Your selected personal loans
Excellent Credit, $5,000 - $75,000
Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. 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.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Read reviews and learn more about OurMoneyMarket personal loans
Your selected personal loans
Fixed
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^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
Read reviews and learn more about NOW Finance personal loans
Your selected personal loans
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.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,132.67 including fees.
Read reviews and learn more about Revolut personal loans
Your selected personal loans
Fixed
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).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
Read reviews and learn more about Harmoney personal loans
Your selected personal loans
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).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
Your selected personal loans
An unsecured personal loan lets you borrow money without having to put up an asset as collateral against it such as your house or car. As the risk is greater for the lender, an unsecured personal loan may carry a higher interest rate, shorter loan term, and a lower maximum loan amount than a secured personal loan.
Unsecured personal loans can be used for just about anything. So, whether you're renovating your kitchen, hoping to finance your wedding or just want a holiday to Europe, an unsecured loan could help you make your goals a reality sooner.
Australian lenders will typically let you borrow anywhere from $2,000 to $70,000, although some cap the loan amount at $50,000 and a few will let you borrow $100,000 or more.
For larger loan amounts, you may need to consider a secured personal loan.
There are three basic things to compare with any personal loan product: interest rates, fees and features. We’ll touch on rates and fees a bit more soon, but first let’s have a quick look at some features to check on.
- Extra repayments: Pay off your unsecured loan faster with lump-sum payments any time you like.
- Redraw facility: Dip into any extra payments you've made, if needed.
- Choice of repayments: Choose the best schedule for you, be it weekly, fortnightly or monthly repayments.
If you’d like to start comparing loans, simply scroll up to the product table above. In this table you’ll get a good look at some of the best personal loans in the Mozo database. You can see interest rates side by side, but also comparison rates*, loan terms, fees and even estimates of your monthly repayments. Some preliminary comparison of these basics can go a long way!
Fixed interest rate: With the rate locked in, a fixed rate loan can make it easier to budget. However, fixed loans can also lack flexibility, often not allowing extra repayments. Some even come with a break cost fee if you pay off your loan early.
Variable interest rate: Here your rate is subject to change, impacted by the official interest rate set by the Reserve Bank. A major draw of a variable rate loan is the likelihood of more flexibility, such as free extra repayments and a redraw facility.
| 📝 Here’s a quick example: If you borrow $20,000 over 4 years and your 10% interest rate increases by 0.75 basis points, your monthly repayments will increase from $507 to $514. This might not seem like much but over 4 years that will cost you $347 extra in interest. When it comes to choosing between a fixed or variable rate, you're never going to be able to predict what will happen, so it’s a good idea to choose the rate that works best for your circumstances. You can do your own comparisons using our Personal Loan Calculator. |
Many borrowers make the mistake of focusing too much on finding the cheapest interest rate, assuming that makes for the best personal loan. However, it's also important to check what additional fees come with an unsecured loan. There are a number that can sting unsuspecting borrowers, so let’s consider them here.
| 💡Top tip: Check how much an unsecured loan might really cost by looking at the comparison rate, which calculates the interest rate together with certain fees to show you a 'truer’ cost of the loan. |
As you are not securing the loan with an asset, the only way a lender can determine how risky it will be to lend to you is through your credit rating. Lenders often tier unsecured personal loan rates based on credit ratings, so if you have an excellent credit rating you may be able to access lower interest rates than someone with an average or poor one.
Lenders will check your credit rating when reviewing your loan application, so it's important that you check your credit report prior to applying. Also, be mindful that every personal loan you apply for will leave a mark on your report.
Be sure to compare a few loans because the pros and cons may differ between them.
| Pros: 🟢 Borrow money without needing an asset as collateral 🟢 Usually faster approval than a secured personal loan, if you have a good credit history. Cons: 🛑 Generally come with higher interest rates than secured options. 🛑 Typically for smaller loan amounts of up to $100,000. |
*The comparison rate gives you the ‘true’ cost of a loan by combining the interest rate and certain additional fees or charges into a single percentage rate. This makes it easier to compare loans from different lenders.
With no security to offer as a guarantee, getting approved for an unsecured personal loan can be more difficult than for a secured loan. To increase your chances of success, make sure you keep on top of any credit card and utility payments, reduce any card limits you don't use or need, be vigilant with your spending and put aside money into your savings account.
This depends on your financial situation and experience. Unsecured personal loans let you borrow an agreed amount and make regular fixed repayments over a period of time. Credit cards on the other hand don't come with a set repayment plan, so if you're not careful you can end up in more debt. Another plus for unsecured loans is that their interest rates are usually lower than credit card rates. For a full comparison, read our personal loans vs credit cards guide.
There are many personal loan providers in the Australian market, from the big banks to smaller fintechs. So when you start your hunt for a competitive unsecured loan, you don't automatically need to go with a big name. Compare a few loans first because there are also good options from online lenders, mutuals and peer to peer lenders.
Applying online for an unsecured loan is a fairly easy process given that most online application forms take less than 10 minutes. However, the approval process might differ from lender to lender, and can be quicker if you’re already a customer. Some lenders indicate that it’s possible to get funding on the same day, provided you meet their specific criteria.
Learn about features of personal loans, the application process and how you could save on your repayments See all
