Cheapest Personal Loans in Australia 2011
Sourcing the Cheapest Personal Loans in Australia
Some of the cheapest personal loans in Australia might not be the ones available from your own local bank. In fact, you might just find there are plenty of other deals available that could help you save money in interest costs and keep your monthly repayments down at the same time.
Before you rush out and apply for the lowest interest rate you can find, take some time to figure out what type of personal loan will suit your particular needs and your situation. This is because different types of personal loans will have varying terms, rates, and charges you need to be aware of.
Secured Personal Loan
A secured personal loan is often much cheaper than its counterparts. This is because the bank or lender will take an interest in an asset, such as a car, as collateral for that loan. They know that if you can’t make your repayments for any reason, they can simply take possession of that asset, sell it, and get their money back.
In return for this lower level of risk, the banks will tend to offer these types of loans at a lower rate, so it should be fairly easy to find good deals here. This is especially true if you’re buying a car or motorbike. These types of loans are often the cheapest personal loans in Australia.
Unsecured Personal Loan
An unsecured personal loan doesn’t require that you put up an asset as security for that loan. To the bank, this can pose a greater risk. If you suddenly can’t afford your repayments, they can’t just sell an asset of yours to get their money back.
For this greater level of risk, the banks will charge you a higher interest rate. However, it’s still possible to find some competitive interest rates if you take the time to shop around.
Online Personal Loan
One of the cheapest personal loans in Australia is the online personal loan. Some lenders are happy to reward customers who use online banking facilities with lower interest rates, faster approval times on applications, and easy access to their accounts.
Shopping around and comparing personal loans doesn’t have to take a lot of time. Yet if you’re willing to spend a few minutes looking at your options, you could find that it’s easy to locate a great deal to suit you.
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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