Compare Cheap Personal Loans

Cheap personal loans are usually ones that offer low interest rates. Whether you need a loan to pay school fees or to buy a boat, it's best to research all the options to make sure you get the cheapest rates on the loan you want. You may have to pay various fees to take out the loan, which is another cost to keep in mind. Choose a secured loan over an unsecured loan, and keep your credit file clean to ensure you get the cheapest rates when borrowing.

Rating Product Name Advertised Rate Comparison Rate ** Setup Fee Fee
4.5 out of 5

from 8.99%p.a n/a $99 $0 Apply Now+ Shortlist
Citi Ready Credit offers a flexible loan with no monthly or annual fee, amounts from $2,000 to $60,000, a great fixed repayment option of 4 years and interest rate from 8.99% p.a.*
3.5 out of 5

from 9.99%p.a from 10.88%p.a $195 $9per month Apply Now+ Shortlist
The Bank of Melbourne Personal Loan offers a very competitive rate on a fixed term basis plus flexibility on repayments, a re-draw facility and a repayment calculator.
3.5 out of 5

from 14.35%p.a from 17.59%p.a $195 $9per month Apply Now+ Shortlist
St George secured Personal Loans offer flexible payment terms, early repayment and insurance options

** 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.

How to compare cheap personal loans

If you shop around for cheap personal loans, you should be able to find the right one for you. Whatever you need a loan for, whether it is for school fees, medical expenses, a holiday or a new car, spend some time researching what is available and you should be able to find a great deal.

A personal loan can also be used to help consolidate your debt. If you have other debts, such as other loans, credit cards and store cards, it can make life much easier if you consolidate them all into one personal loan.

Instead of having numerous payments, numerous payment dates, and differing rates of interest on each debt, you can roll all your debts into one. This will mean one monthly payment and one rate of interest, making it much easier to keep track of your debt and much easier to budget.

If you are trying to save money, then it's important to find a cheap personal loan that will suit you. First you will need to think about interest rates. The interest applied to your loan will determine how much you pay back on that loan, so finding the lowest possible interest rate will be beneficial.

Next, think about the length of the loan. If you choose a loan over a longer period of time, you will usually pay back more in interest. Make sure you give yourself enough time to pay back the loan, and that the monthly repayments will be affordable.

Choosing a secured loan will usually be cheaper than an unsecured loan, as it is deemed to be less of a risk by the lender. A secured loan will be backed by some sort of collateral, like a car or a house. You will usually pay less interest on this type of loan, and it is may be easier to get approved for.

One of the great benefits of choosing a personal loan over other forms of credit is you will know exactly when the loan will be paid off, and you will know exactly how much it will cost you. Lines of credit or credit cards can be difficult to pay off, with no specified repayment terms.

Take a look at some of things you should be thinking about before you apply for a personal loan.

Interest Rates:

If you are looking for a cheap personal loan, try to find one with the lowest possible interest rates.

Loan Length and Amount:

Use a loan calculator to work out what your monthly repayments will be, and choose a loan term that is affordable for your circumstances. Try not to borrow more than you need, or you will probably find yourself spending it on something you don't really need.


You may want to pay back your loan early, or perhaps make extra repayments. Be aware that some providers will charge you to do this, so make sure it is an option before you sign.

Secured or Unsecured:

If you want a cheap personal loan, you will usually find better interest rates on secured loans.