Best Loans in Australia in 2018!

Minimum loan amount
Maximum loan amount
Minimum loan term
12 months
Maximum loan term
5 years
43 %
Minimum age
18 years
Loan granting
Online application
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  • - Australian residents aged 18-75;
  • - Not on an active bankruptcy;
  • - Able to afford the loan;
  • - A friend or family member as a guarantor.
Representative example: Loan amount: $10 000, Loan term: 36 months, Monthly payment: $498.66, Total cost of loan: $17 951.76, APR: 43 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.
Minimum loan amount
Maximum loan amount
Minimum loan term
18 months
Maximum loan term
7 years
8.95 - 16.95 %
Minimum age
18 years
Loan granting
Online application
  • - Be an Australian citizen or permanent resident;
  • - Be 18 years or older;
  • - Be employed: Full time, part-time, self-employed (tenure more than 12 months) or casual (tenure more than 6 months);
  • - Have no defaults (paid or unpaid);
  • - Not be bankrupt or have a court judgement;
  • - Single borrower only - no joint applications.
Representative example: Loan amount: $30 000, Loan term: 60 months, Total amount payable: $38 610, APR 8.95%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.
Minimum loan amount
Maximum loan amount
Minimum loan term
2 years
Maximum loan term
5 years
7.50 - 19.99 %
Minimum age
21 year
Loan granting
Online application
  • - Australian citizen or permanent resident;
  • - At least 21 years old;
  • - You earn more than $25,000 p.a.;
  • - You are able to afford the loan;
  • - You have at least 2 years of good credit history on the Credit Bureau;
  • - You are not in Hardship with any other financial provide;
  • - You do not have a pending, current or previous bankruptcy;
  • - The loan is for you, not for anyone else or a business.
Representative example: Loan amount: $10 000, Loan term: 3 years, Monthly payment: $320.39, Total cost of loan: $11 534.20, APR: 9.51 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Useful information about financial products and debt management!


Before you borrow:

Before you borrow money you should ask yourself whether your really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:
  • - Can the purchase wait until I can afford it without taking a loan?
  • - If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
  • - If the purchase is not urgent can I save up money?

You should never take a loan if:

  • - you want to take a loan to pay off other loans;
  • - you already have one or more loans;
  • - you already have other outstanding debts and/or missed payments;
  • - if you are not sure of your capability to pay the loan back on time.

If you still feel the need to take a loan you should pay attention to:

Look at your income and outgoings and think if you'll be able to pay all your bills and debts.Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

Make sure you have all the necessary paperwork:

  • - Proof of income - payslip, tax return report etc.
  • - Information about your current expenses - for example, bills, rent, other loans etc.
  • - Copy of your bank statement that shows your savings and other made repayments such as credit cards.
  • - Passport or drivers licence.

Age restriction:

All credit companies set the limit on age themselves. In most companies, loans are granted from the age of 18 and up to the age of 60–70.


Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement. For example:

Lender A offers 3000 AUD for 360 days with an APR of 13.4 %

Lender B offers 3000 AUD for 360 days with an APR of 19.9 %

As it shows, in the scenario above, borrowing from Lender A would be a better idea, because you would get the same amount of money for the same term, but each month you would pay less interest.

Borrowing costs and fees:

  • - Some loans have variable interest rates, which means that interest rate can increase or decrease. You shouldn't take this type of loan in case you feel that you won't able to repay the loan if interest goes up.
  • - Establishment fee: some lenders may ask you to pay this fees when setting up your loan, this fee can't be more than 20% of the loan amount;
  • - Monthly loan administration fee: some lenders may ask you to pay monthly loan administration fee, however it can't me more than 4% of the loan amount;
  • - Early loan repayment fee: You may be asked to pay this fee if you decide to pay-out your loan early. This fee is calculated according to how much you still owe to your lender and for how long.
  • - Late payment charges: if you miss a payment you usually have to pay late payment charge, so make sure you never miss a payment to avoid extra charges, also please note that this can also affect your credit score, which can make it harder to borrow money in the future.
  • - Enforcement expenses: if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to cover these expenses.
  • - Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer!

Loan term:

Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.

If you're not able to pay back loan on time:

  • - Loan extension: If you realize that you will not be able to repay the loan on time, there is a service of loan repayment period extension, which is offered by many companies for an additional cost. Every credit company sets the fee for the service of extending repayment period itself.
  • - Credit holidays: the delay of loan payments for a certain amount of time is called credit holidays. Credit holidays are available in some cases, such as a temporary loss of working ability or loss of job. In most cases credit holidays are granted for a period from one month to one year.
  • - Seek for help: if you experience money problems, feel free to contact a financial counsellor, it's confidential and free of charge. For more information call financial counselling hotline 18000 007 007 or visit

Before you borrow check if your lender is licensed:

To make sure credit provider is licensed, you can check ASIC Profession Register.

Personal loans

Personal loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans).

The main characteristics of personal loan: large amounts of money and long terms of loan repayment.

Personal loan comparison on helps you choose the best personal loan that best suits your need.

The process of obtaining a personal loan

To get your money, in most cases, it is enough to submit an application online and wait for the positive decision from the loaner. However, the lender may require proof of your income.

Which is the best place to apply for a personal loan?

There are quite a lot of loan companies. We recommend you refrain from cooperating with companies that provide dubious service or companies with bad customer reviews. On our site you will find reliable companies that have been working in the field of crediting for a long time; among them – ClearLoans, NOW Finance, SocietyOne and others.

Warning - do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
- for information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
- talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
- if you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94.

The Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.


MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.

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