Personal Loans Australia

Compare the best personal loans available in Australia in 2026. All lenders reviewed are registered with ASIC and operate under the National Consumer Credit Protection Act 2009 (NCCP Act), which requires every provider to hold an Australian Credit Licence (ACL) and to carry out a responsible lending assessment before approving any loan.

A personal loan suits borrowers who need a fixed lump sum for a one-off cost such as a car, renovation, wedding, medical procedure or debt consolidation, and who want a predictable repayment schedule rather than a revolving line of credit. Most Australian personal loans run from AUD 2,000 to AUD 75,000 over 1 to 7 years, with either a fixed or variable interest rate.

To qualify you generally need to be 18 or over, an Australian citizen or permanent resident (or in some cases a long-term visa holder), have a regular income and an acceptable credit history, though some lenders specialise in near-prime or low-credit-score applicants at a higher rate. Lenders are legally required to advertise a comparison rate alongside the headline interest rate, which bundles in the establishment fee and any ongoing fees so you can compare offers on a like-for-like basis.

Typical costs include an establishment (upfront) fee of roughly AUD 0 to AUD 600 depending on the lender and loan size, and in some cases a monthly account-keeping fee. Secured personal loans, where you offer a car or other asset as security, usually attract a lower rate than unsecured loans because the lender's risk is reduced.

Applying online normally takes four steps: compare rates and loan terms on this page, choose a provider and complete the online application with your ID, income and bank statement details, receive a conditional or final decision (often within one business day for the faster lenders), then, once approved, the funds are deposited directly into your bank account.

Personal loans in Australia are typically unsecured, with amounts ranging from around AUD 2,000 up to AUD 75,000 or more for borrowers with a strong credit history, and terms usually between one and seven years. They suit one-off costs such as debt consolidation, a car purchase, home renovations, medical bills or travel, where a fixed, predictable repayment schedule is preferred over a credit card's revolving balance.

To qualify, an applicant generally needs to be at least 18, an Australian resident, have a regular income (employment, self-employment or eligible government benefits) and pass the lender's responsible lending assessment. Under the National Consumer Credit Protection Act 2009, every Australian Credit Licence (ACL) holder must verify that a loan is not unsuitable for the borrower before approval — checking income, existing debts and living expenses, not just a credit score.

Pricing is usually risk-based, so a borrower with an excellent credit history may be offered a materially lower rate than someone with a thinner file. Every lender must publish a comparison rate alongside the advertised interest rate, combining the rate with standard fees into one percentage — the most reliable way to compare two offers.

Applying online usually takes a few minutes: identification, proof of income and details of existing debts are submitted, and most lenders give a decision within one business day, with funds often released the same or next business day once the contract is signed. Check for early-repayment fees before signing; the better personal loans allow extra repayments or full payout without penalty.