“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela
The rates you’ll see advertised are typically available to people with the best profile (generally those with high-paying jobs, have had credit before and an excellent credit score), not the majority of those applying.
For everyone else, the rate offered by lenders will vary based on your risk profile.
|Plenti||Rates from 6.39% p.a Comparison Rates from 6.39% p.a|
|Wisr||Rates from 6.49% to 20.95% p.a Comparison Rates from 7.31% to 20.89% p.a|
|Society One||Rates from 5.95% - 19.99% p.a Comparison Rates from 5.95% - 21.70% p.a|
|FairGo Finance||Rates from 15.92% to 29.90% p.a Comparison Rates from 21.65% to 73.06% p.a|
|Jacaranda||Rates from 8.69% to 21.24% p.a Comparison Rates from 12.05% to 32.52% p.a|
|Money3||Rates from 19.95% to 28.00% p.a Comparison Rates from 35.97% to 47.66% p.a|
|Now Finance||Rates from 5.95% - 17.95% p.a Comparison Rates from 5.95% - 17.95% p.a|
Each lender has their own matrix for risk profiles, but they all look at:
If a lender finds you a high-risk borrower, the best-case scenario is that they may offer you a higher interest rate.
But risk appetite varies between lenders; while one lender may be comfortable accepting your application, another may decline you.
A secured loan, where you put your car or house as security, is low-risk lending. If you default on your loan, the lender can take that security and sell it to recoup their losses. Low-risk lending will have lower fees and lower interest rates (which means you’ll pay less overall).
If the loan is secured by an asset of lower value or not secured at all, the risk is much higher. High-risk lending will have higher fees and higher interest rates (which means you’ll pay more than you might need to).
Applying at each lender is risky too as it actually negatively affects your credit score with each application. So we recommend using our Money Matchmaker ™ which will show results for 10 lenders without affecting your credit score.
A few things will let you know:
When comparing personal loan offers, use the comparison rate so you are accounting for all fees and potential charges. If you use our Money Matchmaker™ to compare, the comparison rate will be listed clearly on the results screen.
Not included in the comparison rate are Variable fees - such as late-payment or dishonour fees.
Get matched with real loan offers from up to 11 lenders, all at once.
We show you the best interest rates and repayments from each lender you match with
The rates are based on who you are and where you are at in life
No obligations, just the facts, make an informed choice
There are no middlemen, marked up pricing or broker fees. (We get paid by the lender)
Just like when you use a dating app or go to a broker, we use your answers to show you real lenders, real rates and actual repayments across all our lenders that you’re eligible for; without any broker fees or marked up interest rates.