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$15,000
18 months

Repayments starting from

$100

per week

$200

per fortnight

$400

per month

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7.89% (comparison rate 8.73% pa)* starting rate with no ongoing fees. Interest rates vary subject to a full credit assessment. Comparison Rate is based on a loan of $2,500 over 24 months.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Personal Loans

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Oiyo Personal Loans Comparison

Lender
Loan Amounts
Loan Terms
Starting Interest Rate
Starting Comparison Rate
Application Link
Society One
$5k to $50k
2,3,5 years
7.50%
9.51%

Secured Loan Offered

No

Turnaround Time

24-48 hours

Rates are based on an unsecured fixed rate personal loan of $10,000 over 3 years. SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Wisr
$5k to $50k
3,5 years
7.95%
8.78%

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

All rates are based on a $30,000 unsecured loan with a five year term. The Comparison rates above includes any upfront and monthly account keeping fees. The Wisr rate is available to applicants with strong credit.

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Plenti
$2k to $45k
3,4,5 years
7.23%
9.20%

Secured Loan Offered

No

Turnaround Time

24 hours

Comparison rates for loans over 1, 2 and 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans over 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 2pm, 6 April 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Latitude
$3k to $200k
1 - 7 years
7.99%
9.24%

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

Latitude Personal Loan rates range from 6.99% p.a. to 18.99% p.a. for secured loans (comparison rates 8.25% p.a. to 20.16% p.a.) and 7.99% p.a. to 19.99% p.a. for unsecured loans (comparison rates 9.24% p.a. to 21.16% p.a.). The Comparison rate for the above products are based on $30,000 over 5 years.

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Symple
$5k to $50k
1 - 7 years
5.75%
7.60%

Secured Loan Offered

No

Turnaround Time

24 hours

This comparison rate is based on a $30,000 unsecured personal loan for a 5-year term. Warning: The comparison rate is true only for the example given and may not include all fees and charges. Different loan terms, fees or loan amounts might result in a different comparison rate.

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MoneyPlace
$5k to $50k
3,5,7 years
7.65%
7.65%

Secured Loan Offered

No

Turnaround Time

24-48 hours

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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$2k to $10k
1,2,3 years
7.59%
12.42%

Secured Loan Offered

Yes

Turnaround Time

Same day

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for secured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Society One

9.51%
Starting Comparison Rate
7.50%
Starting Interest Rate
$5k to $50k
Loan Amounts
2,3,5 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24-48 hours

Rates are based on an unsecured fixed rate personal loan of $10,000 over 3 years. SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Wisr

8.78%
Starting Comparison Rate
7.95%
Starting Interest Rate
$5k to $50k
Loan Amounts
3,5 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

All rates are based on a $30,000 unsecured loan with a five year term. The Comparison rates above includes any upfront and monthly account keeping fees. The Wisr rate is available to applicants with strong credit.

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Plenti

9.20%
Starting Comparison Rate
7.23%
Starting Interest Rate
$2k to $45k
Loan Amounts
3,4,5 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24 hours

Comparison rates for loans over 1, 2 and 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans over 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 2pm, 6 April 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Latitude

9.24%
Starting Comparison Rate
7.99%
Starting Interest Rate
$3k to $200k
Loan Amounts
1 - 7 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

Latitude Personal Loan rates range from 6.99% p.a. to 18.99% p.a. for secured loans (comparison rates 8.25% p.a. to 20.16% p.a.) and 7.99% p.a. to 19.99% p.a. for unsecured loans (comparison rates 9.24% p.a. to 21.16% p.a.). The Comparison rate for the above products are based on $30,000 over 5 years.

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Symple

7.60%
Starting Comparison Rate
5.75%
Starting Interest Rate
$5k to $50k
Loan Amounts
1 - 7 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24 hours

This comparison rate is based on a $30,000 unsecured personal loan for a 5-year term. Warning: The comparison rate is true only for the example given and may not include all fees and charges. Different loan terms, fees or loan amounts might result in a different comparison rate.

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MoneyPlace

7.65%
Starting Comparison Rate
7.65%
Starting Interest Rate
$5k to $50k
Loan Amounts
3,5,7 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24-48 hours

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Jacaranda

12.42%
Starting Comparison Rate
7.59%
Starting Interest Rate
$2k to $10k
Loan Amounts
1,2,3 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

Same day

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for secured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

more information +
less information -
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

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What will I find on this page?


What Are Personal Loans and How Do They Work?

What Are Personal Loans and How Do They Work?

A guide to personal loans

It’s no surprise that there are numerous lenders and providers of personal loans out there for us to choose from. Personal loans have become fairly straight-forward, common-place financial products and as such, there are more lenders available for Australians to choose from.

This is fantastic – more variety means more competition with better rates to choose from. However, with so many lenders and loan products now available, how do you know which lender to choose?

With so many options available, what should you be looking for in your loan products and lenders? Feeling a bit overwhelmed about personal loans? You’re not alone. Or, just not too sure where to start?

No worries! Oiyo is here to provide you with all the information you might need about personal loans.

What are personal loans?

Simply put, personal loans are the ability to borrow money from a financial institution or traditional lender and repay this borrowed money over an agreed length of time with interest, and sometimes fees, included.

Personal loans can be a relatively cheap way of getting the extra money you need, especially when compared to your other alternatives such as credit cards. You’ll agree to set repayment amounts before you borrow the money, so all going well, you’ll know exactly how much your repayments are going to be and how long they will continue for. If you’re fairly budget-minded, this is a great way to know exactly how a personal loan will fit into your budget and what your future repayments are going to be.

Make sure you look at the rate you’re offered and shop around for the best personal loan rates. We may be able to help with that!

What can personal loans be used for?

Personal loans can be used for a variety of different reasons. They’re usually incredibly flexible and can be tailored to different applicants and different circumstances. From a personal loan for your dream holiday to a loan for that shiny new car you’ve been eyeing up, a personal loan may be able to help you get past that last cash hurdle. Here are just a few of the reasons that people apply for personal loans:

  • Car loans or repairs
  • Debt consolidation
  • Beginning a new business venture
  • Travel costs or holidays
  • Wedding loans
  • Funeral loans
  • New appliances
  • Home repairs
  • Home renovations and upgrades
  • Medical and surgical costs
  • Dental costs
  • Vet bills
  • Unexpected utility bills
  • Education costs
  • Moving costs
  • Bond costs
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Reason not included?

Personal loans are often flexible, versatile, and can be used for many different purposes. If you need a loan, regardless of the reason, there will be a lender who will be able to help you out.

What are the different types of personal loans?

There are several different types of personal loans that you can apply for depending on your needs and wants. Generally, you’ll have a choice between an unsecured and secured loan, both of which have different pros and cons. Take a look at your options here:

Unsecured personal loans

Unsecured personal loans are loans that do not require security or collateral to secure the loan. Because no collateral is required, these loans are usually for smaller amounts of money. They’re generally much easier to apply for and the applications can be submitted and assessed in a fairly fast turn-around time as there is less documentation required than if you were applying for a secured personal loan. The interest rates on an unsecured personal loan do tend to be a bit higher than your secured loans as the lender is taking a higher risk with no collateral to secure the loan.

Secured personal loans

Secured personal loans are loans that require security or collateral such as a car, motorbike, truck or van, or something similar as backing or security for the loan. As this collateral is provided, generally, the loan amounts applied for and approved can be much higher than with unsecured personal loans.

However, due to needing the extra documentation such as providing proof of ownership of the vehicle that you’re putting up for security, and needing to confirm this ownership, the application and assessment times can take a bit longer than your typical unsecured loan. Interest rates on secured personal loans are usually lower than that of an unsecured loan as the lender is taking less risk due to the collateral backing this type of loan.

How do you know if you’re qualified to apply for a personal loan?

Every lender is going to be a bit different in its qualifying and lending criteria. The best way to find out if you qualify to apply for personal loans or not is to go and find a few different lenders and have a look at their general eligibility criteria. They’ll have the most accurate information that is applicable to them and you’ll get a good idea of whether you qualify or not.

As we mentioned every lender is going to have different eligibility criteria. Here at Oiyo, however, we can give you a bit of a general idea of what many lenders might need from you, in order to be eligible to apply:

If you’re an Australian citizen or permanent resident

The first eligibility criteria that you must meet in order to qualify for a personal loan is being either an Australian citizen or permanent resident of Australia. This is important as lenders need to know that you’ll be in the country for the entirety of your loan and must be planning to stay. Unfortunately, non-permanent residents who may leave the country at any time do not qualify for this specific criteria.

3-6 months minimum of good banking history

Most traditional lenders and small lenders need to see at least 3 months of good banking history as a bare minimum. This banking history needs to show that you’re making any current repayments you might have on time and that you’re handling your current finances well. If you can show any potential lenders that you have good banking history and can handle your finances well, you’re well on the way to being eligible to apply for a personal loan.

Decent credit history

Having decent credit history is important, especially when it comes to your more traditional lenders such as banks. Your credit history doesn’t have to be perfect as many tend to think, however, the better your credit history is, the better your chances of being approved for a personal loan. If you don’t have the best credit history, you can still apply, but just be aware that you may be a bit more limited in which lenders you will be eligible to apply with.

You must be 18-years old at the time of application

To qualify for any form of loan, credit card or financial product you must be at least 18-years of age at the time of application. This is a law that all lenders must follow, so it’s important to ensure that you do not submit an application before you are 18 as you will be automatically declined if you are not at-least 18-years old.

Current contact details

Having current, up-to-date contact details is also important as any lenders that you may want to apply with will require you to have a mobile number and email address that they can contact you on. You don’t want to miss out on any important communications that your potential lender will send you.

3 months minimum of current work/government income/history

In order to qualify for most lenders, you need to be able to show a minimum of 3 months income history going into your personal accounts. This is important as your potential lender needs to see that you’ll be able to successfully service or repay your personal loan if they do approve you. No income means you probably won’t be able to successfully repay your loan so if you are planning on applying for a personal loan, make sure you can demonstrate 3 months of sufficient income history.

These are just a few examples of what lenders may require from you to be eligible to apply and be approved for any of their personal loan products. Again, do your research on any prospective lender before you apply to ensure that you do qualify and aren’t wasting your time applying with a lender whose criteria you do not meet.

What fees are usually attached to personal loans?

Different lenders are going to have different fees associated with them. However, as a rule of thumb, you should expect included fees to look something like these:

Establishment fee

Depending on the type of loan you apply for (unsecured vs. secured) an establishment fee may be a percentage of your approved loan amount (for unsecured loans) or it may be a set fee regardless of how much you borrow (for secured loans).

Monthly fees or interest charges

Your personal loans are going to accrue either monthly fees or interest charges, depending on the type of loan that you applied and were approved for. Generally, an unsecured smaller loan under $2,000 will have a set monthly fee that is a percentage of the principal loan amount (4% of $2,000 would be a set monthly fee of $80 as an example) that will stay the same throughout the life of the loan.

Your larger secured loans may have an interest rate that is applicable to the amount owing throughout the life of the loan. Say for example your interest rate is 11.99%, this will be applied to the amount owing each month. As you pay more off the principal loan amount your interest charges will decrease as it is being applied to the amount owing.

Late/missed repayment fee

Most lenders will have a missed or late repayment fee that is applicable every time you miss or are late on a repayment or your scheduled repayment declines. These fees are usually quite small (i.e. $15 per missed/late repayment), however, they can add up fast if you’re regularly missing your repayments. These fees will be added to the total amount owing on your loan amount and it may mean that your loan runs longer than it should. This can result in extra interest fees so it’s always important to stay on track with our repayments if you can to avoid any unwanted extra fees.

Early repayment fees

Some lenders may charge you an early loan repayment or extra repayment fee if you decide to pay your loan off early, however, not every lender will do so. If you’re planning to repay your personal loans off early and don’t want to get charged to do so, double-check with any potential lenders that you’ll be able to do so with no extra charges.

So, does a personal loan sound like just the thing for you?

Personal loans are just that. Personal. They’re not a one-size-fits-all approach and that’s why they’re great. With such a huge range of lenders and personal loan products available, it’s almost guaranteed that you’ll find the right lender and personal loan product for your needs. It may take a little bit of research, but now that you know what your options are, you’re better equipped to know what you’re looking for in a loan.

No matter what the reason is that you need a loan or what type of loan you’re looking for there’s a personal loan product out there for you. If you take the time to do a bit of research and figure out exactly what type of loan is right for you, whether that’s a secured or unsecured loan you’ll be sure to find the right personal loan just for you. So, now that you’re brimming full of great information, it’s time to get started on your personal loan journey.

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