Personal loans

Award winning, low rate personal loans from 7.02% p.a. (comparison rate 9.01% p.a.)* with no ongoing fees.

personal loans
Canstar Outstanding Value Award 2019
Canstar Outstanding Value Award 2018
Canstar Outstanding Value Award 2017
Canstar Outstanding Value Award 2016
Canstar Outstanding Value Award 2015
Enjoy a low rate loan that is made for you

Enjoy a low rate that is 100% made for you

We reward your good credit history with even better rates. It means the loan you end up with has been tailored for you in every way.

Our personal loans come with our market-leading Rate Promise. Borrow with confidence knowing you have the best deal for you.

We’ve won Canstar’s Outstanding Value Award five years running. We think that’s pretty outstanding.

Enjoy no monthly or early repayment fees. It’s just one of the ways we help you save more and pay off your loan faster.

Apply for a loan in 3 simple steps

Get your personalised rate

Get your rate

Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.

Apply for your personal loan

Apply in minutes

You can apply for a loan online in under 10 minutes. Make sure you have your driver’s license and bank details handy.

Drawing down on your personal loan

Enjoy your funds

We’ll review your application. Once your loan is approved and funded your funds will be with you the next business day.

You’ve got questions we’ve got answers

What is a personal loan?

With a personal loan, you agree to borrow a sum of money (usually under $50,000) and pay it back with interest over an agreed term (usually 1 to 5 years). Personal loans, on average, offer borrowers lower interest rates than credit cards. They come with a set repayment schedule with some allowing you to make early repayments. This gives you the flexibility to reduce the time to repay your loan whilst saving on interest costs. Learn more about personal loans.

At RateSetter, we offer simple loans powered by peer-to-peer lending. You can borrow between $2,001 to $45,000 over 1 to 5 years. There are no monthly or early repayment fees. This gives you the freedom to save more by making extra repayments on your loan. Finally, the interest rate you receive is 100% tailored to you. The better your credit history, the better your final rate will be.

What can I use a personal loan for?

Your loan purpose is considered when we assess how suitable a personal loan is for you. Whilst we will consider most lawful purposes, popular uses include:

How much can I borrow with a personal loan?

At RateSetter, we offer secured and unsecured personal loans from $2,001 to $45,000. When you complete your RateEstimate, we’ll provide you with an initial estimate of your borrowing capacity. You will be eligible to apply for a loan up to the maximum amount provided in your estimate.

How much does a personal loan cost?

There are three key features that make up the cost of a personal loan. They are the:

  • Interest rate (e.g. fixed or variable rate)
  • Upfront fees (e.g. establishment fee)
  • Ongoing fees (e.g. monthly fees, late payment fees, and other charges)

These costs can be combined to create a measure called a comparison rate. This blended rate represents the total cost of the loan over a standard term (e.g. $10,000 over 3 years). This makes it a useful tool for comparing loans on a like-for-like basis.

For an accurate estimate of the costs of your loan, we recommend completing a RateEstimate. We’ll provide you with a summary of your repayment amount and options across different loan terms. This makes it easy for you to compare personal loans and choose the right option for you.

At RateSetter, we use risk-based pricing to set the overall cost of your loan. This means we look at a range of factors, including your credit history, to provide you with a personalised interest rate. The better your credit history, the better the rate we are able to offer. We also don’t charge any fees for early repayments. As a result, if you are able to pay back your loan early through additional repayments, you’ll benefit from lower interest repayments.

RateSetter Personal Loan Rates, Fees & Charges
Term1 Year2 Year3 YearYear 4Year 5
Loan TypeVariable Variable Variable Fixed Fixed
Interest Ratefrom 7.59% p.a.from 7.46% p.a.from 7.02% p.a.from 8.29% p.a.from 8.39% p.a.
Comparison Rate*from 9.29% p.a.from 9.47% p.a.from 9.01% p.a.from 9.10% p.a.from 9.20% p.a.
Credit Assistance Feefrom $249 from $299from $299from $299from $299
Monthly Fees$0$0$0$0$0
Early Repayment Fees$0$0$0$0$0

Can I get a personal loan?

To be eligible for a RateSetter loan you must:

  • Be aged 21 or over
  • Be an Australian citizen or permanent resident
  • Be earning over $25,000 per year from a regular source of income that you can demonstrate
  • Have a good credit history

RateSetter will consider a loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.

How do I apply for a personal loan?

Applying for a loan with RateSetter is easy. You will first need to complete a RateEstimate which will provide you with a summary of your loan options and borrowing power. This will include your personalised interest rate and fees for different loan terms. From there you will be able to select your preferred loan option and start your online application.

As part of your online application, we will need you to verify your identity. To complete this step you will need to make sure you have your Australian driver’s license handy. If you do not have a driver’s license you will need to provide us with a copy of your passport and documents verifying your current address.

During your online application, we will need to verify your income, expenses and liabilities (e.g. credit cards, loans etc). We will ask you to login to a portal which will allow you to connect to your bank account and share your data with us. You will need your bank login details on hand to complete this step. Based on the details you provide we may require you to share further information or documents (e.g.loan statements). A member of our customer service team will let you know if we require anything further from you.

Finally, we will need you to provide us with your bank account details for your loan funds to be deposited. This account will be the same account we use to set up your direct debit payment schedule. You will also have the flexibility to make extra repayments at any time.

In completing our assessment of your application, we will look for evidence of how suitable a loan is to your situation. This includes reviewing:

  • Your employment stability
  • Your income (e.g. salary, rent, interest etc)
  • Your expenses (e.g. mortgage, groceries etc)
  • Your repayment history
  • Credit bureau information
  • Other details you communicate to us

*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 6pm, 19 March 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.

Representative Example: Based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $11,452. This represents a comparison rate of 9.01% p.a. and includes all interest and fees included in your loan repayments over the life of the loan. RateSetter personal loans are available for a minimum of 6 months to a maximum of 5 years. Interest rates range from 7.02% p.a. (comparison rate 9.01% p.a.) to 14.99% p.a. (comparison rate 25.65% p.a.). Rates are subject to change depending on the rates offered in our Lending Markets.