Personal loans
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Low rate personal loans with no monthly or early repayment fees.

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award winning personal loans

Getting a loan is as easy as 1, 2, 3.

Get your personalised rate

Get your rate

Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

Enjoy your funds

After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.

You’ve got questions we’ve got answers.

What is a personal loan?

A personal loan is a relatively uncomplicated financial product that can help you access the funds you need to consolidate your debt, purchase a car, host your dream wedding, go on a holiday, and more.

With a personal loan, you borrow a specific amount of money and then pay it back with interest over an agreed term. Personal loans often enjoy a lower interest rate than a credit card whilst offering a consistent repayment schedule. Many also give you the flexibility to make early repayments. This means that you can reduce the length of time to repay the loan and, as a result, minimise the amount you pay in interest.

Types of personal loan

The loan type you select will determine the loan term (i.e. how much time you have to pay back the loan); the amount you can borrow; and the interest rate. Loan types include:

  • Unsecured personal loans are unconnected to a piece of collateral. As a result, it may be more difficult to qualify for an unsecured loan. You’ll need to convince the lender that you’re a creditworthy applicant and unlikely to miss repayments or default on the loan. Compared to secured loans, unsecured loans generally involve a slightly higher interest rate.
  • Secured personal loans are connected to a piece of collateral, such as a house or vehicle. The lender is entitled to take possession of the collateral if you default on the loan. This reduces the lender’s risk, which usually means that you can access lower rates and a higher borrowing limit.
  • Car loans are a form of secured loan in which the vehicle you purchase also serves as collateral.
  • Peer-to-peer loans are a type of loan facilitated by an online platform that matches lenders and borrowers, allowing both parties to access competitive rates.
  • Lines of credit are a form of loan that doesn’t have a fixed term, allowing you to borrow money whenever you need it (up to a certain limit).

Fixed vs variable rates

When it comes to interest payments, personal loans fit into two broad categories:

  • With a fixed rate personal loan, the amount you pay in interest doesn’t change over the life of the loan, which means that your repayments will be consistent every week, fortnight, or month. Because you have the opportunity to lock in a competitive interest rate, you know exactly how much you’ll be paying off your loan from the outset. This can be a very useful tool in managing your budget.
  • A variable personal loan offers an interest rate that is subject to change over time due to market fluctuations. As a result, you stand to benefit from lower interest payments if the rate declines. However, you could also end up paying more.

Other product features

Regardless of the type of loan you apply for, there are some things you need to aware of:

  • Additional fees, such as monthly account-keeping fees, administration fees, late payment fees, or early discharge fees. These can add up over time resulting in a more expensive financial product than the interest rate alone might suggest.
  • Not all loans allow you to make early repayments. If you hope to save money by paying back your debt early, it’s important to check that the loan provider offers the necessary flexibility.
  • All loans have the potential to affect your credit score for better or worse. Thanks to comprehensive credit reporting, paying back your loan on time could lead to an improved credit score. This makes it easier for you to borrow again in the future. Conversely, if you’re late with repayments, or default on the loan, your credit score could take a blow. For obvious reasons, it’s best to avoid this at all costs.

How much does it cost?

If you’re considering a loan, you may be unsure of how much it will cost. Most personal loans comprise of three main factors that impact the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • upfront fees (e.g. an establishment fee)
  • ongoing fees (e.g. account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different loans to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with a RateSetter personal loan, see the table below:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
from
5.92% p.a.
from
5.92% p.a.
from
7.70% p.a.
from
10.23% p.a.
from
10.29% p.a.
Comparison rate*from
7.53% p.a.
from
7.90% p.a.
from
9.75% p.a.
from
11.11% p.a.
from
11.11% p.a.
Credit Assistance Feefrom
$249
from
$299
from
$299
from
$299
from
$299
Monthly fees$0 $0
$0$0$0
Early Repayment Fees$0$0$0$0$0

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. 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.

What can I use it for?

You can use a personal loan for many reasons, including:

  • Consolidating debt – paying off credit card debt or bank overdraft charges
  • Auto – buying a new or used car, ute, van, truck, motorbike, scooter or jetski
  • Home renovation – financing that new kitchen, bedroom, bathroom or backyard makeover
  • Wedding – making your dream day come true
  • Holiday – booking that next getaway, whether it be overseas, or somewhere more local
  • Study – paying those student loan fees, whether it be for high school or university
  • Investment – buying shares or bonds
  • Green – purchasing renewable energy products, such as solar panels or a home battery pack
  • Medical – covering medical bills, whether it be dental, optical or something else

Am I eligible?

RateSetter provides secured and unsecured personal loans to Australian-residents. You can borrow for any worthwhile purpose, including purchasing a car, home improvementsconsolidating debt, planning you dream wedding or travel. Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a good credit history
  • You have a regular source of income that you can demonstrate

To see if you may qualify for a RateSetter loan, you can get a RateEstimate, it only takes 1 minute and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can make an initial assessment of your borrowing potential and provide an assessment of the rates, fees and charges that may apply to your loan. RateSetter will consider personal loans for self-employed individuals, however, additional assessment criteria may apply.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a RateSetter loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can uploaded as part of the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.
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Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.