7 cheap personal loans to help you meet your spending goals


From vacations to home renovations, personal loans can help save the day when you’re short on cash and facing a big upfront cost.

Whether you’re buying a new car, a trip to Europe, or a kitchen renovation, the right personal loan can give you access to extra funds so you can hit your big spending goals now and pay off gradually instead of waiting. to save the full amount.

But with so many lenders, it can be difficult to find a cheap personal loan. So to help you get closer to that new ride or family vacation, start your search with these 7 value-added personal loans:

NOW Finance – No Fee Unsecured Personal Loan
  • Fixed rates from 5.95% per year (comparative rate of 5.95% per year ^^)
  • Borrow $5,000 to $50,000
  • 2022 Mozo Experts Choice Award Winner**
The details:

The NOW Finance Unsecured Personal Loan offers loan amounts ranging from $5,000 to $50,000, with loan terms of 18 months to 3 years for loans between $5,000 and $8,000 (or up to 7 years for amounts between $8,000 and $50,000). But that’s not all, this loan offers interest rates tailored to your credit score, which means you can get a rate as low as 5.95% per annum (comparison rate of 5, 95% per annum ^^) if you are an eligible creditworthy borrower. Being an unsecured loan, you will not need to put up any assets as collateral against the loan. In addition, the loan can be free of charge and allows you to make additional repayments. But the real icing on the cake is that it won a 2022 Mozo Experts Choice Award for Best Unsecured Personal Loan! **

OurMoneyMarket – Low Rate Personal Loan
  • 2022 Mozo Experts Choice Award Winner**
  • Fixed rates from 5.45% per year (comparative rate of 6.07% per year ^^)
  • Free additional redemptions and ease of withdrawal
The details:

OurMoneyMarket Low Rate Personal Loan offers different rate tiers depending on your credit score. Thus, creditworthy borrowers can benefit from competitive fixed interest rates starting from 5.45% per annum (comparison rate of 6.07% per annum ^^). The loan allows customers to borrow amounts between $2,001 and $75,000 with loan term options from 1 to 7 years. On top of that, the loan also comes with flexible features like the ability to make free extra repayments, as well as a free withdrawal facility so you can tap into those extra repayments if you ever need to. money. Although this loan has no service charge, there is however an upfront fee of $150 and a late payment fee of $35 if you ever miss a repayment.

Alex Bank – Personal loan
  • Non-secured rates starting at just 4.99% pa fixed (comparative rate 4.99% pa ^)
  • Mozo’s Experts Choice Best New Lending Product 2022 ^
  • 100% online approval
The details:

Alex is Australia’s new digital bank, and this award-winning unsecured personal loan boasts one of the lowest rates on the market for borrowers with great credit. There are no upfront fees, monthly fees or prepayment penalties to worry about. You can borrow up to $30,000 and take advantage of flexible repayment terms from 6 months to 5 years depending on your needs. Borrowers must be over 18 and a regular income to apply. To top off this long list of great features, this personal loan won a 2022 Mozo Experts Choice Award for Best New Loan Product.**

Symple Loans – Personal Loan
  • Interest rate from 5.75% per annum (comparative rate of 6.47% per annum ^^)
  • Borrow up to $50,000
  • Earn Qantas Points on your loan amount

Learn more

The details:

Looking for last minute loans to help pay for a big upcoming expense? So say hello to Symple Loans personal loan, which offers tiered interest rates based on your credit score – meaning good borrowers can get variable rates from 5.75% per annum (comparison rate of 6.47% per annum ^^), on between $5,000 and $50,000 with loan options from 1 to 7 years. Other great features include a fast online application process, funds that can be transferred for up to 24 hours (for eligible applicants), and free additional refunds. Plus, you can also earn 1 Qantas point for every dollar you borrow once the loan is approved and taken out – that’s up to 50,000 points! Keep in mind that you will need to consider a few fees, such as the $10 monthly service fee, the $35 late payment fee if you miss a repayment, and the loan application fee which ranges from 0 % and 5% of your loan amount (the more you borrow, the higher the fees can be).

Wisr – Unsecured Personal Loan
  • Fixed rates from 6.49% per year (comparative rate of 6.49% per year ^^)
  • No ongoing charges or prepayment
  • Free additional payments
The details:

Wisr’s unsecured personal loan successes offer interest rates tailored to your credit score – so borrowers with good credit could get a fixed rate from 6.49 pa (comparison rate of 6 .49% pa ^^) on loans from $5,000 to $64,000 with 3-5 year loan term options. Another advantage of this loan is that it comes with a range of flexible repayment options (weekly, bi-weekly and monthly) as well as the ability to make additional repayments. Moreover, it is an unsecured loan, so you will not have to put any assets as collateral. Be aware that there is a late payment fee of $25, as well as a special offer set-up fee of $195.

Harmoney – Unsecured Personal Loan
  • Fixed interest rates from 5.35% per annum (comparative rate of 6.14% per annum ^^)
  • No ongoing fees ($575 initial fee)
  • Loan reload function
The details:

For creditworthy borrowers looking for a low rate deal, Harmoney’s unsecured personal loan might be right for you. This loan offers tier-based interest rates based on your credit score – so if your credit score is in tip-top shape, you could receive a fixed rate starting at 5.35% per annum (comparison rate of 6.14% per year ^^). Customers can borrow amounts ranging from $2,000 to $70,000 repaid over 3 or 5 years – although if you wish to borrow more you can request an additional fee of $575 (payable upon approval). You’ll have the choice of weekly, fortnightly, or monthly repayments, plus the ability to make additional repayments if you want to pay off your loan sooner and save on interest. The loan has no ongoing fees, however, you will need to budget for the $575 application fee (which drops to $200 if you borrow less than $5,000) and a $15 late payment fee if you miss out. reimbursement.

Visit our personal loans comparison page for more options. Or, alternatively, you can check out one of our city-based personal loan comparison pages below:

**Click here for more information on the 2022 Mozo Expert Choice Auto Loan Awards.

* DISCLAIMER: The Comparison Rate combines the lender’s interest rate, fees and charges into one rate to show the true cost of a personal loan. The comparative rates displayed are calculated on the basis of a loan of $30,000 with a term of 5 years or a loan of $10,000 with a term of 3 years as indicated, on the basis of repayments monthly principal and interest payments, on a secured basis for secured and unsecured loans. basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal fees or prepayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may affect the cost of the loan.

^ See Mozo Experts Choice Personal Loan Awards information

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offer documentation, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.


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