Top ways to get a cheap personal loan
Whether it’s time to consolidate high interest debt, tick off that bucket list holiday, pay for your wedding or give your home the facelift it needs, a personal loan is a great option for those looking to borrow a lump sum of money.
Cheaper than most forms of credit and featuring convenient monthly installments, a personal loan is not only a fast and efficient way to get those big ticket items you just can’t afford, but most are unsecured, which means you won’t have to put any collateral against the loan you’re taking.
With a myriad of lenders in the market offering some great deals, now’s the right to compare and see if a personal loan is the right option for you
10 Top Personal Loans - last updated 21 May 2022
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Sponsored Deal
Mozo experts choice awards won:
- Unsecured Personal Loan - 2022
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.95% p.a.to 19.95% p.a.5.95% p.a.to 19.95% p.a.based on $30,000
over 5 yearsBorrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Back to back winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021 & 2022^.
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
CompareCompare- interest rate
- 5.95% p.a.to 19.95% p.a.
- comparison rate
- 5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
- interest rate
- 5.95% p.a.to 19.95% p.a.
- comparison rate
- 5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
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Featured Product Hot Deal A special low rate starting from 5.45% (6.07% comparison rate)
Low Rate Personal Loan
Excellent Credit
interest rate
comparison rate
Monthly repayment5.45% p.a.to 8.48% p.a.6.07% p.a.to 8.84% p.a.based on $30,000
over 5 yearsOurMoneyMarket offer competitive low rates for borrowers with excellent credit on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
CompareCompare- interest rate
- 5.45% p.a.to 8.48% p.a.
- comparison rate
- 6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
- interest rate
- 5.45% p.a.to 8.48% p.a.
- comparison rate
- 6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Other restrictions
- Rate for Excellent Credit. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
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Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.35% p.a.to 19.09% p.a.6.14% p.a.to 19.99% p.a.based on $30,000
over 5 yearsFast, 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).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
CompareCompare- interest rate
- 5.35% p.a.to 19.09% p.a.
- comparison rate
- 6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
- interest rate
- 5.35% p.a.to 19.09% p.a.
- comparison rate
- 6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
- Upfront fee
- $575
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $15.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,000.00
- Maximum loan amount
- $70,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee is $275 for loans under $5,000.
- Other restrictions
- Establishment fee is added to the loan amount and interest is charged on the total amount.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
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Featured Product
Personal Loan
Unsecured, Fixed, Excellent Credit
interest rate
comparison rate
Monthly repayment6.39% p.a.to 7.89% p.a.6.39% p.a.to 8.49% p.a.based on $30,000
over 5 yearsWith low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).
Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.
CompareCompare- interest rate
- 6.39% p.a.to 7.89% p.a.
- comparison rate
- 6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
- interest rate
- 6.39% p.a.to 7.89% p.a.
- comparison rate
- 6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $30.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Up front fee may be higher than shown depending on your application.
- Other restrictions
- Displayed interest rate is for customers with an excellent credit history. Application fees may be higher depending on loan amount.
Read our Mozo Review to learn more about the Plenti Personal Loan
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Home Improvement Loan
Fixed, Unsecured
interest rate
comparison rate
Monthly repayment5.75% p.a.5.96% p.a.based on $30,000
over 5 yearsHandypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.
CompareCompare- interest rate
- 5.75% p.a.
- comparison rate
- 5.96% p.a.based on $30,000
over 5 years
- interest rate
- 5.75% p.a.
- comparison rate
- 5.96% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $2,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Other restrictions
Read our Mozo Review to learn more about the Handypay Home Improvement Loan
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Personal Loan
Variable
interest rate
comparison rate
Monthly repayment5.75% p.a.to 25.99% p.a.6.68% p.a.to 29.2% p.a.based on $30,000
over 5 yearsRepayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,370.18 including fees.
CompareCompare- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $13.00
- Exit fee
- $0.00
- Late payment fee
- $40.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- -
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured, Vehicle
- Other benefits
- Other restrictions
- Establishment fee added to your loan amount ranging from 0-5% based on our credit rating.
Read our Mozo Review to learn more about the Latitude Personal Loan
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Featured Product
Mozo experts choice awards won:
- Unsecured Personal Loan - 2022
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.95% p.a.to 19.95% p.a.5.95% p.a.to 19.95% p.a.based on $30,000
over 5 yearsBorrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Back to back winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021 & 2022^.
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
CompareCompare- interest rate
- 5.95% p.a.to 19.95% p.a.
- comparison rate
- 5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
- interest rate
- 5.95% p.a.to 19.95% p.a.
- comparison rate
- 5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
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Green Loan
interest rate
comparison rate
Monthly repayment5.79% p.a.6.36% p.a.based on $30,000
over 5 yearsHandypay offer flexible green loans up to $75,000 for Excellent Credit or better. Handypay is a specialist home improvement plan provider.
Repayment terms from 1 year to 10 years. Representative example: a 5 year $30,000 loan at 5.79% would cost $34,873.55 including fees.
CompareCompare- interest rate
- 5.79% p.a.
- comparison rate
- 6.36% p.a.based on $30,000
over 5 years
- interest rate
- 5.79% p.a.
- comparison rate
- 6.36% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 10 Years
- Security required
- Unsecured
- Other benefits
- Can be used for verifiable green initiatives e.g. solar panels, solar battery, solar inverters, solar heating and cooling, rainwater tanks or energy efficient renovations.
- Other restrictions
- Rate for the first 36 months, reverting to a standard offer from 6.29% p.a. (comparison rate 6.80% p.a.) for the remaining term.
Read our Mozo Review to learn more about the Handypay Green Loan
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Featured Product
Low Rate Personal Loan
Very Good Credit
interest rate
comparison rate
Monthly repayment8.49% p.a.to 11.19% p.a.8.85% p.a.to 11.56% p.a.based on $30,000
over 5 yearsCompetitive low rates on loans up to $75,000 for excellent credit. Free extra repayments. Fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,171.08 including fees.
CompareCompare- interest rate
- 8.49% p.a.to 11.19% p.a.
- comparison rate
- 8.85% p.a.to 11.56% p.a.based on $30,000
over 5 years
- interest rate
- 8.49% p.a.to 11.19% p.a.
- comparison rate
- 8.85% p.a.to 11.56% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Other restrictions
- Rate for Very Good Credit. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
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Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.75% p.a.to 25.99% p.a.6.68% p.a.to 29.2% p.a.based on $30,000
over 5 yearsRepayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,370.18 including fees.
CompareCompare- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $13.00
- Exit fee
- $0.00
- Late payment fee
- $40.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $500 up until the last 3 months of the loan term.
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- -
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured, Vehicle
- Other benefits
- Other restrictions
- Establishment fee added to your loan amount ranging from 0-5% based on our credit rating.
Read our Mozo Review to learn more about the Latitude Personal Loan
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Unsecured Personal Loan
Tier 1 Credit, Fixed
interest rate
comparison rate
Monthly repayment6.45% p.a.to 10.99% p.a.6.45% p.a.to 11.71% p.a.based on $10,000
over 3 yearsBe rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes
Repayment terms from 2 years to 5 years. Representative example: a 3 year $10,000 loan at 6.45% would cost $11,025.45 including fees.
CompareCompare- interest rate
- 6.45% p.a.to 10.99% p.a.
- comparison rate
- 6.45% p.a.to 11.71% p.a.based on $10,000
over 3 years
- interest rate
- 6.45% p.a.to 10.99% p.a.
- comparison rate
- 6.45% p.a.to 11.71% p.a.based on $10,000
over 3 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Upfront fee of $495 waived for applicants with Excellent Credit.
- Other restrictions
- Interest rate and establishment fee vary according to Equifax credit score. Rates and fees shown are for a Tier 1 credit graded borrower. Minimum employment income of $30,000 p.a. Upfront fee added to principal amount of loan.
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
* 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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