Personal loans, secured or unsecured, without the fine-print surprises.
Consolidating debt, renovating, or covering a big expense? We compare secured and unsecured personal loans and set out every cost upfront, so you choose with your eyes open.
- Secured and unsecured personal loans compared
- Debt consolidation, renovations, medical, education and travel
- Fixed and variable options, with fees set out clearly
- One recommended lender, not a spray of applications
40+ lenders. One conversation.
- 24 banks
- 13 specialist lenders
- 6 business & asset financiers
Commonwealth BankBank
WestpacBank
NABBank
ANZBank
Macquarie BankBank
INGBank
St GeorgeBank
HSBCBank
BankwestBank
Bank of MelbourneBank
BankSABank
ME BankBank
UbankBank
AMP BankBank
Bendigo BankBank
Great Southern BankBank
Heritage BankBank
MyState BankBank
Qudos BankBank
Auswide BankBank
Bank AustraliaBank
Australian Military BankBank
- Bank of ChinaBank
Bank of SydneyBank
Pepper MoneySpecialist lender
LibertySpecialist lender
La Trobe FinancialSpecialist lender
ProspaBusiness & asset finance
FirstmacSpecialist lender
ScotPacBusiness & asset finance
ResimacSpecialist lender
WISRBusiness & asset finance
BluestoneSpecialist lender
- Angle Asset FinanceBusiness & asset finance
MA MoneySpecialist lender
- ASCFBusiness & asset finance
BrightenSpecialist lender
- NWC FinanceBusiness & asset finance
Better ChoiceSpecialist lender
Granite Home LoansSpecialist lender
- HejazSpecialist lender
- Myloan ElectSpecialist lender
- ParamountSpecialist lender
Lenders on our panel, accessed through Finsure Finance & Insurance Pty Ltd and subject to change. Lender names and logos are trade marks of their owners and don’t imply endorsement. See our Credit Guide.
Secured vs unsecured personal loans
| Secured | Unsecured | |
|---|---|---|
| Security | An asset, usually a car | None |
| Rate | Often lower | Usually higher |
| Loan size | Can be larger, tied to the asset | Often smaller limits |
| If you can’t repay | The lender can repossess the asset | Collections and a default on your credit file |
| Suits | Buying a car or other asset | Debt consolidation, renovations, other expenses |
What people use personal loans for
- Debt consolidation: roll credit cards and other debts into one repayment.
- Home improvements: renovations, solar, repairs and furnishing.
- Life events: weddings, medical costs, education and travel.
- Vehicles: cars, motorbikes, caravans and boats. For cars, see Car Loans.
Understanding the real cost
The advertised rate is only part of the story. Look at the comparison rate, which combines the interest rate with most fees, plus any establishment fee, monthly fee and early repayment fee. We set these out for each option, along with the total you would repay over the term.
If we charge a fee for arranging a personal loan, we tell you in a Credit Quote before we start, and any lender commission is disclosed in writing. See our Credit Guide.
Common questions
What is the difference between a secured and unsecured personal loan?
A secured personal loan is backed by an asset, usually a car, which lowers the lender’s risk and often the rate. An unsecured personal loan needs no asset, so it is simpler but usually costs more and may have a lower limit.
Should I choose a fixed or variable rate?
A fixed rate keeps repayments the same for the whole term, which makes budgeting easy, but early repayment fees may apply. A variable rate can move up or down and usually lets you make extra repayments or pay out early with lower fees.
Is a personal loan a good way to consolidate debt?
It can simplify several debts into one repayment and may lower the interest rate, but stretching debts over a longer term can mean paying more interest overall. It helps most when you close the old cards and accounts. We show you the total cost before and after.
How much can I borrow?
It depends on the lender, your income, your existing commitments and whether the loan is secured. Secured loans can often go higher than unsecured ones. We check what is realistic before anything is lodged.
What will I need to apply?
Usually identification, recent payslips or other proof of income, bank statements, and details of your current debts and expenses. Self-employed applicants may need tax returns or BAS.
Will applying affect my credit score?
Each formal application is recorded on your credit file. We complete a preliminary credit assessment and recommend one suitable lender, rather than sending applications to several lenders at once.
Ready to talk it through?
A free, no-obligation chat about where you are and where you want to be.