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Personal Loan Comparison Australia | MoneyMe

Whether you are buying a new car, doing home renovations, have some unexpected bills to pay, or are taking out a personal loan for debt consolidation, when getting a new personal loan, it pays to do a personal loan comparison in Australia so you can get the best deal. Depending on how much money you want to borrow, how long you want to borrow it for, and how quickly you need it, there are many different types of personal loans available.

With so many loans to choose from, and a variety of different banks and other lenders to borrow money from, how do you find the best personal loan for you? It certainly pays to shop around as this can save you a lot of money in both interest rates and fees.

How to do a personal loan comparison in Australia

So you’ve decided you want to take out a personal loan, what’s next? Here we will look at how to find the best deal by making a personal loan comparison in Australia. Everyone’s financial circumstances are different, so you’ll need to find the personal loan that best suits you and your current financial needs. Although personal loan comparison websites can be useful, it’s important to keep in mind that they won’t always cover all the available options. They may limit themselves to particular providers and products, and their websites can also contain sponsored links. You’ll also need to look at what features they are actually comparing, as not all loans are the same. 

Things to take into account

One factor to consider when doing a personal loan comparison in Australia is the interest rate, and the different options available for a fixed rate personal loan rate compared to a variable rate. If you are looking to refinance your personal loan, you may find you can now get a better interest rate if your credit rating has improved. As well as comparing interest rates when you are doing a personal loan comparison in Australia, it is important to also look at the comparison rates to get a true idea of the cost of the personal loan.

You may be wondering what the difference is between an interest rate and a comparison rate. The comparison rate, which comes as a percentage, takes into account not only the interest rate but also the fees that are associated with the loan. Fees on your personal loan could include application fees and ongoing service fees. Depending on the particular loan, the comparison rates may be calculated slightly differently so you’ll need to look at how the comparison rate you are using was calculated. You should be able to find this displayed on the personal loan comparison website or the lender’s website. 

As well as comparing the interest rate and comparison rate, you’ll need to consider factors such as whether there are late payment fees, penalties for making extra repayments, or early exit fees. Another thing to consider is how flexible the loan is. You need to see if the loan has restrictions around what the money can be used for, how much you can borrow, whether there is a redraw facility, and what the different loan repayment terms are. Some loans have more options for different loan terms than others. Another factor to consider when making a personal loan comparison in Australia is whether you’re getting a secured or unsecured loan. If you provide security against your loans, such as your home or car, you can get a lower rate. If you do this you’ll want to make sure you can comfortably afford the repayments. Otherwise if you default on your loan you risk your assets being repossessed. 

Low rate personal loans

If you are looking for a personal loan with low rates, with MoneyMe personal loans you can have money in your bank account in as little as an hour. From short term loans to long term personal loans, joint personal loans to personal loans for pensioners, and large loans to small loans, we’ve got your personal loan covered. And by doing a personal loan comparison in Australia, you’ll find we have some of the most competitive rates for quick cash loans.

MoneyMe also has a free personal loan calculator which can be useful when comparing different loan options. All you need to do is enter your desired loan amount, your preferred loan term, and a quick description of your credit history to determine your interest rate. Once you’ve done this, you’ll get an on-the-spot indication of your expected repayment amounts, establishment fees, and other ongoing fees. This allows you to get a better picture of your financial situation before applying for your loan and allows you to create a budget based on your current financial situation.

All set to apply?

Once you’re ready to apply, the application process is easy. With our low doc personal loans, you won’t need to spend hours filling out mountains of paperwork. We have a super quick online application process and we use the latest financial technology to ensure you get a fast outcome. And with MoneyMe, if you want to make an early payment on your loan, we don’t charge early payment fees or early termination fees. Although applications are done online, our team is available to give online or over the phone dedicated support 7 days a week. If you need any further information about personal loan comparison in Australia, contact us today and our team would be happy to help you.

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