Online loans in Australia have become increasingly popular due to their convenience and accessibility. These loans offer several advantages over traditional bank loans, such as faster application and approval processes, and potentially more competitive interest rates due to lower overhead costs.
However, they also come with some disadvantages, including higher interest rates and fees, especially for unsecured loans, and the lack of face-to-face interaction, which can make it challenging to negotiate terms or get personalized advice.
To be eligible for an online loan in Australia, applicants typically need to meet certain criteria. These include being at least 18 years old, having a regular income of at least $25,000 to $30,000 per year, and being an Australian citizen or permanent resident.
Lenders may also consider the applicant’s credit score, employment status, and debt-to-income ratio. Some online lenders are more flexible regarding credit scores and may focus on current revenues and cash flow rather than solely on credit history.
Read: List and top Online loan lender in Philippines
| Loan Type | Interest Rate Range |
|---|---|
| Personal Loan | 5.49% p.a. to 16.36% p.a. |
| Home Loan | Starting from 5.38% p.a. |
| Business Loan | 5.58% p.a. to 7.27% p.a. |
Interest rates for online loans in Australia vary depending on the type of loan and the lender. For personal loans, rates start from around 5.49.% p.a. for secured loans with excellent credit, while average rates are closer to 16.36% p.a. Home loan rates are generally lower, with variable owner-occupier rates starting from 5.38%.
Business loan rates range from about 5.58% p.a. for large businesses to 7.27% p.a. for small businesses. It’s important to note that actual rates offered to borrowers can vary based on factors such as credit score, loan amount, and loan term
When considering an online loan, it is crucial for borrowers to carefully compare options, read the fine print, and ensure they are dealing with reputable, licensed lenders. Online loans often have more flexible eligibility criteria, making them accessible to borrowers with less-than-perfect credit histories. However, they may also have shorter repayment terms and lower maximum loan amounts compared to traditional banks.
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List of online loan in Australia
When looking for online loans in Australia, it’s crucial to deal with reputable lenders and understand the terms and conditions. Here are some online loan providers in Australia that offer various loan products:
ANZ Loan
ANZ offers a variety of loan options tailored to meet the needs of different customers. Personal loans are available with flexible terms and competitive interest rates, allowing borrowers to access up to $50,000 without requiring security. Additionally, ANZ provides the option to choose between fixed or variable rate loans for terms ranging from 1 to 7 years. This flexibility makes ANZ loans an attractive option for many individuals seeking financial assistance
To apply for an ANZ loan, applicants must meet specific eligibility criteria. For personal loans, you need to be at least 18 years old, earn a minimum annual income of $15,000, and be an Australian citizen, permanent resident, or hold a valid visa. Home loan applicants must provide proof of identity, income, expenses, assets, and liabilities. ANZ assesses the applicant’s ability to repay the loan without substantial hardship, ensuring responsible lending practices
| Loan Type | Interest Rate | Maximum Amount | Term |
|---|---|---|---|
| Personal Loan | 7.49% p.a. to 19.99% p.a. | $50,000 | 1 to 7 years |
| Floating Home Loan | 6.89% | Varies | Varies |
| Flexible Home Loan | 7.00% | Varies | Varies |
| Fixed Home Loan (2-year special) | 4.99% | Varies | 2 years |
| Fixed Home Loan (1-year special) | 5.29% | Varies | 1 year |
ANZ loans come with several benefits, such as personalized interest rates based on credit scores and the ability to make extra repayments without penalties on variable rate loans. However, there are also some drawbacks, including potential early repayment charges for fixed-rate loans and a $150 loan approval fee. Additionally, some customers have reported frustrations with ANZ’s customer service and loan processing times, which can be slower compared to other lenders
Nimble
Nimble is a prominent online loan provider in Australia, known for its quick and efficient service. The company offers a range of personal loans with varying interest rates and fees, catering to different financial needs. Customers have generally rated Nimble positively, appreciating the easy application process and fast fund transfers. However, some users have reported issues with customer service and the website, although these are less common. Overall, Nimble maintains a strong reputation in the online lending market
Nimble offers flexible loan options with different fee structures based on the loan amount. For small loans between $300 and $2,000, there is a 20% establishment fee and a 4% monthly fee.
Medium loans between $2,050 and $5,000 have a $400 establishment fee and a 47.6158% per annum interest rate, with a comparison rate of 65.6597% per annum. Personal loans between $5,000 and $25,000 have establishment fees ranging from $195 to $250 and interest rates between 8.99% and 29.99% per annum. Additional fees may apply, such as dishonor fees, late payment fees, and early repayment fees
| Loan Type | Loan Amount | Establishment Fee | Interest Rate | Comparison Rate |
|---|---|---|---|---|
| Small Loan | $300 – $2,000 | 20% | N/A | N/A |
| Medium Loan | $2,050 – $5,000 | $400 | 47.6158% p.a. | 65.6597% p.a. |
| Personal Loan | $5,000 – $25,000 | $195 – $250 | 8.99% – 29.99% p.a. | 10.31% – 31.49% p.a. |
To be eligible for a Nimble online loan, applicants must meet specific criteria. They must be at least 18 years old, an Australian citizen or permanent resident, and have a regular source of income.
Additionally, applicants should have a valid email address, mobile number, and an active Australian bank account in their name. Nimble also considers applicants with less-than-perfect credit histories, evaluating factors beyond just credit scores. However, meeting these criteria does not guarantee loan approval, as Nimble assesses the overall financial situation of the applicant
Fair Go Finance
Fair Go Finance offers a fully online loan application process that is designed to be quick and convenient for borrowers in Australia. The application can be completed in about 5 minutes, requiring basic identification, income, and expenditure information, as well as bank account details.
Applicants receive a preliminary assessment immediately after submission, and if conditionally accepted, they receive an SMS with a unique code to finalize the loan. The final results are typically available within 1-2 business days, and funds can be released in less than a minute if the bank supports Split Payments technology
Interest rates for Fair Go Finance personal loans range from 27.49% to 29.9% per annum, which are relatively high compared to other lenders in the Australian market. The rates vary depending on the loan type and the borrower’s creditworthiness. Small loans have rates calculated based on risk, medium loans have APRs from 23.31% to 29.90%, and large loans have APRs from 21.90% to 25.90%.
Additionally, establishment fees and monthly fees are charged on top of the interest rate, which can significantly increase the overall cost of borrowing
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| Loan Type | Interest Rate Range (APR) |
|---|---|
| Small Loans | Risk-based |
| Medium Loans | 23.31% – 29.90% |
| Large Loans | 21.90% – 25.90% |
Customer reviews for Fair Go Finance are generally positive, with many users praising the ease of the application process and the helpfulness of the service. The company has a high rating of 4.8 out of 5 based on approximately 3,000 reviews. However, some customers have reported delays in service and issues with loan rejections, indicating mixed experiences. Despite the high interest rates, Fair Go Finance seems to fill a niche for borrowers who need fast access to smaller loans and may not qualify with major banks
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- Offers a range of online loans, including small, medium, and large personal loans.
- Emphasizes a quick and easy online application process.
- Provides loans for various purposes, such as education, weddings, and emergencies.
Jacaranda Finance
Jacaranda Finance is a prominent digital lender in Australia, known for offering fast and flexible personal and car loans. The company specifically targets individuals who may be rejected by traditional banks due to low credit scores. To achieve this, Jacaranda Finance utilizes a custom-designed Edge Score, which provides a more comprehensive assessment of financial behavior beyond traditional credit scores.
This innovative approach has positioned Jacaranda as a reliable backup option for those whose initial loan applications are declined by banks
Jacaranda Finance offers a range of financial products, including personal loans of up to $25,000, car loans up to $25,000, and a line of credit product called FlexiCredit with limits up to $2,000. They specialize in providing fast, flexible loans with same-day outcomes and quick funding, often within 60 seconds for customers with NPP-enabled bank accounts. The company offers both secured and unsecured loan options, with loan terms ranging from 2 to 3 years.
| Product | Maximum Amount | Loan Term |
|---|---|---|
| Personal Loan | $25,000 | 2-3 years |
| Car Loan | $25,000 | 2-3 years |
| FlexiCredit | $2,000 | N/A |
MoneyMe
MoneyMe offers a range of online personal loans in Australia, providing a convenient alternative to traditional bank loans. With interest rates starting from 6.95% per annum, MoneyMe’s loans are unsecured, meaning no collateral is required. The application process is streamlined and can be completed via a mobile app, allowing for same-day approval and fund transfer. This makes MoneyMe an attractive option for those in need of quick financial assistance
Eligibility for MoneyMe loans requires applicants to be at least 18 years old, an Australian citizen or permanent resident, and have a steady income. The company considers applicants with less-than-perfect credit histories, although a credit score of at least 650 is generally preferred. Applicants must provide bank details for income verification and have a valid mobile phone number and email address.
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| Loan Amount | Establishment Fee | Monthly Fee |
|---|---|---|
| $5,000 – $15,000 | $395 | $10 |
| $15,001 – $50,000 | $495 | $10 |
MoneyMe’s loans offer flexible repayment terms ranging from 3 to 5 years, with no early exit fees. The interest rates vary based on creditworthiness, ranging from 6.74% p.a. to 25.49% p.a., with comparison rates from 8.13% p.a. to 26.88% p.a. While MoneyMe provides a fast and convenient option for accessing funds, it is important for borrowers to compare the costs and features of different loans to determine the best option for their individual circumstances
Harmoney
Harmoney offers a convenient online loan application process for individuals in Australia. The process is entirely digital, allowing applicants to choose their desired loan amount and term directly on the Harmoney website. The application is straightforward and typically takes between 15 to 30 minutes to complete. Once submitted, applicants can expect a quick approval decision, often within minutes, and funds are usually available within 24 hours of approval
To be eligible for a Harmoney loan, applicants must meet specific criteria. They need to be at least 18 years old and either an Australian citizen, permanent resident, or a New Zealand citizen. Employment is a requirement, with applicants needing to be employed full-time or on a permanent part-time basis.
A clean credit history is essential, as Harmoney conducts a credit assessment based on their credit scorecard. Identification documents such as an Australian driver’s license or passport are also required.
| Loan Amount | Establishment Fee | Interest Rate Range | Comparison Rate Range |
|---|---|---|---|
| Under $5,000 | $275 | 5.76% – 24.03% | 6.55% – 24.98% |
| $5,000 and over | $575 | 5.76% – 24.03% | 6.55% – 24.98% |
Harmoney offers unsecured personal loans with amounts ranging from $2,000 to $70,000 and terms of 3, 5, or 7 years. The interest rates for these loans start at 5.76% per annum, with comparison rates beginning at 6.55%. However, the actual rate offered to an applicant can vary based on their individual credit assessment, with rates ranging from 6.99% to 24.79%
Read: List of Banks and Credit Union in Australia
Commonwealth Bank Loan
Commonwealth Bank offers a diverse range of loan products to cater to various financial needs. These include personal loans, home loans, and auto loans, each with different terms and interest rates. Personal loans are available with fixed rates and terms up to 7 years, while home loans offer both variable and fixed rate options for owner-occupiers and investors.
Auto loans are provided for both new and used vehicles, with terms up to 60 months. Additionally, the bank offers home equity loans and lines of credit, as well as secured and unsecured loan options
In March 2025, Commonwealth Bank adjusted its home loan interest rates following the Reserve Bank of Australia’s decision to lower the official cash rate. The Standard Variable Rate for owner-occupied home loans is now 8.55% p.a., and the Standard Variable Interest Only Rate is 9.04% p.a.
For new Fixed Rate home loans, the 3-year Fixed Rate for Owner Occupiers paying Principal & Interest on the Wealth Package has decreased to 5.74% p.a. These changes reflect the bank’s efforts to remain competitive and provide attractive options for borrowers.
To be eligible for a personal loan from Commonwealth Bank, applicants must be at least 18 years old and have been employed for at least two years in their current job. Additionally, they must meet the bank’s credit requirements.
The application process is streamlined, requiring documents such as an employee letter, insurance quotation, driver’s license, passport, national insurance card, relevant invoices, and a copy of the previous month’s pay-slip for government or hotel employees.
Applying for a personal loan with Commonwealth Bank is a straightforward process that can be completed online in just 10 minutes. Applicants need to meet the eligibility criteria, which include being at least 18 years old and having the necessary documents ready, such as proof of income and identification.
The bank offers a borrowing calculator to help estimate the loan amount, and applicants can receive a response within 60 seconds of submission. Existing NetBank customers may even receive funding on the same day if approved
Westpac Loan
Westpac offers a variety of loan options to cater to different financial needs, including personal loans, car loans, and home loans. As of March 2025, the interest rates for unsecured personal loans range from 7.99% p.a. to 20.49% p.a., while car loans have rates between 6.49% p.a. and 12.99% p.a.
Additionally, Westpac has introduced a special rate for electric or hybrid car loans at 5.99% p.a. These rates are competitive and reflect the bank’s commitment to providing flexible financial solutions to its customers.
| Loan Type | Interest Rate Range | Comparison Rate Range |
|---|---|---|
| Unsecured Personal Loan | 7.99% p.a. – 20.49% p.a. | 9.18% p.a. – 21.61% p.a. |
| Car Loan | 6.49% p.a. – 12.99% p.a. | 7.69% p.a. – 14.14% p.a. |
| Electric/Hybrid Car Loan | 5.99% p.a. | 7.20% p.a. |
Applying for a Westpac loan is a straightforward process that can be completed online. Prospective borrowers can visit the Westpac website, select the desired loan type, and fill out an application form. The form requires personal, employment, and financial information, and typically takes about 10-20 minutes to complete. Once submitted, applicants may receive conditional approval within one business day, allowing them to proceed with their financial plans with confidence.[13][14][15][16][17][18][19][20][21][22][23]
Eligibility for a Westpac personal loan requires meeting certain criteria, such as being at least 18 years old, an Australian citizen or permanent resident, and having a good credit rating. Applicants must provide proof of identity and income, and demonstrate financial responsibility. Westpac assesses each applicant’s financial situation to ensure they can comfortably repay the loan, taking into account income, expensive on to ensure they can comfortably repay the loan, taking into account income, expenses, and existing debts.
Read: How to register for NAB online banking and Mobile App
In response to recent economic changes, Westpac has reduced its standard variable home loan interest rate by 0.25% p.a., effective from March 4, 2025. This decision follows the Reserve Bank of Australia’s move to lower the cash rate, reflecting Westpac’s commitment to supporting its customers in a dynamic financial environment. The reduction in interest rates is expected to provide relief to borrowers and stimulate economic activity.
NAB Loans
NAB, one of Australia’s major banks, offers a variety of loan products to cater to different financial needs. These include personal loans, home loans, and business loans, each with its own set of interest rates and eligibility criteria. NAB has adjusted its interest rates in response to changes in the Reserve Bank of Australia’s cash rate, making their offerings competitive in the current market. However, potential borrowers should be aware of the bank’s stricter lending criteria compared to some smaller lenders
For personal loans, NAB provides both unsecured and secured options with variable and fixed interest rates ranging from 8.49% p.a. to 20.49% p.a. The personal base rate is currently 8.77% p.a., and personal overdrafts are offered at a rate of 12.77% p.a. Credit card rates vary, with the NAB Low Rate Card offering a purchase rate of 13.49% p.a. and a cash advance rate of 21.74% p.a. Other credit cards have purchase rates around 20.99% p.a. and cash advance rates of 21.74% p.a.[1][2]
| Loan Type | Interest Rate (p.a.) |
|---|---|
| Personal Loan (Variable) | 8.49% – 20.49% |
| Personal Loan (Fixed) | 8.49% – 20.49% |
| Personal Overdraft | 12.77% |
| NAB Low Rate Card (Purchase) | 13.49% |
| NAB Low Rate Card (Cash Advance) | 21.74% |
| Other Credit Cards (Purchase) | 20.99% |
| Other Credit Cards (Cash Advance) | 21.74% |
To apply for a NAB loan, applicants must meet certain eligibility criteria. These include being at least 18 years old, having Australian residency status for tax purposes, and providing proof of identity and income. For personal loans, a minimum annual income of $75,000 and at least 12 months of employment history are typically required.
Business loan applicants need a valid Australian Business Number (ABN) and must have been in operation for at least 12 months with a minimum annual turnover of $75,000.
NAB offers several benefits to its borrowers, such as competitive interest rates, flexible repayment options, and a range of loan products.
The Choice Package, for instance, provides discounts on interest rates and fees for loans over $150,000. Additionally, NAB offers features like offset accounts, redraw facilities, and the ability to split loans between fixed and variable rates. However, borrowers should consider the annual package fee of $395 and the possibility of not always getting the lowest rates on the market
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