While there is no single personal loan that is best for all borrowers, there are important features that all good personal loans share.
Many personal loan lenders take a risk-based approach when pricing, which implies that the interest rate on your loan will be set based on your credit profile.
In the Mozo database, the average interest rate on an unsecured personal loan is 10.02% (and 8.79% for a secured multipurpose loan). To get the best possible rate, it is essential to have a high credit score.
Mozo’s finance experts monitor personal loans offered by a range of lenders in Australia, from major banks such as ANZ, NAB, Westpac and Commonwealth Bank, to specialist online lenders. All these lenders are regulated by the Australian Securities & Investments Commission (ASIC).
There are many ways to determine which personal loans are best, and the answer will depend on what is most relevant to you and your financial circumstances. We collect information on various loan options, some awarded by Mozo and some selected by the Mozo team, highlighting great business opportunities currently available.
Harmoney Unsecured Personal Loan
Rates start from 5.86% per annum (6.85% per annum comparison rate). Funds can be released within 24 hours of loan approval. The loan amount ranges from $2,000 to $70,000, with no additional fees charged for early repayments.
The Harmoney Unsecured Personal Loan features low fixed rates for borrowers with excellent credit, providing ease of the loan process through an efficient online application and availability for repayment within 24 hours.
Now Finance Secured Personal Loan
Our fixed interest rates start at 6.75% per annum (6.75% per annum comparison rate). It is possible to obtain an unsecured loan of up to $50,000. In addition, there are no establishment fees or additional services.
Best Green Personal Loan
We offer variable interest rates starting at 5.99% per annum (comparison rate 5.99% per annum) for loans intended for green home renovations. You can request an amount between $3,000 and $50,000. In addition, there are no establishment or service fees.
Payment terms vary from 1 to 10 years and the amortization schedule is flexible. In addition, there are no limits for making additional amortizations.
Best Secured Personal Loan
Variable interest rate of 5.75% per annum (compared to the rate of 6.39% per annum). A 100% full compensation account is included. In addition, we offer unlimited additional refunds with a free redesign option.
Illawarra Credit Union’s Online Personal Loan Package was recognized as one of the top five loans in the Mozo Experts Choice Awards in the Secured Personal Loan category.
Secured for a vehicle less than 3 years old, be it a car, boat, bicycle or caravan, this loan offers a competitive variable rate starting at 5.75% per annum (comparison rate of 6.39% per annum). Monthly payments are automatically deducted and the remaining balance is offset against the loan amount.
Heritage Bank Standard Personal Loan (Unsecured)
You can choose between a variable or fixed interest rate when applying for a loan amounting from $5,000 to $25,000. Also, you will have redesign facility available.
This loan carries a fixed interest rate of 8.99% per annum (comparison rate of 9.62% per annum), which will be determined based on your credit rating and financial situation. You have the option of applying for an amount between $5,000 and $50,000, with deadlines of up to seven years.
You have the option to choose to make your repayments weekly, fortnightly or monthly. However, it is important to remember that the additional payment may result in an additional fine. On the other hand, this loan offers the facility of redesign.
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