Personal Loans

Your guide to getting the right personal loan.

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Find the best Personal Loans for you with Emu MoneyFind the best Personal Loans for you with Emu Money

A quick guide to personal loans

Personal loans can provide you with a lump sum of money that can be used for various purposes, such as home improvements, debt consolidation, medical expenses, or any other personal financial needs. You then repay the loan over a predetermined period with fixed monthly payments that include principal and interest. Personal loans usually have fixed interest rates, meaning the rate remains the same throughout the loan term, making it easier for you to budget and plan your repayments. The loan terms, including the loan amount, interest rate, and repayment period, are typically based on the your creditworthiness and income.

Here's what a personal loans typically looks like:

eligibility orange tickBorrow from $5,000 - $100,000
eligibility orange tickLoan terms from 1 - 7 years
eligibility orange tickWeekly, fortnightly or monthly repayments
eligibility orange tickFixed interest rates from 6.75%
eligibility orange tickVariable interest rates from 8.95%
eligibility orange tickInterest rate tailored to your situation

What can I use a personal loan for?

A personal loan offers a world of possibilities to bring your dreams to life. They enable you to spread the cost of meaningful purchases over manageable instalments to avoid straining your budget. With a personal loan, you have the financial flexibility to pursue what truly matters to you.

Here are some common reasons people take out a personal loan:

Debt Consolidation

An unsecured personal loan can be used to consolidate several debts into one, often with a lower interest rate.

Home Improvements

These loans can fund home improvement projects, such as renovations or repairs, that can enhance the value of your home.

Medical Bills

Unsecured personal loans can be used to cover medical expenses, particularly those not covered by insurance.

Car Repairs or Purchase

If your vehicle needs a major repair or you need to purchase a new one, an unsecured personal loan can be a good option.

Educational Expenses

From college tuition to continuing education courses, personal loans can fund education costs.


Whether it's a dream vacation or an unexpected trip, unsecured personal loans can cover these costs.

Wedding Expenses

The cost of a wedding can add up quickly. A personal loan can help cover everything from the venue to the honeymoon.

Emergency Expenses

Unanticipated situations such as a sudden loss of income or a natural disaster can lead to significant expenses, which can be covered by a personal loan.

Moving Expenses

If you're relocating, particularly long-distance, the costs of moving can be substantial. A personal loan can help cover these costs.

Big-ticket Purchases

From appliances to furniture, unsecured personal loans can be used to make large purchases that you may not be able to afford outright.

Ready to run the numbers?

Calculate your repayment estimates and more.

How much can I borrow for a personal loan?

Lenders evaluate your income to ensure you can comfortably handle repayments, favouring stable income sources. A good credit history, including a high credit score, increases your chances of securing a larger loan at favourable rates. Lenders also consider your debt-to-income ratio, which affects your borrowing capacity. Different lenders specialise in various loan sizes, giving you more flexibility.

Additionally, secured loans, backed by collateral, offer higher borrowing limits. However, be mindful of associated risks. Interest rates, loan terms, and repayment options may differ based on the loan amount. It's crucial to review and understand the terms before finalising a loan. To determine your borrowing potential, use the repayment calculator provided below.

Personal Loan Repayment Calculator

To estimate your monthly repayments and the total cost of the loan, input the loan amount, loan term and interest rate into the calculator below. This helps you plan your budget and choose the most suitable loan terms.

Loan Amount
Establishment Fee
Loan Term (Years)
Interest Rate
Total amount to repay
Your repayments

Balance over time

Am I eligible for a personal loan?

Lenders consider several factors when assessing your eligibility, including your credit score, income, debt-to-income ratio, age, residency, and required documentation. While meeting the eligibility criteria doesn't guarantee loan approval, having a good credit score, stable income, and a positive financial profile significantly improve your chances.

You are eligible to apply for a personal loan if you are:

eligibility orange tickOver the age of 18; and
eligibility orange tickAn Australian citizen or permanent resident; and
eligibility orange tickHave a regular source of income, that is enough to meet the repayments

How to apply for a personal loan?

Applying for a personal loan is easy and only takes a few minutes. Get started by filling out some basic information into our application form. We’ll review your information, and someone will be in contact with you to discuss the best option for you from over 40+ Australian lenders.

If you’re eligible for a personal loan, and you are happy with the initial quote, you will need to prepare documents such as:

eligibility orange tickPassport or drivers licence
eligibility orange tickProof of income and expenses (e.g. payslips, bank statements)
eligibility orange tickDetails of any current debts or other loans

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How to get the best personal loan for you?

When searching for a personal loan, it's essential to understand the different factors to find the best fit for your needs. From interest rates and fees to loan terms and early payout options, each factor can increase or descrease the total amount you will repay.

Interest Rate

When seeking a personal loan, it's crucial to pay attention to the interest rate. A lower interest rate means you'll pay less over the loan term. It pays to research and compare rates from different lenders to ensure you secure the best possible rate that aligns with your financial circumstances.


In addition to interest rates, it's essential to consider the fees associated with personal loans. These may include application fees, ongoing fees, and early repayment fees. Assess these costs and opt for a loan that offers competitive fees, ensuring you don't incur unnecessary expenses throughout the loan duration.

Comparison Rate

Comparison rates provide a more comprehensive understanding of the overall cost of a loan by factoring in both the interest rate and any associated fees. When comparing loan options, look beyond the interest rate and consider the comparison rate to make a more accurate assessment of the total cost of borrowing.

Loan Term

Consider the loan term or repayment period that best suits your financial situation. Shorter loan terms may involve higher monthly repayments but result in lower overall interest paid. Longer loan terms may offer lower monthly payments but result in higher interest paid over time. Choose a loan term that strikes the right balance between affordability and minimising interest costs.

Early Payout

It's crucial to check whether the personal loan allows for early repayment without penalty. This feature provides flexibility and the opportunity to save on interest costs by paying off the loan sooner. Opting for a loan that allows early payout can help you become debt-free faster and potentially reduce the overall cost of borrowing.

Find the best Personal Loans for you with Emu MoneyFind the best Personal Loans for you with Emu Money

Frequently Asked Questions

Still have questions about personal loans?

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.

Can you buy a car with a personal loan?
Can you use a personal loan for a business?
How easy is it to get a personal loan?
How long does it take to get a loan?
Which loan is better than a personal loan?
Is a personal loan bad for credit?
Can I borrow money with very bad credit?
What interest rate will your credit score get you?
Can I get a personal loan if I’m self-employed?
How is the interest calculated on a personal loan?
What costs are involved?