Compare Personal Loans

We take it personally
Personal loans are an easy way to pay for some of life’s big expenses, but how do you know what’s right for you? gives borrowers transparency on rates, shining the light on hidden fees and gives access to over 60 + lenders. With no footprint on your credit score, being able to compare your lenders allows you to make smarter decisions so you can choose what loan works for your situation.
Starting Your Personal Loan.

What is a
Personal Loan?

Avoiding the Common Pitfalls

It's easy to get caught up in the excitement of finding a cheap personal loan that appears to meet your needs. But overlooking the details can lead to unexpected complications. Choosing the wrong loan often trips up borrowers, such as missing hidden fees or not valuing the loan's flexibility enough. A thorough understanding of all the aspects of the loan and reading the small print can save you from future financial headaches. Be vigilant about:

  • Hidden Fees: Look beyond the headline interest rate to consider application fees, ongoing charges, and penalties for early repayment.
  • Loan Flexibility: Ensure the loan offers enough flexibility to accommodate changes in your financial situation, such as the ability to make extra repayments without penalty.

Here’s an example of what you don’t want: 
Imagine a borrower, let's call her Lisa, signs up for a personal loan with a seemingly low-interest rate. Lisa later discovers that the loan includes a hefty establishment fee and high charges for early repayment, significantly increasing the overall cost. 

It’s why scrutinising all loan terms before committing is important and not just opting to go for the first cheap personal loan you see.

Our Loan Comparison AI shines the light on any hidden fees between lenders and gives you an understanding of how flexible a loan is, so you can make the best decision when it comes to your money.

It’s Important to Do Your Research

To land the best personal loan rates in Australia, you’ll need to roll up your sleeves and do some of your own research. Comparing personal loans before you say yes on anything helps you pinpoint a product that fits your financial situation and aims, so you’re not overextending yourself or putting strain on your lifestyle later.

But don’t worry, we’ll help you here by explaining these factors in our comparisons: 

  • Interest Rates: The interest rate directly impacts your monthly repayments and the total cost of the loan. You always want to look for the lowest personal loan rates that align with your credit profile.
  • Fees and Charges: Be aware of any application fees, ongoing fees, and charges for early repayment or late payments, as these can significantly affect the loan's cost.
  • Loan Terms: Loan terms vary from one to seven years. A longer loan term means lower monthly repayments but more interest over the life of the loan.
  • Loan Features: Some loans offer flexible features like extra repayments without penalty, redraw facilities, or payment holidays. These features can provide valuable flexibility and savings.
  • Lender Reputation: Choose a reputable lender with good customer service, transparent terms, and a track record of satisfied customers.

At the end of this loan match, we’ll break down these factors and explain our reasoning, making your personal loan comparison research clear and simple. So you’ll really be able to have confidence you’re getting matched with some of the best personal loans in Australia.

Why Go for a Personal Loan?

Life throws you curveballs, and in the event you need funds finding the right one for you can be difficult. Personal loans give you more options. Here are just some ideas:

  • Wedding: fund the special day without depleting savings. A personal loan can help you cover everything from the venue to the honeymoon.
  • Education: invest in your future or that of a loved one with a loan that covers educational expenses, opening doors to new career opportunities.
  • Vacation: finance a dream getaway or a much-needed break to recharge and create lasting memories.
  • Home Renovations: upgrade your kitchen, bathroom; or transform your traditional separate living room, dining room and kitchen into an open living space. Maybe even extend your home with a new room.
  • Vehicles: finally start the dream and get that shiny new car, motorbike, boat or caravan you've always been thinking about.
  • Medical procedures: cover unexpected medical expenses, emergencies, or elective procedures not covered by insurance.
  • Beauty treatments: finance cosmetic or beauty treatments that are important for personal confidence and well-being.
  • Consolidate and pay off debts: move multiple debts into one and secure a potentially lower interest rate to help you save more money over time.
  • Other: any other unexpected things you need to pay for!

Knowing what you need and why you need a personal loan is also key. It can shape the approval of your application and the terms of your loan.

What Defines a Personal Loan

A personal loan stands as a financial aid that lets you borrow a set sum for diverse personal needs: from making your wedding dreams come true to paying off debt. Personal loans can range from $2,000 to $100,000, offering both flexibility and ease when you have a goal in mind. Your agreement with the lender sets the repayment term, usually 1 to 7 years, making sure you can smoothly handle the payments along with the interest rates.

More Options. More Freedom.

Make that daydream a reality.

It could be for that well-deserved getaway, or it could also be for a car or getting that deck in the house fixed. No matter what, Loan Options can get you there!

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How do I know what is right for me ?

Comparing your options will get you the best deal for your circumstances. To give you a head start when you start your search, consider:

The Right
Interest rate.

Seen interest rates on the news more lately? Let’s break it down: Interest rates are the amount that you pay calculated on the balance of the loan each year. This can vary based on your lender or bank, whether the loan is secured or unsecured, and the type of loan you are looking for. As a borrower, you’re always looking to get the lowest interest rate possible. 

The Reserve Bank of Australia (RBA) also has a big influence on banks and lenders’ interest rates. The RBA sets the cash rate, which has a run-on effect depending on whether lenders choose to pass on the increases or decreases onto borrowers.

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Fixed or Variable?.

For a fixed personal loan: the interest rate (yes, you guessed it) stays fixed. This means your repayments will stay the same for the entire loan term. Its popular for its stability. However, having a fixed rate can sometimes come at the cost of flexibility and the rates won’t lower if the market goes down. A fixed interest rate loan is a good option if the current interest rate is low, or you predict it rising. For personal loans, fixed loans are fixed for the life of the loan. Please note, that you may have to pay extra costs if you want to pay off a fixed loan early.

Fixed for the loan-term
Certainty for budgeting
Automatic repayments
❌Repayment costs (break costs and early repayment fees)
❌Miss out on future interest rate reductions

For variable interest rates: your repayments can fluctuate over the life of the loan term. You can also, should you wish, make unlimited additional payments to repay the loan early (subject to any hidden fees). Variable personal loans often also come with a redraw facility with lenders. This means you can withdraw from your additional repayments on a rainy day, or for whatever reason you need it.

Fewer early repayment costs
More flexibility
Redraw facilities (withdraw cash from extra repayments)
❌No buffer from interest rate rises

No matter what you’re after - fixed or variable - in any case, you’ll need a thorough comparison to get the best loan.

Our proprietary AI technology thoroughly analyses and processes data securely from your application against these variables and more across 100s of financial products from 60+ banks and lenders to give you the most suitable matches for your needs and personal circumstances. All in as little as 20 minutes!

Our tool will not only match you with the best rates available using real-time data, but with the lenders that you’re most likely to get approved with.

To secure, or not secure your loan?

that is the question

We have said it before, and we’ll say it again, not every loan is the same! When you are applying for a loan it can be either an unsecured or secured loan.
Finding the right loan can be confusing and to make it easier we’ve defined the below.


A secured loan uses the asset being purchased, in this case the car, as security for the loan. If the borrower can’t repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn’t cover the full amount owing, the borrower must pay the difference.

The benefits of secured loans is that they usually result in achieving a lower interest rates, due to the lower risk factors from a lenders point of view

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Unsecured .

A secured loan uses the asset being purchased, in this case the car, as security for the loan. If the borrower can’t repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn’t cover the full amount owing, the borrower must pay the difference.

The benefits of secured loans is that they usually result in achieving a lower interest rates, due to the lower risk factors from a lenders point of view

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How-Tos: Here’s Some Tips to get the Most Out of Your Personal Loan...

Responsibly Managing Your Loan

Handling your personal loan with responsibility means keeping up with repayments, managing your account well, and knowing your loan's terms and conditions. Such diligent management can boost your credit score and overall financial well-being.

For a Successful Loan Application

Boost your loan application by checking your credit score, evaluating your budget, and meeting the lender's requirements. Getting all your paperwork ready in advance makes the application process smoother, once you’re done choosing your personal loan after comparing.

Managing Bad Credit

A less-than-perfect credit score doesn't necessarily preclude you from securing a personal loan. While you may face higher interest rates, lenders specialising in bad credit loans can offer viable options. Demonstrating a stable income and a commitment to improving your financial health can also enhance your attractiveness as a borrower to potential lenders.

Achieving a Competitive Interest Rate

The key to securing the lowest interest rate personal loan lies in your creditworthiness, the effort you put into comparing offers, and whether you opt for a secured loan. A robust credit score signals to lenders that you're a low-risk borrower and can potentially unlock lower interest rates to help you save more overall. You can consider securing your loan with an asset, which can lead to more favourable terms for your loan.

Why Pick Loan Options?

For those hunting for Australia's finest personal loans, Loan Options emerges as a prime choice with our cutting-edge AI for comparison and matching. With our advanced technology we're able to easily and thoroughly compare personal loan rates across different specifications and lenders.

Our platform eases the search for the best loan rates, ensuring a fit with your financial needs and situation.

In summary, whether you're in the market for the lowest personal loan rates or a loan with bad credit, thorough exploration and comparison are indispensable. Grasping the available loan types, securing the most favourable rates, and managing your loan wisely pave the way to a fruitful borrowing journey. Loan Options stands ready to assist, employing advanced technology to match you with the ideal personal loan.

Ready to learn more?

Get to know the brilliant humans behind LoanOptions.aior get some burning questions answered with our FAQs.

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Secret fees.

The devil is in the details, and it can be more than a pain if you do not read the fine print properly or if not all associated fees are brought to your attention as a borrower.

Ask yourself these questions:

Are there any entry or exit fees?.

Entry/Exit Fees

Late Payments.

What are the late repayment fees?

Early Payments.

Are there fees for paying your loan off early?

Added Costs.

Are there any other added costs that could come up?

Personal loan blogs.

Still have questions?

If you have any questions or enquiries,
visit our FAQ bunker or give us a call

After applying and getting approved for a personal loan, you receive a lump sum of money upfront. You then repay this amount, plus interest, over a fixed term, usually through monthly payments.

Loan amounts can range from a few thousand to several tens of thousands of dollars, depending on the lender, your creditworthiness, and your financial situation.

The time to get a personal loan can vary from one day to a few weeks, depending on the lender and your application's complexity.

Many lenders allow early repayment of personal loans without penalties, but some may charge a prepayment fee. Check your loan agreement for details on early repayment terms.

No, simply searching for a personal loan lender does not hurt your credit score. When you initially look for personal loan options, lenders typically perform what is known as a "soft inquiry" or "soft pull" to give you a preliminary offer. Soft inquiries do not affect your credit score, allowing you to compare rates and terms from multiple lenders without any impact.

However, once you decide to proceed with a specific lender and apply for a loan, the lender will then conduct a "hard inquiry" or "hard pull" on your credit report to make a final loan decision. Hard inquiries can lower your credit score by a few points and remain on your credit report for two years, although the impact usually diminishes over time. Therefore, it's wise to do your research and only apply for a loan when you're ready to commit to an application with a specific lender.

Applying for a personal loan can cause a temporary dip in your credit score due to the hard credit check. However, making timely payments can positively impact your credit score over time, while late or missed payments can hurt it.

Yes, a personal loan can be refinanced. Refinancing a personal loan means taking out a new loan to pay off an existing one. This can be a strategic move to secure a lower interest rate, reduce monthly payments, or change the loan term. When considering refinancing, it's important to compare the terms, rates, and fees of your current loan with potential new loans to ensure refinancing offers a financial benefit. Keep in mind that applying for a new loan involves a credit check, which can impact your credit score temporarily. Additionally, some lenders may charge origination fees or prepayment penalties, so it's crucial to review the terms and conditions of both your existing loan and the new loan before proceeding with refinancing.

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