Compare Personal Loans from 50+ Australian Lenders
Borrow for renovations, debt consolidation, medical, weddings, travel and moreâwith fixed repayments and clear terms.
5.0 rating
Personal Loans Made Simple
Fast, flexible and fairâtailored to your credit profile and budget.
Borrow With Confidence
Typical amounts from $2,000 to $75,000+
Fixed Repayments
1 to 7 year terms for certainty
Fast Approvals
Same-day decisions possible for eligible profiles
Secured or Unsecured
Choose the structure that fits your rate and risk
Debt Consolidation Ready
We can pay creditors directly at settlement
Any Personal Purpose
Home upgrades, medical, weddings, travel, big-ticket buys
How it works
We match your profile to personal loan lenders so you can compare rates, terms and feesâside by side.
Apply online in 3 minutes
Share your details, purpose and budget. No lengthy forms.
See matched options
Our Lender Match shows fixed vs variable, secured vs unsecured.
Upload documents
Provide ID, income evidence and bank statements; weâll do the rest.
Settle & get funds
Funds to your account or paid to creditors for consolidation.
Backed by over 50+ lenders
Giving you the best chance of being approved.
A quick guide to personal loans
Personal loans help Australians spread the cost of important expensesâlike renovations, medical procedures, weddings, education or consolidating multiple debtsâinto predictable, fixed repayments. Most loans are principal-and-interest with terms from 1 to 7 years, and pricing is based on credit profile, income stability and requested amount.
You can choose unsecured (no asset as collateral) for speed and flexibility, or secured (using a car or other asset) for access to sharper pricing. Comparing fees and the comparison rate alongside the headline rate matters. The right structure lines up repayments with your cash flow while keeping total cost down.
Want to skip ahead?
Jump to the section that best fits what you need.
Types of personal loans
Pick a structure that matches your risk, rate and repayment preference:
Unsecured Personal Loan
A personal loan that doesn't require collateral, based on your creditworthiness and ability to repay, offering flexibility for various purposes.
Pros
- No collateral required - no risk to personal assets
- Quick approval and funding process
- Flexible use of funds for any purpose
Cons
- Higher interest rates than secured loans
- Stricter credit requirements
- Lower maximum loan amounts available
Best For
People who need flexible funding for any purpose without risking their assets. Ideal for debt consolidation, home improvements, holidays, and old or exotic vehicles.
Secured Personal Loan
A personal loan secured against an asset offering lower rates than unsecured options. Use the funds for any purpose while benefiting from competitive secured rates.
Pros
- Lower interest rates due to asset security
- Higher loan amounts available
- Flexible use of funds for any purpose
- Longer repayment terms possible
Cons
- Asset serves as security - risk of loss
- Comprehensive insurance may be required
- Longer approval process due to security valuation
- Asset restrictions during loan term
Best For
Borrowers with valuable assets who want lower rates for debt consolidation, home improvements, or major purchases while keeping costs down.
Fixed Rate Personal Loan
An unsecured personal loan with fixed interest rate providing predictable monthly payments. Perfect for consolidating debt or funding personal goals.
Pros
- Fixed interest rate provides payment certainty
- No assets required as security
- Predictable budgeting with set repayments
- Quick approval and funding process
Cons
- Higher rates than secured loan options
- Stricter credit requirements than variable loans
- Cannot benefit from interest rate decreases
- Lower maximum amounts than secured loans
Best For
Borrowers who want payment certainty and protection against rate rises for debt consolidation, home improvements, or planned expenses.
Variable Rate Personal Loan
An unsecured personal loan with variable interest rates that can fluctuate with market conditions. Potentially benefit from rate decreases on your personal financing.
Pros
- Can benefit from interest rate decreases
- Often lower initial rates than fixed loans
- More flexible loan features available
- No assets required as security
Cons
- Monthly payments can increase with rising rates
- Uncertainty in budgeting due to rate fluctuations
- Higher rates than secured loan alternatives
- Risk of significant payment increases
Best For
Borrowers comfortable with payment variability who want to benefit from potential rate decreases without putting assets at risk.
What can I use a personal loan for?
Personal loans cover a wide range of meaningful life expenses with clear, fixed repayments. Here are common purposes Australians choose:
Debt Consolidation
Combine multiple credit cards and personal debts into one fixed repayment. We can arrange creditor payouts at settlement, simplifying your budget and potentially lowering your overall interest costs. Consolidation can help improve cash flow and focus your repayments on clearing the balance faster.
Home Improvements
Refresh kitchens or bathrooms, install flooring, paint, or complete small structural upgrades without redrawing on your mortgage. Fixed terms help you manage costs against a defined project timeline, and you can often include quotes and materials in a single facility.
Medical & Dental
Cover elective procedures, specialist treatments, orthodontics or gap payments not fully covered by insurance. Predictable repayments let you prioritise health decisions without the stress of large up-front outlays.
Weddings & Events
From venue deposits and photography to travel and accommodation, bundle event costs into one loan with a clear end date. Some lenders allow early repayments without penalty so you can pay it down sooner if extra funds arrive.
Vehicle Repairs & Essentials
Unexpected car repairs, replacement appliances or laptops can be financed quickly to keep life moving. For older vehicles or mixed purchases, a personal loan can be faster and more flexible than a dedicated car loan.
Travel or Moving
Plan milestone trips or cover relocation costs like removalists, storage and bond. Fixed terms keep repayments steady, while approval amounts can be adjusted to match your itinerary or new-home timeline.
Case Study
Emma & Josh
Simpler budget with consolidation
Challenge: Three credit cards with rising interest and messy due dates.
Solution: Unsecured personal loan over 5 years with direct creditor payouts.
A couple in Melbourne wanted to simplify their finances after juggling three cards and a store loan. Through Emu Money they compared matched options and chose an unsecured personal loan with a fixed rate and no monthly fee. We paid their creditors at settlement, leaving them with one predictable repayment and a clear end date. Their monthly outgoings dropped, cash flow improved and the path to debt-free became straightforward.
How much can I borrow with a personal loan?
Typical loan sizes range from $2,000 to $75,000+. Limits depend on your income stability, existing commitments, credit score and the loan purpose. Secured loans can unlock higher limits and sharper pricing, while unsecured loans prioritise flexibility and speed. Lenders also assess recent bank-statement health and overall serviceability to determine a sensible maximum.
Personal Loan Repayment Calculator
Estimate repayments and total cost. Adjust the amount, term and rate to see how it changes your budget before you apply.
Balance over time
Am I eligible for a personal loan?
Eligibility focuses on serviceability and a clear credit profile. Stable employment or consistent income, manageable existing debts and healthy recent bank statements improve approval odds. Secured loans may ask for asset details; unsecured loans rely more heavily on your credit and income strength.
You may be eligible if you are:
An Australian resident aged 18+
Employed, self-employed or receiving acceptable income
Able to demonstrate affordability from bank statements
Meeting minimum credit criteria (score/history)
Borrowing for a personal, non-investment purpose
How to apply for a personal loan?
Complete a quick online application and upload documents. Weâll compare offers across secured vs unsecured, fixed vs variable options, then coordinate settlementâeither to your account or directly to creditors for consolidation.
Documents you may need:
Photo ID (driverâs licence or passport)
Recent bank statements (3â6 months)
Payslips or income evidence (or tax returns if self-employed)
Liability statements (for consolidation)
Asset details if offering security
How to save money on a personal loan
Compare more than the headline rateâfees and the comparison rate can move the true cost. Shorter terms reduce total interest, while longer terms lower the monthly repayment; choose the balance that fits your budget. If youâre consolidating debt, paying creditors at settlement avoids double interest. Consider secured options for sharper pricing if youâre comfortable offering collateral, and check early-repayment policies so you can pay it down faster without penalty.
Example: Term impact â $20,000 at 11.49% p.a. (approx.):
| Term | Approx. Monthly Repayment | Total Interest (approx.) |
|---|---|---|
3 years (36 mths) | $659 | $3,739 |
5 years (60 mths) | $440 | $6,385 |
7 years (84 mths) | $348 | $9,200 |
Understanding personal loan options
Structure and features affect price, flexibility and total cost. Here are the key options to consider:
Secured vs Unsecured Loans
Secured loans use an asset (often a car) as collateral and typically come with sharper pricing and higher borrowing limits. Unsecured loans donât require collateral and are faster to arrange, but usually at higher rates and lower limits. Your choice depends on how quickly you need funds, rate sensitivity and comfort with offering security.
Fixed vs Variable Rates
Fixed rates lock in the same repayment for the entire termâgreat for budgeting and avoiding surprises. Variable rates can move with the market and may offer savings if rates fall but can increase your repayment if they rise. Some lenders allow switching or refinancing later; check fees and break-costs before committing.
Debt Consolidation Features
If youâre consolidating, look for direct-to-creditor payout at settlement to prevent further interest on old accounts. Confirm whether closing letters are required, and check that fees (e.g., balance-transfer or payout fees) are accounted for in the new loan. Aim for a term that lowers monthly cost without overly extending total interest.
Fees & Comparison Rate
Application, monthly and early-repayment fees can change the true cost. The comparison rate blends the interest rate and most fees into a single figure for a common example loan, helping you compare offers consistently. Use both the advertised rate and comparison rate when shortlisting options.
Early Repayment Flexibility
Some lenders allow extra repayments or full early payout with low or no penaltyâhandy if you expect bonuses or tax returns. Others charge break fees. If flexibility matters, choose a policy that lets you pay down faster without eroding savings through penalties.
Rate-for-Risk Pricing
Personal loan rates are commonly risk-based: stronger credit scores, stable employment and clean bank-statement conduct can unlock sharper pricing. Improving your profileâeven slightlyâmay reduce your total cost. Minimising overdrafts, paying on time and lowering utilisation ahead of applying can help.
Testimonials
Verified Review
I had an outstanding experience working with Eugin to get my car finance sorted! From the very beginning, Eugin was professional, knowledgeable, and incredibly helpful. He made what can often be a complicated process feel smooth and stress-free. His attention to detail ensured everything was handled efficiently, and he guided me through each step with clear explanations. Thanks to Eugin's support, I secured the financing I needed to buy my car, and I couldn't be happier. If you're looking for someone reliable and dedicated to help you with car finance, I highly recommend Eugin at Emu money. He truly goes above and beyond!
Pabasara G.
Verified Review
Theodore G.
Verified Review
Robyn was very professional in her mannerism in organising us our loan . Robyn was always polite .. She kept us up to date and informed on the development of our loan even after hours as it was hard for us to speak to her during work hours . Very helpful when your not tec savy I would highly recommend Robyn to anyone needing to deal with Emu Loans and will definitely recommend her to friends and family . Keep up the great work Robyn You are a true inspiration to you job Karen Grimston
karen c.
Verified Review
I was dealing with Ryan and wow đŻ He Helped me all the way from start too Finsh with my application,I would definitely go through these guys again Thanksđ
Phillip U.
Verified Review
I had such a great experience with Evette when sorting out my car loan. She made the whole process really easy and stress-free, was always quick to answer any questions, and genuinely cared about getting me the best outcome. Super friendly and professional. I'd happily recommend Evette to anyone looking for a car loan!
Dillon F.
Verified Review
I was so lucky to have had Evette as my broker through emu money, from the very first phone call Evette was amazing, so prompt and professional keeping me updated on the whole process of the application for finance for my new car, I highly recommend Evette!!!
Kaila B.
Frequently Asked Questions
Personal Loan FAQs
These helpful FAQs will help you find the answers you need. If you can't find what you're looking for, you can request a callback below.
