Australia's Money Matchmaker®
Compare unsecured personal loan rates in 60 seconds
Get your best unsecured personal loan. Compare prequalified offers from 11 lenders. Apply with confidence.
- Comparison rates from 4.99% p.a*
- 100% free with no credit score impact
- No hidden fees or broker fees
Why Money Matchmaker®
1
Real rates, not click bait
Rate comparison websites show you a low rate that hardly anyone qualifies for. We show real loan rates based on matching you to lender rules.
2
No hidden fees or paid promotions
A broker can add up to $1000 to your loan. A rate comparison site gets as much as $50 per click to a lender, so they don't care if you get rejected. We only charge the lender and we only do that if you take out a loan through us.
3
No time wasting or sales calls
Googling options and applying to each lender wastes time and can affect your credit score. Using rate comparison sites often leads to annoying sales calls. We show you options in 60 seconds with no follow up calls.
Unsecured personal loans
Written by
Shaun McGowanIf you’re wanting to take a loan out to buy anything other than a new car, you’re going to be getting an unsecured personal loan.
Essentially, it’s just a personal loan. It’s referred to as unsecured because it’s not attached to anything that a lender could repossess (like a car for example).
Let’s take a look at unsecured personal loans in more detail.
The detail
Typically, an unsecured personal loan is going to be more expensive than a secured personal loan (the type you use when buying a car).
You can literally use this type of loan for any purpose (well, not gambling or anything like that). But say a holiday, or dental work, all of these options are available.
Or perhaps you want to put some money toward a holiday, do some renovations, pay off your phone bills, pay off your credit card?
It’s all possible.
Why are unsecured loans more expensive than secured loans?
Pretty much all lending is based on risk - basically, what chance (if any) there is of you not being able to make repayments on the loan.
Secured loans remove a lot of this risk by just offering up something valuable to the lender in case things go wrong.
Secured personal loans (also known as a car loan) generally offer a way to finance a vehicle at a lower rate. If you’re planning on buying a car, check this page out.
Although you can generally find plenty of great unsecured loan deals, you may need to
It’s all possible.
Find the best deal on unsecured personal loans
FIND YOUR LOANHow to qualify and apply
So who can get an unsecured loan? Well, qualifying is pretty easy if you’re:
- Over the age of 18; and
- An Australian citizen or permanent resident; and
- Employed or have a regular source of income over $25,000 per year
To get a loan you will need to:
- Submit a loan application to a lender
- Meet the lender’s approval criteria for the loan
- Sign a loan contract and agree to the terms of the loan
If you take our quiz the Money Matchmaker™ will match you to all the available lenders.
After speaking with your chosen lender, you may also need to provide;
- Proof of identity — e.g. passport or driver licence
- Proof of income — e.g. payslips, bank statements
- Details of any current debts or other loans
Why bank statements?
When you give a lender read-only access to your bank statements, they can use financial technology to quickly assess your application.
There are hundreds of tiny factors and indicators within your bank statements, from how often you get paid, to whether you have any dishonours or direct debit fails and any other commitments you may have.
Each lender looks at bank statements differently, but with one common goal:
To ensure you can meet the repayments.
Here are the most popular questions people are asking about unsecured personal loans
How much can I borrow with an unsecured personal loan?
Usually, lenders have loan minimums of $2,000 and maximum amounts between $50,000 and $75,000.
Can I buy a car with an unsecured personal loan?
Yes, you can. Cars over 7 years old are generally only able to be financed this way.
Can I get an unsecured personal loan if I have bad credit?
Yes, but there are more things you need to be aware of. Read this page.
Do banks offer unsecured personal loans?
Yes, most banks offer unsecured personal loans, including the big four — Commbank, Westpac, NAB and ANZ. However, you should definitely shop around, it can literally save you thousands of dollars.
Meet Money Matchmaker®
"Hey I’m Money Matchmaker®, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
Meet your potential personal loan matches
- No Early Repayment Fees
- No Monthly Fees
- Get Funds 24 Hours From Approval
- No extra repayment or early exit fees
- Funding approved in 24 hours
- Up to $75,000 loan amount
- No ongoing fees
- No monthly fees
- No Deposit Required
- Same day decisioning
- No admin, early repayment or "risk" fees
- Support from real people
- Build your credit score by making timely repayments
- Once approved, loans are funded in minutes
- Flexible repayments; weekly, fortnightly, monthly options
- Pay your loan out early with no fees
- Change payment dates and frequency at any time
- Make extra repayments at any time
- Pay your loan out early with no fees
- Increase regular payments to suit your situation
- Make extra repayments at any time
- Apply in under 8 minutes
- Once approved, cash transferred in 60 seconds
- No early termination fees
- Get a guaranteed, personalised rate in 2 minutes
- Apply online in under 10 minutes
- Weekly and fortnightly repayments
- $0 establishment fee
- $0 ongoing fees, early repayment fees, exit fees
- Multi Award winning and 100% digital
The right personal loan can save you $1,000s
FIND YOUR CAR LOANWant to know more about Personal Loans?
About the Author
Shaun
McGowan
Shaun McGowan
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
