Unsecured Personal Loan

Personalised Loan Shopping

See which lenders will give you the best unsecured personal loan. Instant online results.

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This is a totally free process and will not affect your credit rating.

Unsecured Personal Loan
Fast, Stress free, No obligation

Here's how easy it is

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One smart-form

Simple & quick, we narrow down the lenders you're eligible for.

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Personalised rates

See multiple lender rates you actually qualify for, all at once.

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Checkout with confidence

After easily comparing, select the lender who best suits you.

MONEY HAS BEEN FEATURED ON:

Our mission

Money.com.au (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.

We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).

Putting you first means:

  • We only show you loans you qualify for, ranked by the lowest repayment

  • We show you “apples with apples” loan comparisons (by simplifying & standardising information)

  • We do not accept paid endorsements or promote lenders based on commission.

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Compare personal loan rates

In the table below, the repayments are based on a $30,000 loan repaid over 5 years for an individual with excellent credit. To get your personalised rate for different amounts and terms, click 'Get your rate'.

Loan Terms
Interest Rates
(APR)
Comparison Rates
(APR)
Upfront Fees
Ongoing Fees
(pw)
Repayments
(pw)
Total
Cost
18 - 84 months 4.95% - 17.95% 4.95% - 17.95% $0 $0 $130 $33,800 Get your rate
6 - 84 months 6.39% - 17.89% 6.39% - 20.41% $0 $0 $135 $35,100 Get your rate
24 - 60 months 6.99% - 19.99% 6.99% - 21.56% From $0 $0 $137 $35,620 Get your rate
36 - 84 months 6.99% - 19.95% 7.55% - 20.89% From $475 $0 $139 $36,140 Get your rate

Representative example 1: Based on a loan with Now Finance for an amount of $30,000 over 5 years a borrower with an excellent credit history can expect to repay a total of $33,800. This represents a comparison rate of 4.95% p.a. and includes all interest and fees (there are no fees with Now Finance for a borrower with excellent credit) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Representative example 2: Based on a loan with a poor credit history with Wisr for a loan amount of $30,000 over 5 years a borrower can expect to repay a total of $49,435. This represents a comparison rate of 20.89% p.a. and includes all interest and fees (Fee breakdown - upfront fees of $525 and no ongoing fees) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Warning: For Personal Loans, the comparison rate is based on a $30,000 unsecured loan over 5 years; This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Key features of an unsecured personal loan:

  • Borrow from $2,000 to $75,000

  • Fixed or variable interest rates

  • Repayments to suit your budget

  • Terms from 1 to 7 years (most common is 3 years)

  • Secured & unsecured options

Who is eligible for an unsecured personal loan?

  • Australian Permanent Residents (& some visa holders)

  • Must be over the age of 18

  • Earn a minimum of $25,000 a year

Learn more about unsecured personal loans

What is an unsecured personal loan?

Unsecured personal loans allow you to borrow up to $75,000 without having to provide any security, such as a car or property.

Usually, unsecured personal loans are repaid with interest over a period of one to seven years and can be used for anything, within reason:

  • Financing a car purchase or a holiday

  • Consolidating debt

  • Renovating a property

  • Covering unexpected personal expenses

  • Almost any personal cost or expense

You’ll often get the best deal if you can compare multiple personal loan offers from multiple lenders.

Choosing the first offer you find may not always get you the lowest rate available or the lowest amount of initial or ongoing fees. You can do that simply by using our smart-form.

Money Tip: An unsecured personal loan doesn’t require any collateral - i.e. security such as your home or car - and can be used for almost any purpose.

When to use an unsecured personal loan

Before you apply for an unsecured personal loan, let’s look at how they compare to secured personal loans. Unsecured loans generally have:

  • Higher interest rates

  • Shorter loan terms

  • Lower maximum loan limits

The more restrictive features are due to lenders viewing these loans as higher risk. Despite those drawbacks, there are a few reasons why you may opt for an unsecured personal loan:

  • You don’t have any assets that the bank will accept as security

  • You don’t want to risk using your assets as security

  • You want to purchase an asset that your lender won’t accept as security

With an unsecured loan, you can borrow money even if you don’t have a car or property to use as security. Plus, your assets won’t be at risk of being repossessed by your lender immediately if you default on payments.

How to compare unsecured personal loans

You can compare unsecured personal loans based on a number of loan factors. Rates, fees, and other loan details will vary between lenders - so just make sure you’re comparing loans of equal amount and term.

When comparing unsecured personal loans consider the following:

  • Loan amount

  • Loan term

  • Loan fees

  • Interest rates

  • Loan features

Unsecured personal loans have a number of useful features that may be convenient for certain borrowers, or make it easier to repay a loan amount. These include:

  • Redraw facility: a feature that allows you to withdraw any extra repayments you’ve made. May come with extra fees.

  • Repayment flexibility: the choice to make repayments weekly, fortnightly or monthly to suit your lifestyle or pay cycle.

  • Extra repayments: the ability to make extra repayments or pay your loan off early without incurring fees.

If you do not find any available offers to compare, you can work with a personal finance broker to assist in finding you a suitable deal and completing your application.

Brokers operate all across Australia — whether you need an unsecured personal loan in Canberra, Newcastle, Sydney, Melbourne, Brisbane, Perth, or Adelaide, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances.

Best unsecured personal loan rates

The best unsecured personal loan rates you’ll see advertised are typically available to borrowers with the best profile, not the majority of applicants. This is because:

  • Lenders advertise their lowest rates because they’re appealing and, if you qualify, represent their best deal.

  • Fees aren’t included in the advertised rate for a loan, which doesn't represent a truly accurate cost for the customer.

  • The true cost of a loan is found by looking at the comparison rate, which expresses all charges (interest plus fees) as a simple percentage.

If you are using our smart form, the advertised rate and comparison rate will be clearly displayed on your personalised results screen, which you can use to quickly compare and select the deal you think is best.

Money.com.au aims to clear up the confusion around rates and approval, so we can provide the best consumer experience possible. We only show you real, personalised rates from lenders who can give you approval on the loan.

No impact on your credit score, and no obligation. Just the best deals we can find, with no hidden fees, inflated interest rates, or paid promotions.

How to qualify and apply icon

How to qualify and apply

You can apply for an unsecured personal loan in Australia if you are:

  • 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

If you meet the basic eligibility for a personal loan, you will then need to compare lenders and assess their individual approval criteria.

To get a loan you will need to:

  • Submit a personal loan application to a lender

  • Meet the lender’s approval criteria for the personal loan

  • Sign a loan contract and agree to the terms of the loan

The most important factor when gaining approval is to demonstrate your ability to meet the repayment schedule over the term of the loan.

If you use our smart form and find a lender you want to apply with, you will be directed to the lender’s website and need to supply all documentation as you normally would when applying for an unsecured personal loan, which may include:

  • Proof of identity — e.g. passport or driver licence

  • Proof of income — e.g. payslips, bank statements

  • Proof of address — e.g. utility bills, bank statements

  • Details of any current debts or other loans

You will need to provide personal identification and financial documents (usually your bank statements or recent payslips), as lenders will need to assess your financial stability and determine if you can service the loan amount.

Money Tip: Depending on the personal loan lender you choose to apply with, approving your application can take anywhere from a few minutes to a couple of days. If approval speed is important, you may wish to consider an online lender.

Summary icon

Summary

An unsecured personal loan can be a great way to access finance when it’s required, but before applying, it’s a good idea to shop around and compare the fees, loan terms, interest rates and features of several lenders.

With an unsecured loan, you don’t need to provide an asset — like a car or property — as security. They’re particularly useful if you don’t have any assets that lenders will accept as security, and can also be an option if you simply don’t want to risk your assets.

Unsecured personal loans in Australia:

  • No security required

  • Easy online application with most lenders

  • Ideal for smaller loans under $5,000

  • Lower interest rate than credit cards

  • Higher interest rate than secured personal loans

  • Lower loan limits than secured personal loans

  • Shorter loan terms than secured personal loans

  • Getting approval can be difficult, particularly if you have bad credit

How much money do you need?

Here are the most popular questions people are asking about unsecured personal loans:

How much can I borrow with an unsecured personal loan?

The amount you can borrow with an unsecured personal loan will depend on the lender you apply with and your circumstances. 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 buy whatever you want with an unsecured personal loan within reason. However, specific car loan products may have lower interest rates and be better suited to financing a car purchase.

Can I get an unsecured personal loan if I have bad credit?

You may be able to get an unsecured personal loan if you have bad credit. However, lenders consider unsecured loans riskier, so they may be more strict when assessing your ability to repay the loan.

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 not go with a bank by default — non-bank lenders, credit unions and brokers may be able to get you a lower interest rate and a better deal.