Unsecured personal loans

Looking for an unsecured personal loan because you don’t have collateral to offer, or you’d rather not have a charge placed over your asset? You can compare unsecured loan offers from a range of lenders right here on this page.

By   |   Updated 14th May 2020

Comparing unsecured personal loans for $30,000.00 over 5 years

WISR Unsecured Personal Loans

On Wisr's website

WISR Unsecured Personal Loans

Interest rate

From 7.95% (personalised)

Comparison rate

8.78%

Repayment period

5 years

Application fee

$595.00

Monthly repayment

$619.62

Total repayment

$37,177.20

Highlights

  • Personalised low rates based on your credit score
  • Borrow between $5,000 - $50,000
  • Quick rate estimate that won’t impact your credit score
RateSetter Personal Loan: Excellent Credit (Fixed)

On RateSetter's website

RateSetter Personal Loan: Excellent Credit (Fixed)

Interest rate

From 7.89% (personalised)

Comparison rate

8.73%

Repayment period

5 years

Application fee

From $249.00

Monthly repayment

$611.75

Total repayment

$36,705.00

Highlights

  • Enjoy a low rate that is 100% made for you
  • Apply online in under 10 minutes with your driver’s license and bank details. Enjoy no monthly or early repayment fees
CUA Unsecured Fixed Personal Loan

On CUA's website

CUA Unsecured Fixed Personal Loan

Interest rate

9.89%

Comparison rate

10.14%

Repayment period

5 years

Application fee

$175.00

Monthly repayment

$639.50

Total repayment

$38,370.00

Highlights

  • $0 Monthly fees
  • Loans from $5,000 to $50,000
  • Adaptable payment options with $0 Early payout fees
IMB Unsecured Personal Loan

IMB Unsecured Personal Loan

Interest rate

9.54%

Comparison rate

11.28%

Repayment period

5 years

Application fee

$250.00

Monthly repayment

$635.90

Total repayment

$38,154.00

Highlights

  • Borrow up to $30,000 with no security, competitive interest rates, flexible payment options and no penalty for early payout.
ANZ Variable Rate Personal Loan

On ANZ's website

ANZ Variable Rate Personal Loan

Interest rate

15.99%

Comparison rate

16.84%

Repayment period

5 years

Application fee

$150.00

Monthly repayment

$733.03

Total repayment

$43,981.80

Highlights

  • Get a variable rate of 15.99% p.a.
  • Make extra repayments whenever you like to reduce your loan term and interest you pay, helping you to pay it off earlier.

Learn about unsecured person loans

Find out what a secured personal loan is, how they work, and how you can use them.

  • FAQs

Can I get an unsecured personal loan if I have a very low credit score?

It’s possible, but it may be very difficult, and the interest rate is likely to be high and the amount you can borrow quite low. If you have a low credit score and you need an unsecured personal loan, it would be a good idea to concentrate on improving your credit score first.

How long does it take to get an unsecured loan?

It should take about 10 minutes to complete the online application form if you have all your information (ID documents and proof of income) to hand. You may get conditional approval (i.e. conditional on verifying your information and credit score) in a matter of minutes. The final approval process can take as little as 24 hours, sometimes less.

How much can I borrow with an unsecured loan?

Most unsecured personal loans fall into the range $2,000 to $70,000. but the amount you can borrow will depend on:

  • Your financial situation — your income and expenses, and any other debts you already have
  • Your credit score, based on your credit history

Should I apply for several loans at once, to improve my chances of getting an application approved?

No, that’s not a good idea. Every loan application you make will be recorded in your credit history and reduce your credit score, so check your credit score first and then apply for a single loan that you can realistically expect to be approved for. Only make a second application if your first application is refused, and avoid making multiple applications. If you get knocked back continually, you probably need to lower your expectations about the amount you can borrow and/or improve your credit score.

What are the advantages of an unsecured loan?

If a lender takes a charge over your asset in order to provide security against a loan, you risk losing that asset if you default on your loan repayments. That’s because, in the case of a default, the lender has a right to take possession of your asset and sell it, using the proceeds to recover the unpaid loan principal plus interest owing and other costs.

But with an unsecured loan, no charge has been taken over your asset, so you are not at risk of losing it.

What are the disadvantages of an unsecured loan?

There are a couple of downsides to an unsecured loan.

Firstly, because lenders view unsecured loans as a more risky proposition than secured loans, it can be more difficult to have an unsecured loan application approved. However, if you have a good credit rating and an income sufficient to service the proposed loan, your application will be more likely to succeed.

Secondly, and once again because of the perceived higher risk, unsecured loans tend to have higher interest rates and fees than secured loans, and may have lower borrowing amounts.

What can an unsecured loan be used for?

You can use an unsecured personal loan for almost any purpose — for example, travel, a wedding, home renovations, debt consolidation, education expenses — but if you want to buy a car the lender may steer you in the direction of a secured loan, with the car you intend to buy being used as collateral. However, you can still use an unsecured loan to buy a car.

What features should I look for in an unsecured loan?

As well as comparing interest rates (including the comparison interest rate, which takes into account the effect of standard loan fees) the following features may be important to you:

  • A choice of weekly, fortnightly or monthly repayments.
  • The ability to make extra repayments whenever you like, so that you can repay your loan earlier. (This feature may not be available without a penalty fee if you choose a fixed interest rate loan.)
  • A redraw facility if you decide that you need to access the cash you used for making extra repayments.

What happens if I don’t repay an unsecured loan?

Although the lender has no security over any of your assets, legal action can still be taken against you in order to recover the debt. And this would do serious damage to your credit score.

What is an unsecured loan?

It’s a type of personal loan that does not require the borrower to provide any collateral. It’s different from a secured loan, where the lender takes a charge over an asset (such as a house or car) owned by the borrower in order to reduce the lender’s risk.

What is the repayment period for an unsecured loan?

You can usually choose a repayment term of between one and seven years.

What kind of fees are charged for an unsecured loan?

You may have to pay the following fees:

  • Application fee — payable for successful applications, although not all lenders charge an application fee
  • Monthly or annual account-keeping/admin fee, but not all lenders charge this fee

You may also have to pay an early repayment fee if you repay a fixed interest loan before the end of the agreed loan term, although once again this is not always the case.

What type of interest rate do unsecured loans have?

Both fixed and variable interest rate unsecured loans are available.

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