Best Personal Loan in Australia

Finding the Best Personal Loans to Apply for in Australia

Do you need cash quickly? A personal loan may be the type of loan that works best for you. Type “best personal loan Australia” into the search box in your favorite Internet search engine, and you’ll find many websites that provide offers of personal loans and others that compare Australia’s best personal loan offers from many of the top providers.

Why Consider a Personal Loan

1. There is greater competition in personal loans from smaller financial institutions, so interest rates are more competitive.
2. Financial institutions care less about how you plan to use an unsecured personal loan than they do that you’re a good candidate to pay it back. Basically, you can obtain a personal loan for any legal, worthwhile purpose.
3. One convenience of a personal loan is quick approval. Frequently, approval takes one banking day, rarely more than three days.
4. When you need money for debt consolidation, home improvements, a holiday, a wedding, medical expense, tuition fees, a new car, furniture, or electrical goods, a personal loan lets you act quickly.
5. Many people use credit cards or redraw on a mortgage to pay for these things, but a personal loan is often a smarter way to get the money:
   1. The interest rate on a personal loan is probably a lot less. If you only pay your credit card’s minimum payment every month, you mostly just pay the interest and will pay a huge amount of interest on the money you charged. Paying off a personal loan is better, because the fixed term of the loan and repayments regularly reduces your debt. You’ll pay much less interest and settle the debt more quickly.
   2. Unless you increase the amount of the repayments on your mortgage, the additional interest you’ll pay over the term of your mortgage can be much more than the interest you’d pay on a personal loan.
6. Sometimes you need help organising your finances. A popular, smart reason to get a personal loan is debt consolidation, in order to make one repayment for your debts. You save time, stress and money by securing a personal loan to consolidate debts.

Personal Loan Rates

Because interest rates for personal loans are fixed, you’ll know exactly what your monthly cost will be. The rate you pay depends on a several things, including your credit history, financial situation and where you obtain the loan. Getting the best personal loan at the best possible rate depends on your doing research to determine the best place to obtain it. Search the Internet as mentioned earlier. Compare offers from various providers. To learn about providers to consider using or to avoid, talk to friends, family and co-workers who have secured similar loans. Make sure you use a well-recommended company.

Fees

Know the amount of fees the company charges. Some possible fees are:

• Establishment fee, charged once when you get the loan. Sometimes a company gives existing customers a discount on the fee.
• Administrative fee, paid monthly for the term of the loan.
• Early repayment fee, owed if you pay off your loan early ‚ the fee amount depends on how much you still owe and how much time is left on your agreed term.

Amount You Can Borrow

The amount you can borrow for a personal loan varies from one company to another. Many require a $3,000 minimum. Some say you can borrow up to any amount, as long as you meet their normal lending requirements and have the means to pay it back. Others have a maximum amount.

Length of the Loan

Know the period of time for which you are borrowing. The lending company probably has a 1-year minimum loan term and a maximum loan term as well. To get the best personal loan, be sure the length of the loan is long enough that you are able to repay it, but not so long that you pay more interest than necessary.

Obtaining the Loan

• Understanding the information you must provide will greatly improve your chances of obtaining the loan. Usually, you need your last 2 pay slips. For a debt-consolidation loan, you need the last 3 months’ statements for the debts you are consolidating. These must not contain any over-limits or overdue items.
• Sources of income may be full time, part-time, casual and self-employed. A pension is not acceptable if it’s the only income source.
• Your credit file must be clear, without any defaults or bankruptcies listed.
• You must show that you can repay the loan without causing financial hardship.

Your Personal Loan Repayments

• You can make repayments weekly, fortnightly or monthly.
• Although the loan is fixed, you can pay lump sums into your loan account to reduce your loan term. You need to assess the value of doing this if it makes you owe an early repayment fee.

Featured Personal Loans

Personal Loan	Details	Min Interest Rate	Min Comparison Rate	Min Loan Amount	Min Loan Terms	Apply Fee
ME Bank Personal Loan	A low rate personal loan from ME Bank with no application fee for a limited time.	13.59%	13.81%	$5000	1 year	$0
Aussie Personal Loan	A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house.	13.90%	14.84%	$3000	1 year	$199
Sugar Money Personal Loan	Fixed rate personal loan with flexible options to get you funds when you need it.	13.99%	15.00%	$3000	2 years	$250
bankmecu Personal Loan	A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees.	13.49%	14.55%	$1000	1 year	$150

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1. Cheapest Personal Loan Rates in Australia