“Shopping around” for a personal loan WITHOUT hurting your credit score: The do’s & don’ts

By Rhianna Dews · · 5 min read
Fact Checked
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When making a big purchase or financial commitment, the most common advice you’ll hear is to always “shop around” before deciding. However, when it comes to applying for a personal loan, if you go about this the wrong way, “shopping around” could be detrimental to your credit score, and potentially prevent you from being approved for the loan.

This means it’s super important to know how to avoid any negative strikes against your credit score and keep it in good shape. To make it simple for you, we’ve compiled a list of loan application ‘dos and don’t’s’ to ensure your credit score remains intact.

DO some window shopping to find the right loan for you

First and foremost, you should spend some time searching for the right personal loan which has all the features you want and need. With so much variety on offer, it can be a real challenge knowing what to look for and finding a personal loan that ticks all the boxes for you. To get an idea of what’s out there and to find a loan that suits your needs, start with a quick personal loan comparison.

You should look for personal loans that offer low interest rates, minimal fees and flexible features like free extra repayments to help you pay your loan off quicker, and a free redraw facility just in case you need access to additional funds in an emergency.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 235 personal loans using the filters.
Last updated 20 October 2025 Important disclosures and comparison rate warning*

Personal loan comparisons on Mozo

  • Promoted

    Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

  • Promoted

    Express Personal Loan

    • Secured
    Interest rate from
    16.95 % p.a.
    to
    29.95 % p.a.
    Comparison rate from
    32.99 % p.a.
    to
    45.5 % p.a.
    Based on $10,000 over 3 years
    Monthly repayment
    $713
    Go to site

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

  • Promoted

    Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    6.28 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    6.28 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $611
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    6.55 % p.a.
    to
    24.03 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

  • Debt Consolidation Loan

    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    6.57 % p.a.
    to
    24.99 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

  • Unsecured Personal Loan

    Interest rate from
    6.17 % p.a.
    to
    21.99 % p.a.
    Comparison rate from
    6.17 % p.a.
    to
    22.79 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $610
    Go to site

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

  • Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    6.28 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    6.28 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $611
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

  • Secured Personal Loan

    • Exceptional Credit, $5,000-$75,000 or up to $100,000 for eligible purposes
    Interest rate from
    6.28 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    6.28 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $611
    Go to site

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

  • Express Personal Loan

    • Secured
    Interest rate from
    16.95 % p.a.
    to
    29.95 % p.a.
    Comparison rate from
    32.99 % p.a.
    to
    45.5 % p.a.
    Based on $10,000 over 3 years
    Monthly repayment
    $713
    Go to site

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

Showing 7 results from 235 personal loans. Use the filters to see more

DO check that you’re eligible for the loan BEFORE applying

Once you’ve gone through and eliminated the loans that you don’t want and are left with just your top potential personal loan picks, before you even consider filling out an application, you’ll need to make sure you’re actually eligible for the loan. It’s vital to check the loans’ eligibility requirements before you apply for a loan to get a better indication of whether or not you’ll be approved.

How to check if you’ll be eligible:
Each time you get rejected for a loan application, your credit score cops a beating in the process. If you want to protect your credit score, always remember to check that you’re eligible before applying! Various factors can determine whether or not you’ll qualify for a personal loan, such as the loan amount, your age and residency, and your credit score.

Don’t let your existing debt get out of hand

Whether you’re looking for a loan to consolidate debt, or you’re after a new credit option to add to your financial setup, don’t ignore any current bills or repayments you have while shopping around for a new personal loan. Missing repayments can be damaging to your credit score, and if you want to be approved for a new loan application, a poor rating is the last thing you need! Now’s the time to focus on keeping on top of any financial obligations to avoid accumulating any unwanted debt, and to show a potential lender that you can manage your money responsibly.

DON’T apply for heaps of different loans

What many people don’t know is that each time you submit a new loan application its recorded on your credit report. To a lender, applying for multiple loans could be a sign that you're frantically scrambling for money, making you an unattractive loan candidate. Plus, if you get rejected for numerous loans, your credit score will be dragged down in the process. All of these factors can spoil an otherwise good credit score. The key lesson here is to nail your options down to one final loan of choice. Don't just go and apply for loans willy-nilly!

Find out more about how to improve your credit score.

* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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