“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
Before you apply, compare personal loans. Comparing personal loans can literally save you thousands of dollars in interest and fees.
Details vary between lenders - so make sure you’re comparing loans of equal amount and term.
Fees aren’t included in the advertised rate for a loan, which is designed to make the loan offer more appealing than it is. The true cost of a loan is found by looking at the comparison rate, this shows all charges (interest plus fees) as the final rate you’ll pay
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 and early repayment fees.
These are the four types of fees you should be look for of when comparing lenders:
Choosing a personal loan without any fees or penalties for early repayments may mean you can repay your loan earlier and save on interest. You can do this by lowering your monthly repayments or keeping your payments at the same amount while reducing the term of your loan.
There are lots of things you’ll need to look out for:
Seems like a lot? Let’s break it all down.
The interest rate on your loan Interest is charged by your lender for borrowing the money. It’s essentially how much extra you’ll need to pay back on top of the amount you borrow.
It’s very standard that your repayments will have a fixed interest rate. Variable rates don’t really exist anymore.
How long you take out the loan for
This is also called the ‘term’ of your loan.
The shorter the term, the less overall interest you will pay.
The establishment fee for your loan
This is a one-time fee you’ll pay when applying. You may be able to negotiate this or simply choose a lender who doesn't have one!
Any ongoing fees
The worst type of fees. Try and avoid these where you can - they only add to the amount you have to repay. They’ll be disguised as monthly account keeping fees.
Early repayment penalties
If you plan to repay your loan in full before the end of your term, check to see how much (if anything) you’ll be charged.
Lenders will use these fees to make up for the interest charges they’ll miss out if you repay early.
Brokerage fees - if applying through a broker
A broker is someone who can help you find, compare, and apply for a loan. This can be super helpful if you have no idea where to start and you’re making a major financial decision.
Like all professionals, brokers usually charge a fee. This is either open and upfront or may be concealed by secretly increasing the interest rate with the lender.
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.