Best low-interest personal loans usually pay 4-6% of interest, and lower interest rates do not always mean cheaper loans. When choosing a loan, you should check and compare interest rates and additional commissions. These expenses can offset your savings. Benefit from low interest rates. In this article, we’re listing 10 best low-interest personal loans you can get in Australia.
Low-interest Personal Loans
Best Low-interest Personal Loans are usually lower than 6% per year. In addition to the interest rate itself, there are other characteristics that make some soft loans better than others. Check if your loan includes:
- Short-term loan: Long-term loans may be more expensive, but making your loan period shorter can pay off faster and save you money.
- The exit fee is low or no: Some loans allow you to prepay for free, while other loans may have commissions. In some cases, exit fees can be expensive. Some loans don’t even have this option. Even if you can, you cannot repay the loan early.
- Extra repayments: Some loans allow you to pay extra fees. This shortens the loan period and speeds up repayment. Some loans may limit your additional repayment within a year, but other loans may not allow it at all.
- Additional functions: This can include online account management and redraw functions. Free features are better because their cost will rise.
At best low-interest personal loans, repayment and credit costs can be reduced; however, when comparing loans, you should not only consider interest rates. In order to find the cheapest loan, there are other factors to consider. Interest rates can make loans cheaper, but they can also make them more expensive.
5 Best Low-interest Personal Loans in Australia
You may have noticed that some lenders offer best low-interest personal loans than others. These loans are more competitive than other loans in the market. There are many reasons for this. One of them is the growth in the number of non-bank lenders.
These lenders usually offer lower interest rates. Because they don’t have much overhead. They can pass on these savings to their customers by offering lower tariffs. As competition intensifies, traditional lenders will also have an incentive to offer lower interest rates.
However, low interest rates do not mean zero interest rates. You still need to pay the loan interest, but the interest rate is lower. This may mean that your total refund will be lower, which can save you money in the long run.
Plenti Personal Loans
Plenti provides personal loans at competitive interest rates. Your interest rate depends on your loan term and your credit rating. In other words, the higher your credit rating, the lower your interest rate. You can also get price estimates before bidding.
You will get a flat rate of 5.43% per year. 17.89% per year, depending on your risk profile. Flexible loan with an amount of US$2,001 and a maturity of 3 years or more. Interest rates and comparisons are calculated for a loan period of 5 years. Learn more here.
Harmoney Unsecured Personal Loan
Use Harmoney Personal Loan to provide you with competitive interest rates based on your creditworthiness. Harmoney is an online lending platform that provides personal loans ranging from US$2,000 to US$50,000 in Australia.
You will receive a flat rate of 5.35% per year. 19.09% per year, depending on your risk profile. Apply for a loan of up to $50,000 and pay off the loan within 3 or 5 years. Learn more here.
OurMoneyMarket Personal Loan
OurMoneyMarket is a market lender that provides investor-funded personal loans. Customers will get a customized flat rate based on their existing credit history and financial status, and those with a good credit history will get the cheapest rate.
You will get a flat rate of 5.45% per year. 20.99% per year, depending on your risk profile. A personalized loans range from US$2,001 to US$75,000, and the amount depends on your credit and financial status. Learn more here.
NOW Finance Unsecured Personal Loan
This unsecured personal loan can cover various personal purchases related to used cars, furniture or other valuable expenses. You will receive a personal interest rate of 5.95% each year. And a 17.95% loan per year.
You can learn about your tariffs before applying. When you apply, your application will be evaluated by one person. You can still contact this person as your personal credit advisor. When you borrow between US$5,000 and US$50,000, you do not need to pay setup fees, prepayment fees, and management fees during the loan period. Learn more here.
SocietyOne Unsecured Personal Loan
If your credit rating is good, you can benefit from SocietyOne’s personal interest rate. SocietyOne is an affiliated lender that connects borrowers and investors. You can borrow between 5,000 and 50,000 US dollars. The interest rate is based on grading. The better your credit status, the lower your interest rate.
Your interest rate depends on the size and duration of your SocietyOne loan. Interest rates range from 5.95% per year. 19.99% per year. Before you apply, you will receive an approximate price. Learn more here.
Recommended for you:
- No-fee personal loans – How to get and How to works in Australia
- NAB Personal Loan: What are the Benefits and How to Manage
- 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.