5 Low Cost Personal Loans in Australia to help you leverage your goals
From holidays to home and car refurbishment, low cost personal loans in Australia can save the day when your next European trip, kitchen refurbishment or new car runs out of funds.
If provided properly, personal loans are a convenient way for you to obtain additional funds so that you can immediately achieve lofty spending goals and repay them gradually, rather than waiting for you to accumulate enough funds to run Total to pay.
But with so many different lenders today, finding a higher interest rate is not an easy task. To get you started, let us highlight 7 valuable personal loans. The wheel can belong to you before you know it!
5 low cost Personal Loans in Australia
The good interest rate for personal loans depends on your credit rating. Generally speaking, you should pay attention to interest rates lower than the average annual interest rate: 10.3 to 12.5% are excellent credit ratings, and 13.5 to 15.5% are good credit records. , The average credit rating is 17.8% to 19.9%, and the credit rating difference is 28.5% to 32%.
1. Harmoney Unsecured Personal Loan
- Fixed interest rates from 5.35% (6.14% comparison rate)
- No ongoing fees ($575 upfront fee)
- Loan top-up feature
For reputable borrowers looking for a large number of loans, Harmoney unsecured personal loans may be your best choice. The loan provides a tiered interest rate based on your credit rating, so if you have the best credit rating, you can get a flat rate of 5.35% per year (6.14% per year).
Customers can borrow from US$2,000 to US$50,000 with a repayment period of more than 15 years. However, if you want to borrow more money, you can apply for a top-up for a fee of US$575 (payable after approval).
If you want to terminate the loan early and save interest, you can choose to pay weekly, biweekly or monthly instalments, or you can choose to make additional payments. An application fee of US$575 (if you borrow less than US$5,000, it will be reduced to US$200) and a late payment fee of US$15 (if you miss the payment).
2. NOW Finance Unsecured Personal Loans
- Borrow from $5,000 up to $50,000
- No upfront or ongoing fees
NOW Finance Unsecured Personal Loans provide loans ranging from US$5,000 to US$50,000 with maturities ranging from 18 months to 3 years, applicable to loans ranging from US$5,000 to US$8,000 (or up to 7 years, applicable to loans ranging from US$8,000 to US$50,000) Between loans).
Not all, this loan offers a tailored interest rate based on your credit rating, which means that if you are a suitable and reputable borrower, you can only get 5.95% per year. Since this is an unsecured loan, there is no need to mortgage any assets as collateral for the loan.
In addition, the loan can be free (if you miss a payment, you will have to pay a late payment penalty of $35) and allow you to make additional payments. But the best part is that it won the 2021 Mozo Experts Choice Award for Best Unsecured Personal Loan!
3. OurMoneyMarket Low Rate Personal Loan
- Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate)
- Free extra repayments & redraw facility
Low cost personal loans on OurMoneyMarket provides different interest rates based on credit status, so creditworthy borrowers can get a competitive fixed interest rate, starting at 5.45% per year.
The loan allows customers to borrow anywhere from US$2,001 to US$75,000, and can choose to borrow for a period of 17 years. In addition, the loan also includes flexible features, such as free additional refunds and free redrawing services, so that you can get these additional refunds when you need cash.
Although this loan does not include service fees, it does include an advance payment of $150 and a late payment fee of $35 (if not refunded).
4. Plenti Personal Loan
- Exclusive special fixed rate of 5.44%(5.44% comparison rate) for customers with excellent credit
- Competitive fixed rates from 6.39% p.a. (6.39% p.a. comparison rate^^)
- Extra repayments allowed
Provide customers with good credit with an ultra-low exclusive fixed interest rate of 5.44% (comparative interest rate 5.44%*), and a fixed interest rate of 6.39% per year. (The annual comparative interest rate is 6.39% ^^).
For creditworthy borrowers, the fixed, unsecured personal loans provided by Plenti can make a big difference. Plenti loan amounts range from US$2,001 to US$50,000, with a loan period of 35 years. Multi-level interest.
The better your credit rating, the higher the interest rate you get. In addition, it is an unsecured loan, so there is no need to use any assets as collateral. In addition, the loan stipulates that the loan can be repaid without repaying the loan in advance.
Commission so that you can get out of debt quickly without penalty; however, if you miss the payment, you will have to pay a late fee of $30. Please note that the application fee will vary based on your application (application fee is $149 for a three-year period).
5. Symple Loans Personal Loan
- Interest rates from 5.75% p.a. (6.47% p.a. comparison rate^^)
- Borrow up to $50,000
- Earn Qantas Points on your loan amount
If you are looking for a last-minute loan to pay for large future expenses, you are welcome to use Symple Loan Personal Loan, which provides tiered interest rates based on your credit, which means good borrowers can get interest rates.
There is only 5.75% of variables per year. (Comparative interest rate of 6.47% per year^^) The amount is between US$5,000 and US$50,000, and it is possible to obtain a loan for 17 years.
Other features that may generate interest include a fast online application process, funds that can be transferred within 24 hours (for eligible applicants), free bonus refunds, you can earn 1 Qantas point for every $1 you buy. Approve and revoke up to 50,000 points!
Please note that you need to know some fees, such as a service fee of $10 per month, a late fee of $35 if you miss the payment, and a loan application fee of $10 or more (the more you work, the higher the commission).
You may like:
- Commonwealth Bank Personal Loan: An easy guide to taking out
- Best 5 Tips for getting your personal loan fast approval
- How much money can I borrow with a personal loan Australia?
Disclaimer: This article is intended to provide general information only for educational purpose. It does not consider the financial situation or needs of readers and should not be interpreted as a recommendation for any financial product. Before making a decision based on this information, you should consider seeking financial advice.
Haley Hayward is an experienced writer at kredilife.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining kredilife.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.
