $575 establishment cost which is added to your loan amount and charged interest. There is also no redraw facility on this loan meaning you cannot access your additional contributions later on.
Want to compare more personal loan options? Jump over to our personal loan hub for more providers as well as a bunch of handy guides and tips!
* 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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