Online personal loans are a great option if speed is the name of the game, allowing you to apply from anywhere, when it suits you. Online loans are versatile and can help fund a new car purchase, holiday, home reno or even to some new furniture. Simply plug your loan details into our search tool below so that you can see how much your monthly repayments are likely to be. Start comparing now.
Fixed
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Excellent Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
OurMoneyMarket 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^.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Unsecured, Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $33,959.97 including fees.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient, 100% online approval. Must be over 18 to be eligible (other eligibility criteria may apply). Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Read our Mozo Review to learn more about the Alex Bank Personal Loan
Unsecured, Fixed, Excellent Credit
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 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. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).
Read our Mozo Review to learn more about the Plenti Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 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 could qualify (other eligibility criteria may apply).
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
Excellent Credit, Fixed
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.
Be 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
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Variable, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Lower rates for better credit. Money transferred to your account in 24 hours. No exit or early repayment fees. Borrow up to $50,000.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,210.64 including fees.
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. $0 establishment fee for loans from $5,000 to $30,000, a $595 establishment fee will be charged on loan amounts of $30,001 to $64,000.
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
Fixed
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.^
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Below Average Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 20.99% would cost $49,285.92 including fees.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.
Borrow from $5,000 to $50,000 with low rates for great credit. No account keeping fees. Free extra repayments and redraw facility. Same day approval may be possible. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021^.
Read our Mozo Review to learn more about the Great Southern Bank Unsecured Personal Loan
Good Credit
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $36,103.67 including fees.
Consolidate your credit cards and other loans into one low monthly repayment with OneDebt. Low rates with approvals typically within 60 minutes. Flexible repayments with no early exit fees. Must be employed with decent credit history.
Read our Mozo Review to learn more about the MoneyMe OneDebt Low Rate Personal Loan
^See information about the Mozo Experts Choice Personal loans 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.
Save with deals from the following well-known brands and many more...
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.
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.
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!
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
Do not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Read full reviewDo not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Corporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Read full reviewCorporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Don’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
Read full reviewDon’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
