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Best Personal Loans in Australia — May 2026
Written by the OfferWise team · Updated May 2026
Key takeaways
- Personal loan rates start from 6.75% p.a. for borrowers with excellent credit
- Unsecured personal loans require no collateral — your credit score and income determine eligibility
- Comparing lenders through OfferWise takes 60 seconds and does not affect your credit score
Best personal loan lenders in Australia
| Lender | Best for | Starting rate | Amount | |
|---|---|---|---|---|
| SocietyOne | Low rates | 6.99% p.a. | $5k–$50k | See Results |
| Wisr | Good credit | 7.49% p.a. | $5k–$64k | See Results |
| Harmoney | Debt consolidation | 7.99% p.a. | $2k–$70k | See Results |
| Plenti | Flexible repayment | 8.49% p.a. | $2k–$50k | See Results |
| Latitude | Fast approval | 9.99% p.a. | $3k–$70k | See Results |
| MoneyPlace | Bad credit OK | 9.95% p.a. | $5k–$80k | See Results |
| NOW Finance | No early exit fees | 10.49% p.a. | $5k–$50k | See Results |
| Symple Loans | High earners | 6.75% p.a. | $5k–$50k | See Results |
Best personal loan companies
Best for: Low rates — SocietyOne
SocietyOne
From 6.99% p.a.
Amount
$5k – $50k
Employment
Full-time / Part-time
Term
2 – 5 years
Min. credit score
620+
Best for: Good credit borrowers — Wisr
Wisr
From 7.49% p.a.
Amount
$5k – $64k
Employment
Full-time / Part-time
Term
3 – 7 years
Min. credit score
650+
Best for: Debt consolidation — Harmoney
Harmoney
From 7.99% p.a.
Amount
$2k – $70k
Employment
All employment types
Term
3 – 5 years
Min. credit score
600+
Best for: Flexible repayment — Plenti
Plenti
From 8.49% p.a.
Amount
$2k – $50k
Employment
Full-time / Part-time
Term
1 – 7 years
Min. credit score
580+
Best for: Fast approval — Latitude
Latitude
From 9.99% p.a.
Amount
$3k – $70k
Employment
All employment types
Term
2 – 7 years
Min. credit score
550+
Average personal loan rates in Australia
Personal loan rates in Australia typically range from 6.75% to 20% p.a. The rate you receive depends primarily on your credit score, income, and loan term. Borrowers with excellent credit can access rates well below the market average.
Excellent credit
6.75% – 9% p.a.
Good credit
9% – 14% p.a.
Fair credit
14% – 20% p.a.
How to compare personal loans
The advertised interest rate is only one part of the picture. Compare lenders on these factors to find the loan that truly costs less.
- Comparison rate: The comparison rate combines the interest rate and most fees into a single figure. Use it to compare the true cost of loans side by side.
- Fixed vs variable rate: Fixed rates lock in your repayment amount for certainty. Variable rates may fall but can also rise, making budgeting harder.
- Repayment flexibility: Look for lenders that allow extra repayments and early payout without penalty if you plan to pay off your loan early.
- Fees: Watch for establishment fees, monthly account fees, and late payment fees. Some lenders advertise low rates but offset them with high fees.
Types of personal loans
Debt consolidation
Combine multiple debts into one lower-rate personal loan to simplify repayments and reduce interest
Home improvement
Fund renovations, repairs or upgrades without refinancing your mortgage
Car purchase
Buy a vehicle using an unsecured personal loan when a car loan does not suit your needs
Wedding loan
Cover ceremony, venue, catering and honeymoon costs with a fixed-rate personal loan
Medical expenses
Pay for elective procedures, dental work or specialist care not covered by Medicare or insurance
Holiday loan
Finance travel, accommodation and activities with a loan repaid over a fixed term
Personal loan requirements
- 18 years of age or older
- Australian citizen, permanent resident, or eligible visa holder
- Regular income from employment or self-employment
- Good to fair credit history (requirements vary by lender)
- Minimum annual income of $25,000–$30,000 depending on lender