Personal Loans
Compare personal loans to ensure that you are getting the best rate on your loan. People utilise personal loans every day for holidays, cars, renovations and a whole lot more, and when it comes to getting the best personal loan, we want to make sure you can find a personal loan that suits you.
Please use our handy table below to compare and apply for a personal loan today.
Compare Personal Loans
| Personal Loan | Loan Term | Loan Amount | Features | Apply |
|---|---|---|---|---|
| Aussie Personal Loans | 1 - 7 years | $3,000 + | Aussie now offers Personal Loans for just about anything you like. Whether for a holiday, home renovations, a special project or even a wedding, a Personal Loan from Aussie can help you pay for any worthwhile purpose. It's even a smart way to take control of your credit card debt. |  |
| ANZ Personal Loan | 1 - 7 years | $5,000 + | Apply Online and receive a response in only 60 seconds! You can use an ANZ Personal Loan for almost anything including, consolidating debts into one regular repayment, home renovations or household goods, a car, holiday or a dream wedding. It's a fast and convenient way to get the things you want or to pay for the things you need. | |
| GE Money Debt Consolidation Loan | 2 - 7 years | $3,000 + | A GE Money Debt Consolidation Loan lets you roll your debts into a single easy-to-manage loan*. With a fixed loan term and one simple fixed monthly repayment, it's easy to stay in control of your finances. *Approved applicants only. |
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Personal Loans
Let's face it, not all of us have pockets deep enough to buy a house or car on a whim. For most of us, the only way to manage such expenses is by borrowing. That's the purpose of personal loans: they let you make large purchases while paying at a pace you're comfortable with. Here's a quick guide to personal fast loans and how to handle them.
Types of loans
Personal loans can be classified into two general types: secured and unsecured.
- Secured loans are by far the most common scheme. In a secured loan, the lender requires you to put up one of your assets as collateral, which they can claim if you fail to pay back the loan. This is usually the same asset you'll be buying with the loan; i.e. your car for a car loan or your house for a mortgage. Secured loans are less risky for the lender, so they come with lower interest rates and usually better flexibility.
- Unsecured loans don't require any collateral, except in some cases for post-dated checks which will mature on a given date. Because there's no security, lenders take on much greater risk when they grant unsecured loans. To compensate, they charge much higher interest and set more rigid terms. Often, there will be greater penalties for missed repayments and fewer provisions on early repayment. Unsecured loans are usually reserved for non-conforming cases, such as students and borrowers who are unable to provide security.
Choosing lenders
Personal loans may be offered by banks, credit unions, or other financial institutions. While banks are the most popular choice, smaller companies sometimes offer better rates. Because credit unions are member-owned, they don't maximize profit by charging excessively; instead, they pass on profits to customers by giving them better deals.
When choosing between lenders, be sure to take into account the total cost of the loan; that is, all the other fees in addition to the interest and principal. These may include application fees, closing fees, credit checks, and maintenance costs. Some lenders hide this information to make their fast loans look cheaper. Make sure they are clearly outlined in a written contract signed by you and your lender.