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Get your best unsecured personal loan. Compare prequalified offers from 11 lenders. Apply with confidence.

  • Comparison rates from 4.99% p.a*
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My matching process checks multiple lender rates at once, making it super fast to shop around.

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Unsecured personal loans

Written by

Shaun McGowan

If 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.

reasons people take a personal loan

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.

Are you being charge high interest rates on your loan?

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.

Secured car loans are loans where your purchase is used as security

Find the best deal on unsecured personal loans


How 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:

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
How to qualify for a loan in Australia

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.

Lenders will need to review your banking conduct
Australia's Money Matchmaker matching you with your best loans across multiple lenders
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.

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"

Money Matchmaker

Meet your potential personal loan matches

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet OurMoneyMarket
  • No extra repayment or early exit fees
  • Funding approved in 24 hours
  • Up to $75,000 loan amount
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
Meet Wisr
  • Same day decisioning
  • No admin, early repayment or "risk" fees
  • Support from real people
Meet Fair Go
  • Build your credit score by making timely repayments
  • Once approved, loans are funded in minutes
  • Flexible repayments; weekly, fortnightly, monthly options
Meet Finance One
  • Pay your loan out early with no fees
  • Change payment dates and frequency at any time
  • Make extra repayments at any time
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Alex
  • $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


About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of 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 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.


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Money Pty Ltd (trading as provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.