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Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.
Are you wondering what is an average personal loan interest rate in Australia? Banks and other money lenders offer borrowers a range of different interest rates depending on the product and the applicant. Rather than charging a standard average personal loan interest rate, lenders will often have a minimum and maximum rate for each personal loan product they offer, and your individual rate will depend on the particular circumstances that you will need to provide in your personal loan application.
One of the main factors that determine what your average personal loan interest rate will be is your credit history, as your credit score gives the lender an indication of how likely it is that you’ll be able to make your repayments on time. A lender will rate their customers according to their credit score, and the better the credit score the lower the interest rate. Some lenders, such as MoneyMe, also have an in-house credit rating system for their customers. At MoneyMe we like to reward you for on-time payments, so if you build up a strong MoneyMe credit history you’ll be eligible to borrow a larger amount of money at a cheaper rate next time you apply for MoneyMe loans online. And we don’t automatically reject anyone who has a mark on their credit file. We understand that people’s circumstances change so we take into consideration a whole range of information when determining your borrowing capacity and personal loan rates.
There are many factors to consider when thinking about average personal loan interest rates such as whether you should get a variable interest rate. You may prefer to get a variable rate personal loan so you know exactly what you’ll be paying each month. This makes it easier to budget, and you’ll be safeguarded against any rises in the official interest rate. If you’ve got a bit more flexibility in your budget though, you may decide to take out a variable rate personal loan so you can benefit from any potential drops in the official interest rates, although on the flip side you’ll also need to pay more if interest rates rise.
With such a wide range of personal loans available all with varying interest rates, it’s a good idea to do a personal loan comparison in Australia to find out which loan best suits your circumstances. Apart from comparing interest rates, it is important to take note of the comparison rates as well. The comparison rate also comes as a percentage, but unlike the interest rate, it also factors in fees that are associated with the loan so it gives you a better reflection of the true cost of the loan. When comparing comparison rates between lenders, you’ll need to check how their comparison rate has been calculated as they may not all be worked out exactly the same way. The MoneyMe comparison rate is a single percentage figure that combines your personal loan rate with any associated fees for the entirety of the lending period.
Some people take out a personal loan for debt consolidation to try to lower their interest rates. Getting one larger loan to pay off all your small loans will generally mean you pay a lower interest rate than what your average personal loan interest rate was across all your loans. As well as saving you interest, consolidating your debts will also make it easier to manage your money by only having one monthly repayment instead of having to juggle several different payments. Another way to reduce your interest rate is to refinance your personal loan, especially if your credit rating has improved since you first took out your loan.
At MoneyMe, personal loan interest rates will differ between products and applicants, and as you would expect high-risk credit customers will normally attract higher interest rates. Our free online loan repayment calculator will help you estimate what likely interest rate will be offered to you if your loan gets approved. Starting from as low as 6.95% per annum, you’ll find MoneyMe’s personal loan interest rates are some of the most competitive in Australia. With our responsible lending practices, we like to be fully transparent with our personal loan rates. You’ll know upfront about any fees and you’ll never be left wondering about our cost structure.
The application process for MoneyMe personal loans is quick and easy and can be completed online. The application process should only take a few minutes and we use the latest in financial technology to ensure you’ll get a fast outcome. Once your loan has been approved, depending on your bank, the money could be in your account within one hour if you apply during business hours. If you have any questions, please contact us via our website, call us on 1300 072 042 or send us an email and our friendly support team would love to help you. If you are looking for low rate quick cash loans, then you’ve come to the right place.
Are you wondering how much personal loan interest rates will be when you take out a loan? Banks and money lenders generally provide various interest rates depending on the credit product and the applicant’s financial history. This means that a credit card can have a different interest rate than a car loan.
Additionally, your personal loan interest rates will depend highly on the financial information you provide during your loan application. People with lower credit scores may experience higher interest rates than those with excellent credit.
Generally, the rate you pay depending on the lender and your credit score can range from 6% to 36%. Your personal loan interest rates can significantly vary depending on whether the loan is secured or unsecured. As secured loans have a form of collateral in place when you default on your loan, they tend to have lower personal loan interest rates at the cost of losing your assets.
There are many ways to calculate and determine how much a personal loan interest rate can be.
At MoneyMe, an Australia-based online financial solutions provider, we can help you find the best personal loan interest rates for your specific situation. We also have a personal loan repayment calculator available on our website to help you visualise a possible monthly loan repayment term.
Applying for a loan with MoneyMe is simple and quick as we use advanced technology to expedite the assessment and screening process. We simply ask for some personal information and bank documents to develop a loan term that can work for you. You’ll be approved and receive a loan offer as well as your personal loan interest rates (variable) in minutes – no need to wait weeks for a bank approval or unnecessary paperwork with our service.
Once you’ve agreed to your loan’s terms and conditions, we’ll get you the funds you need immediately, with instantaneous transfers depending on your bank. That means you don’t have to wait to cover that verandah cost or appliance purchase as we value your time.
Repayments are also easy with us, with no hidden fees and charges. We set up a direct debit schedule (either monthly or fortnightly), meaning you’ll automatically pay every month in your bank’s savings account. With our loan services at MoneyMe, you get the flexibility and convenience you deserve.
Calculating your personal loan interest rates comes with understanding the factors involved with your interest rate. One of the main factors in determining your personal loan interest rate will be your credit history, as your credit score gives the lender an indication of how well you pay off your remaining loan balance.
You can use the tools we provide on our website or the MoneyMe app (available on the App Store and Google Play) to calculate your interest rates on personal loans.
We have a personal loan and credit card calculator available for you on our website, and you simply need to input your requested loan amount as well as a brief description of your credit history. This will then do all the necessary calculations for you, showing you the total loan amount and the repayments you will have to make.
Generally, it is good practice to use the personal loan calculator and do a loan comparison in Australia for you to get the best personal loan interest rates. The calculator can also help you determine a general budget to see if you can comfortably afford to take on the loan.
At MoneyMe, we have our own in-house credit rating system for all our customers. We do not automatically reject individuals with a mark on their credit reports. We consider various factors in determining your borrowing capacity and personal loan rates. Rather than just your credit score, we also look at other factors such as employment history, previous debts, and income statements to give you the fairest personal loan interest rates you deserve.
We also have systems in place to help your credit score here at MoneyMe. After every successful loan repayment, we adjust your MoneyMe credit rating, giving you access to cheap interest personal loans and more borrowing power the next time you choose to loan with us.
There are many ways you can reduce your personal loan interest rates, with some solutions being simpler than others. Generally speaking, you might be surprised by how much money you could save by moving your loan or completely paying it off – even if there are extra charges associated with it. Here are some examples of how you can reduce the cost and interest rate of existing personal loans:
At MoneyMe, we do not charge early repayment fees or early exit fees, so we are a good option for those looking to reduce their personal loan interest rates and overall loan costs. When you take out a loan with us, we make it easy for borrowers to make early payments through our MoneyMe app (available on Google Play and the App Store).
Personal loans can even improve your credit score when used responsibly by making your repayments on time or in advance. MoneyMe can assist you in obtaining personal large or small loans with competitive personal loan interest rates efficiently, whether you are covering a new patio cost or pursuing a passion project.
The interest rate on a personal loan determines how much your total loan will cost and how much your monthly repayments will be. There are variable interest rates that apply to different credit products. Credit cards, for example, have variable interest rates due to the variety of purchases.
MoneyMe offers the best low rate personal loans with the best interest rates, starting from as low as 6.95% p.a. Your personal loan interest rates depend on your credit score and other financial histories. Our rates for unsecured personal loans are much lower than the big four banks.
We also offer various other credit and finance solutions at our website, such as our buy now pay later solutions for retailers and instant credit card approval for those seeking a more flexible line of credit. Apply with us to see how we can help you finance personal loans today.
Personal Loan Interest Rates
JayceenemoAug 09, 2023
Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.
BGCJun 13, 2023
Simple process, easy to follow application, quick response time and good support.
BradMay 31, 2023
I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.
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$395 for loans between $5,000 and $15,000
$495 for loans between $15,001 and $50,000
Minimum 3 years
Maximum 5 years
Early exit fees