Apply from anywhere, when it suits you - that’s the beauty of choosing an online personal loan. Just plug in your borrowing needs and compare personal loans online which can help fund your new car purchase, holiday, home refresh or lifestyle.
Read moreSometimes, you need a cash injection quick and a personal loan can be just the thing. Online personal loans are a great option if speed is the name of the game, because although you’ll have to fill in an application and be approved like any other loan, online personal loans approval processes are often designed with speed and ease in mind.
Different lenders have different minimum and maximum lending limits, but generally speaking, no matter how much you want to borrow, there’s usually a personal loan to match. Finding small personal loans online is easy - just check out our comparison table below, which lists the minimum loan amount you can apply for with each option.
It’s easy to find personal loans online - in fact, you can do it right from the comfort of your favourite lounge chair. You can start by plugging in your loan details into our search tool so that you can see your options and how much your monthly repayments are likely to be. In Australia, you’ve also got a wide range of borrowing options from banks though to peer-to-peer lending options so shop around for the best rates.
Page last updated February 23, 2019
Fixed
8.50% p.a.to 19.95% p.a.
9.36% p.a.to 20.91% p.a.based on $30,000
over 5 years
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 8.50% would cost $37,524.76 including fees.
Low personalised rates, which is great for borrowers with excellent credit. Easy online application, receive a response in minutes!
$595
$0.00
$0.00
Monthly
Unsecured
$5,000.00
$50,000.00
3 Years
5 Years
Read our Mozo Review to learn more about the Unsecured Personal Loan
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Fixed
6.99% p.a.to 28.69% p.a.
7.69% p.a.to 29.55% p.a.based on $30,000
over 5 years
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,133.67 including fees.
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'll likely qualify. Mozo Experts Choice Awards 2018 - Excellent Credit Unsecured Personal Loan.^
$500
$0.00
$0.00
Weekly, Fortnightly, Monthly
Unsecured
$5,000.00
$70,000.00
1 Year
5 Years
Read our Mozo Review to learn more about the Unsecured Personal Loan
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Fixed
7.69% p.a.
8.29% p.a.based on $10,000
over 3 years
Terms from to 5 years. Representative example: a 3 year $10,000 loan at 7.69% would cost $11,629.68 including fees.
With 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. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
$220
$5.00
$0.00
Monthly
Unsecured
$2,001.00
$55,000.00
0 Years
5 Years
Read our Mozo Review to learn more about the Unsecured Personal Loan
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Want more? Compare all 199 personal loans in the Mozo comparison engine.
Compare more personal loans^See information about the Mozo Experts Choice Awards for Personal Loans
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Reviews, news, tips and guides to help find the best personal loan for you.
If you've found yourself doing the grocery shopping on the train on the way home from work, booking your annual holiday in bed on a Sunday morning, and organising a birthday party from your desk at lunchtime, then getting a personal loan online is going to make a lot of sense to you.
It used to be that you could only apply for a personal loan in person, but that's no longer the case. Most banks will accept online loan applications and some lenders are 100% online-only or branchless, like peer-to-peer lenders, so you don't have any option other than to turn to your computer or smartphone for getting additional funds to help pay for big ticket expenses.
Not only is it more convenient to apply for a personal loan online, but often online lenders or online loans will have some of the most competitive interest rates and instant approvals. You'll also find that most online personal loans will have many of the same features as a traditional personal loan so you can choose the features you want and the ones you don't.
When you are borrowing money, there are still a range of things that are important to understand about personal loans, whether you apply online or not, so we've detailed them below so that you can get across all the essential must know info and then get straight onto applying for your loan.
Lenders will have a range of personal loan options available online including car loans, debt consolidation loans and general purpose personal loans. These include loans for more pleasurable reasons for a loan, such as weddings, travel or home renovations. As well medical loans like cosmetic surgery or dental repairs; for more information check out our medical loans guides.
With online loans, you'll have the choice between a secured loan and an unsecured loan. A secured loan is a popular choice for new car loans as it means that you can often get a much cheaper interest rate by securing the loan against the car. If you own your house or have other significant assets you might also be able to get a secured loan for your purchase.
Unsecured loans are usually the most popular type of general purpose loan as these don't require you to put up any security. The downside is that they usually have a higher rate of interest than secured loans.
That depends on you and your financial situation. With a fixed interest rate, you will know exactly what your repayments will be for the full term of the loan. People often choose fixed rate loans because it helps them to budget better. The risk with a variable rate loan is that the interest rate could change over the loan period. This is a double-edged sword because if rates go down so do your repayments but if the opposite happens, your repayments will also go up. Variable rate loans usually also have more flexibility than fixed rate loans.
No, the comparison rate of a loan is a rate which combines both the standard interest rate and fees of a loan so that you can compare the true cost of that loan. Your comparison rate might be different to the comparison interest rate that is listed on Mozo because the comparison rate you see on Mozo is only an example rate based on a set loan amount over a set time. You will be given a personalised comparison rate by the lender which will be based on your specific loan amount over the loan term you specify.
Each lender will have a minimum loan amount that you'll be able to borrow and some loans will also be capped at a maximum level. Personal loans generally range from $1,000 to over $75,000 and have loan terms between 1 - 10 years.
The important thing to understand is that the amount that you will be able to borrow will depend on your personal financial situation and, if you are making a joint application, that of your loan partner.
Before randomly selecting a loan amount and hoping for the best, you should do some serious number crunching to work out the best loan term for your budget and the maximum you think you'll be able to borrow without putting stress on yourself. At Mozo we've developed a repayments calculator so you can play around with different loan terms and amounts to find your best option before applying.
As many personal loans come with the flexibility to make extra repayments, it's a good idea to select a loan term that you can comfortably meet, rather than opting for a really aggressive payback period. Because so many loans allow you to make extra repayments whenever you like you, you top up your loan when you have extra cash so that you reduce the loan term without the stress!
Whether you want the bells and whistles loan or you just want the bare basics, here are some of the features to consider when doing an online comparison.
Like traditional personal loans, the types of fees that you'll have to pay will vary between lenders. The main types of loan fees are:
In addition to banks, credit unions and mutual banks, for personal loans you can borrow money online from non-bank lenders like peer-to-peer lenders. These lenders usually have different lending criteria to a bank, and often, cheaper rates if you've got a good credit history, so if you are considering getting an unsecured loan you can check out their loans.
With peer-to-peer platforms you'll do everything online from applying for the loan and managing your repayments. If you'd like to learn more about online lenders, you can read our guide Peer-to-peer lenders in Australia explained.
We are in the process of moving towards a comprehensive reporting system in Australia. This means that lenders and other businesses will soon be taking into account your whole credit history when determining whether to lend you money. Previously, banks only knew if you had missed a repayment or defaulted on a loan. With comprehensive credit reporting they will be able to get a sense of your whole financial picture such as how much of your credit limit you have available, when you paid your bills, did you pay the whole amount or only some of it. The upside to this is that by giving the banks a comprehensive view, they will be able to reward people who demonstrate good savings and financial behaviour - that's the theory anyway! Lenders can see that you will be able to pay back any money borrowed, in the timeframe that you said you would and in return they might offer you a better interest rate.
So what this means is that if you are thinking about getting a personal loan in the lead up to making an application you need to be much more prepared, making sure your bills are paid on time, you're showing that you are saving, and you are comfortably meeting other financial commitments like mortgage repayments or rent.
You can get a copy of your credit report for free so it is a good idea to do this prior to applying for a loan so that you can check it for any errors or, if you have a low score, know the areas that you will need to improve before applying online for a bank loan.
Every bank and online lender will have their own criteria for determining loan approvals so there is no way of guaranteeing that you will be approved for any loan. But you can make sure that you've got the highest chance possible and this means:
With an online loan application, you'll need to supply the same information to the lender as you would have, had you walked into a branch. The good news is that most online loan applications are very easy and walk you through a step by step process.
Standard information you'll need for most loan applications includes:
Depending on the loan provider the process for loan approval could be instant, or as little as a few hours or a few days. The lender will provide information at the time of application which will advise you of the process.
Getting a personal loan can help you to buy something now, and pay for it over time, but you don't want to fall into the trap of accumulating debt and getting into financial stress. Here are some of Mozo's top tips for using a personal loan wisely
They sold me a dud insurance and also put me on an extremely high interest rate loan.
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They sold me a dud insurance and also put me on an extremely high interest rate loan.
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Dan | Queensland
reviewed about 1 month ago
Good. Would recommend to others.
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Good. Would recommend to others.
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Beris | Queensland
reviewed about 1 month ago
I have been with ANZ for 40 years and have had no complaints. The staff are kind and courteous. I...
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I have been with ANZ for 40 years and have had no complaints. The staff are kind and courteous. I would recommend them to anyone.
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Robina | South Australia
reviewed 2 months ago