A personal loan can be a great way to access the funds you need for a range of expenses, from home renovations to medical bills. However, with so many banks and lenders offering personal loans in Australia, it can be difficult to know which ones to trust and which ones offer the best rates and terms.
To help you make an informed decision, here is a guide to the best banks for personal loans, based on factors such as interest rates, fees, and customer service.
Features Of The Best Banks For Personal Loans In Australia
Before diving into the list of the best banks for personal loans, let’s take a look at some of the key features you should be looking for in a lender –
- Competitive interest rates – The interest rate you’ll be charged on your personal loan will have a big impact on the overall cost of the loan, so it’s important to find a lender that offers competitive rates.
- Flexible repayment options – Look for a lender that allows you to choose your repayment term and frequency, so you can tailor the loan to your individual needs.
- Minimal fees – Be sure to read the fine print and understand all of the fees associated with the loan, including application fees, ongoing fees, and early repayment fees.
- Good customer service – You want to work with a lender that is responsive and helpful, and that will be there for you if you have any questions or concerns.
Best Banks For Personal Loans With Good Credit
If you have good credit, you’re in a strong position to negotiate a great interest rate on your personal loan. Some of the best banks to consider include:
- ANZ – ANZ offers fixed and variable rate personal loans with competitive interest rates and flexible repayment options.
- Commonwealth Bank – Commonwealth Bank also offers both fixed and variable rate personal loans, with competitive rates and no ongoing fees.
- Westpac – Westpac offers unsecured personal loans with competitive interest rates, and also offers a discounted rate if you’re a Westpac customer.
Best Banks For Personal Loans With Bad Credit
If you have bad credit, it can be more difficult to access a personal loan, and you may end up paying higher interest rates. However, there are still some banks offering personal loans to customers with bad credit. Some of the best options include:
- NAB – NAB offers unsecured personal loans to customers with bad credit, with interest rates starting at 14.69%.
- MoneyMe – MoneyMe offers personal loans to customers with bad credit, with interest rates starting at 8.99%.
- MyState Bank – MyState Bank offers personal loans to customers with bad credit, with interest rates starting at 12.99%.
Consider Visiting A Lender-Finder Site
A good way to get the loan you need is to compare loan options online through lender-finder sites. Lender-finder sites can be a great way to quickly and easily compare personal loan options from multiple lenders. These sites typically allow you to enter your details and loan requirements, and then provide you with a list of lenders that match your criteria.
Many banks and lenders in Australia that offer personal loans, but not all are created equal. To find the best lender for your needs, be sure to consider factors.