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Loan Amount
$
Loan Amount
$1,000
$200,000
$20,000
Tenure
Tenure
3
72
Month

Your monthly payment

$ 533

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Plenti
NOW Finance
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Plenti
NOW Finance
OurMoneyMarket
Wisr
MoneyMe
Fair Go Finance

Over 200,000 happy customers

Hear what Australians are saying about Lendela.

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amie tobin
1 week ago
Awesome… saved my life ❤️
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Stephanie Sheldrick
3 weeks ago
First time going through Lendela. The staff member (Dee) was extremely helpful getting me through the process,...
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Aleni Te'o
1 month ago
Awesome company, very easy and simple. I recommend Lendela to anyone. Very helpful, thank you.
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Sandra Taylor
1 month ago
Lendela have the customer service I have experienced in the lending platform, even though I didn't get the outcome ...
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David Ailao tui
1 month ago
This is the best lender I ever experienced I done my application on 1 day and the next day I got approved soo...
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Christopher McGrigor
1 month ago
My experience dealing with Lendela has been nothing but positive. In particular your staff member Dee, whom has...
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Iftiyaz Khan
2 months ago
Very good 👍
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Arlete Ferreira
2 months ago
The best , thank you so much for all your help ❤️
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Brett Davis
2 months ago
Dee did a excellent job in assisting me with my loan, And I would highly recommend her for any further assistance
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Paul gibbons
2 months ago
It's only early but all good
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lynda mckune
2 months ago
Awesome can not fault
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RUSSELL ASENO
2 months ago
Very reliable and friendly. Looking out for the best outcomes for their clients

One Application - Multiple Personalised Loan Offers

Three steps to get your perfect personal loan in Australia:

Apply fast & easy

1. Apply in a few minutes

Compare your offers

2. Compare multiple personal loan offers

Select loan and get your money

3. Select the best option and get your money

Lendela's Promise

Our goal is to make the loan application process in Australia faster, simpler, and more transparent. We assist you from application to disbursement as Australia's only true personal loan comparison service. Click here to learn more about Lendela and how we help thousands of Australians seeking loans every month.

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Frequently asked questions about personal loans in Australia

One of the most popular loan types in Australia is the personal loan. But what is a personal loan exactly, how does it differ from other loan types, what are the pros and cons of a personal loan, and what should you think about when applying for one? Get all the answers below.

What is a personal loan?


A personal loan is a type of loan that is counted as a major loan type. What generally separates a personal loan from other loan types is that personal loans can be used for any express purpose with almost little to no restrictions.

Personal loans hold the position of being the most versatile loan type because of their flexibility with regards to loan terms and structure, such as repayment terms and rates (which, of course, is subject to the lender as always).

Personal loan types


Within the personal loan category, there are a few loan products with different names. For example, debt consolidation, balance transfer and line of credit are all personal loan products packaged under a different name to cater to customers with a specific need. The basic characteristic of a personal loan is that it is pretty flexible in terms of what it can be used for, meaning that you can decide yourself how much you would want to use as credit and how much you want to use to pay off old dept. Other typical characteristics for a personal loan are:

Unsecured (or secured)

In Australia, personal loans can be either secured or unsecured.

Depending on how much you are looking to borrow, it is typical for borrowers to offer security before getting authorised for a large personal loan. With the provision of collateral, you will naturally be able to pay less for your monthly repayments given that banks will have some sort of security to count on in the event that you can not make your repayments.

What is important to know, however, is that most people are taking up personal loans of an unsecured nature where there is no collateral involved. This is one of the advantages with this loan type; there is no need for a security to be placed on the behalf of the borrower and the funds are easier to access.

Personal loan interest rates


Fixed-rate vs variable loan rate

Personal loans can come in two different rate types: You can get a fixed-rate loan and a variable rate loan. Depending on the lender’s availability and assessment of your repayment ability, you might be offered either one of these types, or both.

In a fixed interest rate personal loan plan, you will not have to worry about how much to pay each month as the amount will remain the same throughout your loan term. In contrast, if you choose for a variable-rate loan, you will need to stay alert to any changes in interest rates so that you may adjust your monthly payments accordingly.

A tip is that you should decide on which personal loan rate to pick based on how flexible you want to make your repayments. If you intend to repay your loan sooner, it is recommended that you obtain a variable interest rate loan, as these loan agreements typically do not charge early repayment fees.

What can personal loans be used for?


Personal loans can be used for any express purpose with almost little to no restrictions. You can use it for reasons such as to fund a big ticket purchase, a wedding, a new car, or even an overseas trip. Some use personal loans for the purpose of private investment or education, which is also allowed.

Though, here are some exemptions for what a personal loan can be used for:

  • Illegal activities

  • Housing down-payments

  • Home loan deposits

For the above, excluding for illegal use, it might be appropriate to look into other loan types that are structured for these purposes; if you do, you might get a better loan deal than what you would with a personal loan.

To be absolutely sure of what you can and can not use your personal loan for, it does not hurt to double-check with your lender and review your loan terms.

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Personal loan terms and disbursement


How much can I borrow?

Many banks and lenders in Australia set the maximum borrowing limit at $50,000. Though, some allow up to $60,000.

However, the actual amount one can borrow will vary from person to person depending on the individual circumstances and credit rating, as well as whether the personal loan that is being undertaken is a secured or an unsecured one. This, because creditors must ensure that their borrowers can pay off the entire amount of what they owe.

How long can I borrow for?

Borrowers are generally permitted to allow a loan tenure ranging from 1 year to 7 years, which is determined based on your loan type (secured or unsecured), loan amount, tenure, repayment frequency (weekly, fortnightly, or monthly), credit rating etc.

However, most of the time, the loan duration is up to you, and you may also be able to pay it off as quickly as you want, especially if you take up a loan that allows early repayment without penalty fees.

When do I get the money?

Personal loan disbursement occurs when money is deposited directly into your bank account from your lender or when the personal loan cheque is processed into your bank account. This process, also known as a drawdown, typically marks the official start of your personal loan term, with interest beginning to accrue from the time of drawdown.

If you take a loan from a lender that you already have a relationship with, you can complete the process and get access to your personal loan funds in as little as an hour.

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How to get the best personal loan in Australia?


Given that personal loans are one of the most versatile and broad loan products available in the market, it is always a good idea to compare as many personal loan offers as possible before deciding which one to go with. You should always make sure that the one you pick is matching what you are looking for, both in terms of interest rate, amount and tenure. You will never know if there was a better option out there if you do not compare, and chances are that there are offers available for you with better terms than what you are being offered from your selected bank.

But, here is the thing: Comparing loans on your own is both tedious, exhausting and sometimes confusing. Here is where Lendela comes in. We simplify the loan application and comparison process in to one flow, where you get access to multiple tailored loan offers from various lenders via just one single application. Once you have applied with Lendela, we scan the market for your best loan options and all you have to do is compare and select. Free of charge and without any obligations.

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