Low Interest Personal Loan Comparison
Finding the Right Low Interest Personal Loan
If you’re shopping around for a low interest personal loan, always keep in mind that banks will offer very different rates depending on what your intention is for that money.
Featured Personal Loan
A Sugar Money personal loan allows you to consolidate your credit cards and other small debts into 1 regular fixed repayment amount over 2 to 7 years. Apply online for a 1 hour decision.
- Consolidate your credit cards, store cards, bills and other loans into just one easy to manage loan.
- Set a loan term that suits your budget and you could reduce your monthly outgoings.
- The repayment amount is fixed so it is easier to budget.
- Choose your own repayment frequency – weekly, fortnightly or monthly
- Fixed interest rate for the life of the loan.
- Make easy repayments using Direct Debit.
- No maximum loan amount (*subject to approval)
You should find that the lowest possible interest rates on personal loans are for secured loans for newer cars. Banks find that these types of personal loans pose far less risk to them. After all, if you stop making your repayments, the bank is able to repossess a fairly new car that should still hold most of its value. This means security to a bank, so they reward you by offering a low interest personal loan.
However, if your purpose is to consolidate some debts or to pay for an item that can’t be used as security for a loan, you may find that the interest rate you’re quoted will be a little higher. Unsecured loans don’t offer the bank any type of security. They don’t have the option of coming to repossess an asset to sell in order to get their own money back from you. The result is a higher interest rate.
Don’t let this deter you though. It’s still very possible to find low interest personal loan options whether you choose a secured loan or an unsecured loan. The key is to spend a little time shopping around and comparing the loans available from a few different lenders.
Once you’ve spent a bit of time comparing the various offers you can find, you should soon see that some lenders are much cheaper than others. Some may also offer a fixed rate, rather than a variable interest rate, which can give you some reassurance that your repayments won’t change throughout the loan term if interest rates should change during that time.
When you’ve found the right loan to suit your needs, go ahead and submit your application. Most lenders will offer online application forms that can allow you to submit your application securely and quickly in your own time. You may find you receive your approval in just minutes.
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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