Online Personal Loans

An online personal loan is a quick and more convenient way to borrow money. Find out how with RateSetter.

Let’s face it, who has the time to queue at the bank in between the demands of work, family and friends? There’s a massive change in the way we do banking, especially in today’s tech-driven world – and applying for a personal loan is one of them. 

RateSetter saves you the hassle of physically going into a financial institution and having to fill out endless forms. With our online personal loans, you can apply for a personal loan at any time and in just under 10 minutes! Once approved, you’ll have your funds in your account the next business day. 

With a personal loan, you can get on top of your debts, pay for that long-awaited vacation, renovate your home and more! An online personal loan gives you the freedom to take control of your finances with the flexibility of online banking.

How much can I borrow for an online personal loan?

An unsecured personal loan does not require any specific property as collateral. Instead, the loan is issued on the basis of your ability to repay the loan. To get an unsecured loan you will need to provide information about your income, savings, employment and credit history. 

You will receive a tailored interest rate based on the loan term and the amount you apply for. You can receive a rate estimate before you apply so that we can provide you with an initial estimate of your borrowing capacity based upon your loan requirements and application details. You will be eligible to apply for a loan up to the maximum amount provided in your estimate. 

When you take out a personal loan with us, it will be funded by an individual or group of investors. Your interest rate will be tailored based on the rates offered in our Lending Markets

At RateSetter, we offer simple low-interest personal loans through peer-to-peer lending. For an online personal loan, you can borrow between $2,001 to $45,000.

How do I apply for an online personal loan?

Applying for an online personal loan with RateSetter is easy – and it takes less than 10 minutes!

You will first need to complete a RateEstimate which will provide you with your loan options and borrowing power. It will also include your personalised interest rate and fees as well as loan terms.

From there, it’s as simple as choosing your preferred loan option and starting the quick online application. 

To streamline your online personal loan application, make sure that you have your Australian driver’s license handy or other valid forms of I.D such as a passport so that we can verify your current address.

During the online application, you will be asked to provide details like your income, expenses and liabilities. You will also need to provide your bank details so that your loan funds can be deposited. 

You may be required to provide additional information based on the details you give during your application. If so, one of our friendly customer service team members will reach out to you!

Are online personal loans secured or unsecured?

Online personal loans can be both secured or unsecured. Each has different features, and the best option is the one that suits you. 

  • Secured loan: With a secured personal loan, an asset (such as a car, house, etc.) is used as collateral or security against the loan. This means the lender receives the rights over the asset, allowing them to recover or sell it if a loan defaults. The benefits often outweigh an unsecured loan option, since the lower risk profile usually results in lower interest rates or a higher loan amount. At RateSetter, our secured personal loans attract lower interest rates but come with additional fees to cover the cost of registering our security over the asset.
  • Unsecured loan: With an unsecured loan, no assets are used as security against the loan. This means that the lender’s decision to provide you with a loan is based solely on how creditworthy you are. As a result, choosing an unsecured loan may have you paying a higher interest rate or offered a lower loan amount. 

RateSetter offers both secured and unsecured online personal loans. You can choose either a secured or unsecured loan during your online application process.

Can I apply for an online personal loan with bad credit?

If you are interested in applying for an online personal loan, please note that in most circumstances, you will need a good credit score rating.

However, it is also worth noting that we will take into consideration other factors aside from your credit score when assessing your online application
The best way to assess your eligibility to apply for an online loan with RateSetter is to request a 1-minute RateEstimate quote. A RateEstimate quote will not impact your credit score since RateSetter Australia Pty Limited will request a copy of your credit file as an ‘access seeker’, known as a soft credit check. A soft credit check is only visible to you and other access seekers and will not be visible to other credit providers.

How long does it take to apply for an online personal loan?

Here at RateSetter, we pride ourselves on reviewing online loan applications fast! It takes under 10 minutes to apply for an online personal loan. Once we have received all required documents, we aim to provide you with an outcome within 2 business days. 

No matter how urgent your loan needs are, you can rest easy knowing that your application will be processed quicker than visiting a bank! 

RateSetter puts people’s needs first, knowing that most requests for loans are urgent. To make the application faster, make sure that you have your Australian driver’s licence on you and that you meet the following checklist:

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

How long does it take to get approved for an online personal loan?

You can be approved for an online personal loan within 48 hours! 

Once we have received all your required documents and information provided during your online application, we aim to provide you with an outcome within 2 business days.

If we approve your online personal loan, you will have your funds in your bank account the following day. You will have two weeks to accept the loan before your approval is no longer valid. If you need additional time, please contact us.

Applying for an online personal loan is one of the easiest ways of getting the money you need, fast! Start your online application with RateSetter today and get pre-approved in minutes.

What can I use an online personal loan for?

RateSetter provides all types of online loans depending on your personal needs. Your loan purpose is considered when we assess your personal loan application. Having said that, here are the most popular uses of online personal loans:

  • Consolidating debt: Many borrowers take out an online personal loan to get on top of debt from credit cards or high-interest loans.
  • Home improvement: Whether it’s financing a new kitchen, a bathroom makeover or to put in a new swimming pool, an online personal loan can help cover all your home renovation needs.
  • Planning a wedding: There’s no denying that throwing the perfect wedding can end up costing more than we planned. An online personal loan can cover the costs of planning your big day with ease.
  • Booking a holiday: You can use a travel loan for a number of different purposes including flight costs, hotel accommodation and travel insurance.
  • Renewable energy: With a green loan, you can use your borrowed funds to invest in sustainable energy such as solar panels and energy-efficient lighting.
  • Medical bills: Those urgent medical bills can catch us all by surprise. A medical loan can help you pay for your hospital bills, surgery costs, dental bills and more.

Compare unsecured personal loans up to $45,000*

Brand
Interest Rate (p.a.)
Comparison Rate (p.a.)
Upfront Fees
Monthly Fees
Repayments
NAB
NAB Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
ANZ
ANZ Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 15.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Community First CU
Community First Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Community First CU
Community First Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.59% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.84% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Newcastle Permanent
Newcastle Permanent Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Greater Bank
Greater Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$275

Monthly Fees

$0

Repayments

$0 per month
Beyond Bank
Beyond Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 13.45% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bank Australia
Bank Australia Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.89% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$0

Repayments

$0 per month
People's Choice CU
People's Choice Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Nimble
Nimble Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$0

Repayments

$0 per month
BOQ
BOQ Personal Loan

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$8

Repayments

$0 per month
ME Bank
ME Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.98% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
HSBC
HSBC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.5% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Citibank
Citibank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$0

Monthly Fees

$0

Repayments

$0 per month
CUA
CUA Personal Loan

Interest Rate (p.a.)

from 9.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bendigo Bank
Bendigo Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.79% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Bankwest
Bankwest Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$8

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Coles
Coles Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$199

Monthly Fees

$10

Repayments

$0 per month
Latitude
Latitude Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$13

Repayments

$0 per month
St George
St George Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
St George
St George Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
Now Finance
Now Finance Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $495

Monthly Fees

$13

Repayments

$0 per month
ING
ING Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $100

Monthly Fees

$0

Repayments

$0 per month
ANZ
ANZ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
NAB
NAB Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Westpac
Westpac Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$12

Repayments

$0 per month
Commbank
Commbank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.50% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Commbank
Commbank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.50% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $199

Monthly Fees

$0

Repayments

$0 per month

Comparison rates for loans under 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans 4 years and above are based on an unsecured personal loan of $30,000 over 60 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.

*Products shown do not represent all rates available from all lenders, or all rates available from the lenders presented. RateSetter interest rate is based on a borrower with an excellent credit history using rates and fees applicable as at 4am, 5 July 2020. All other interest rates and fees displayed are as advertised by the respective lender on their website as at 22 May 2020 and may include short-term promotional offers. Comparison rates are calculated by RateSetter. The actual product, rate, fees and charges you might be eligible for may be different based on your loan term, loan amount and credit characteristics.

Other fees and charges not shown here may apply. Rates shown are subject to change without notice. Information on this page does not constitute an offer of credit. RateSetter Australia RE Limited does not provide credit assistance in relation to all products compared on this page. The displayed order of products shows the lowest monthly repayment as default or is based on your sorting options and does not represent a suggestion that a particular credit product is appropriate for you.

Sebastian Paulin
Sebastian has over 12 years experience in consulting, marketing and finance. He has worked with Australia’s largest banks and emerging fintechs across lending, investing and insurance. Sebastian has a Bachelor of Commerce and Bachelor of Laws with Honours.

How do I get a personal loan?

To make sure you meet the criteria when applying for a personal loan, get to know your situation. Maintain a good credit rating by paying things like your phone and electricity bills on time and check your credit rating and the accuracy of the information with reporting bodies such as Equifax. Check the terms and conditions of the personal loans you’re applying for, show a good savings record and apply for the right amount. When it comes time to apply, get your rate, apply in minutes and enjoy your funds.

What is debt consolidation?

Debt consolidation is bringing all your existing debts – such as student debt, credit cards, store cards etc – together into one new debt. It can help you manage your repayments better, giving you a clearer picture of your financial future. One of the major benefits of debt consolidation is a reduction in fees associated with multiple debts.

Does debt consolidation affect credit score?

A debt consolidation loan can help you take control of your finances and improve your credit, but only if you stick to a plan to pay down your debt. Consolidating debt pulls several levers at once, which can either help or harm your credit score. The first possible damage happens before you’ve even consolidated. Just applying for a consolidation loan will apply a hard inquiry on your credit, which will lower your credit scores by a few points.

Opening a new credit account also temporarily lowers your credit score. Lenders look at new credit as a new risk, so you can see a temporary dip in your score. The best way to fix this is to pay your new consolidated date on time. Do this and your credit score will rise to higher than ever before.

Who offers the best personal loans?

Defining ‘the best personal loan” is no easy task. Each person applying for a personal loan is different, therefore they have different needs from their loan.

That said, peer-to-peer lending is stirring up the personal loan lending world and with good reason. A form of “social lending”, peer-to-peer lending lets individuals borrow money directly from each other. This removes the middleman (banks and credit unions) and reduces interest rates and fees.

RateSetter and its peer-to-peer lending approach is continuously recognised for outstanding quality. We offer award-winning, low rate personal loans from 6.79% p.a. (comparison rate 8.46% p.a.)* with no ongoing fees.

What does conditionally approved mean?

When a lender conditionally approves a personal loan it means the loan will stand unless you fail to meet the stipulations the lender lays out. A conditionally approved loan comes after a pre-approval and before a fully approved personal loan. Conditional approval comes once you have provided the necessary documentation to get your loan set up and verified and once an underwriter has dug a little deeper into your circumstance.

It essentially means that your loan request is looking good but that some more information is required. What happens next is that you may be asked to provide further information. Once the lender has made a decision you’ll be advised as to whether or not your requested loan is approved or denied.

Can I use a personal loan for a car?

The main difference between a car loan and a personal loan is that car loans are secured to the vehicle being financed and personal loans are unsecured. That means that a car loan provider can repossess your car if repayments are not made on time. When purchasing a car with finance you can use either a personal loan or a car loan.

The main things to remember are that personal loans can be very different in their terms and conditions and that car loans can come with a lot more restrictions. If you’re expecting a change in finances over the next few years – you’re planning a new baby, or buying a bigger house – then a personal loan is probably better than a car loan. Personal loans don’t use your car as security, so you can retain the vehicle and not risk having it repossessed.

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.