As we head into 2024, it’s a great time to explore personal loan alternatives and ensure you have the best option for your major expenses, such as home renovations, travel, and vehicle purchases. With over 70 lenders available, there isn’t a single best personal loan for every borrower. However, some key features that make personal loans exceptional include low interest rates, minimal fees, and flexibility in making additional repayments.
1. Harmoney Unsecured Personal Loan
Key Information: Harmoney offers fast, low-cost, 100% online personal loans with low fixed rates for borrowers with excellent credit. The streamlined online application and 24-hour cash turnaround make borrowing easy.
| Feature | Details |
|---|---|
| Interest Rate | From 5.86% p.a. (6.85% p.a. comparison rate*) |
| Loan Amount | $2,000 – $70,000 |
| Fees | $275 – $575 establishment fee, no early repayment fees |
| Repayment Terms | 3, 5, or 7 years |
| Income Requirement | $30,000+ per year |
Key Takeaways: Harmoney’s unsecured personal loan is ideal for borrowers with a strong credit history who seek a quick and straightforward loan process. The ability to make additional repayments without fees is a significant advantage.
2. Our Money Market Low-Rate Personal Loan
Key Information: Our Money Market offers competitive rates, especially for borrowers with excellent credit. It includes a free redraw facility and no service fees.
| Feature | Details |
|---|---|
| Interest Rate | From 6.57% p.a. (7.19% p.a. comparison rate*) |
| Loan Amount | $2,001 – $75,000 |
| Fees | $250 establishment fee, no monthly fees |
| Repayment Terms | 1 – 7 years |
| Income Requirement | $25,000+ after tax |
Key Takeaways: This loan is well-suited for those with excellent credit ratings seeking flexibility and low fees. The free redraw facility and absence of service fees enhance its attractiveness.
3. Plenti Fixed Personal Loan
Key Information: Plenti offers a straightforward online application and a fast, paperless borrowing experience with no additional fees and a low fixed interest rate for borrowers with excellent credit.
| Feature | Details |
|---|---|
| Interest Rate | From 6.57% p.a. fixed (6.57% p.a. comparison rate*) |
| Loan Amount | $5,000 – $50,000 |
| Fees | No monthly or early repayment fees |
| Repayment Terms | 1 – 7 years |
Key Takeaways: Plenti is ideal for borrowers looking for a seamless online process and the ability to make extra payments without fees, with competitive rates for those with good credit histories.
4. Now Finance Secured Personal Loan
Key Information: Now Finance provides fixed interest rates with no establishment or service fees, catering to borrowers with excellent credit who are seeking unsecured loans.
| Feature | Details |
|---|---|
| Interest Rate | From 6.75% p.a. (6.75% p.a. comparison rate*) |
| Loan Amount | $5,000 – $50,000 |
| Fees | No establishment or service fees |
| Repayment Terms | Up to 7 years (max 3 years for loans < $8,000) |
Key Takeaways: With no upfront or ongoing fees, Now Finance is a top choice for borrowers seeking a straightforward loan with flexible repayment options and the ability to pay off the loan early without penalties.
5. EBP Money – Personal Loan
Key Information: EBP Money offers unsecured loans with fixed rates and fast online application processing, suitable for home renovations or debt consolidation.
| Feature | Details |
|---|---|
| Interest Rate | From 8.99% p.a. – 15.99% p.a. (8.99% p.a. – 17.85% p.a. comparison rate*) |
| Loan Amount | $5,000 – $25,000 |
| Fees | One-off establishment fee, $15 monthly service fee |
| Repayment Terms | 3 – 5 years |
Key Takeaways: EBP Money provides a personalized interest rate based on credit score and borrowing history, with fast funding and a flexible loan term, making it suitable for a variety of needs.
6. Queensland Country Bank Green Reno Loan
Key Information: This loan offers a low variable rate with no establishment or service fees, specifically designed for green home renovations.
| Feature | Details |
|---|---|
| Interest Rate | From 5.99% p.a. (5.99% p.a. comparison rate*) |
| Loan Amount | $3,000 – $50,000 |
| Fees | No establishment or service fees |
| Repayment Terms | 1 – 10 years |
Key Takeaways: Queensland Country Bank’s Green Reno Loan is ideal for borrowers looking to make sustainable home improvements, with competitive rates and no additional costs.
7. Illawarra Credit Union Online Personal Loan Package
Key Information: This secured loan offers a competitive variable rate and includes a 100% offset account, with flexible repayment options.
| Feature | Details |
|---|---|
| Interest Rate | From 5.75% p.a. (6.39% p.a. comparison rate*) |
| Loan Amount | Secured by a vehicle under 3 years old |
| Fees | $200 establishment fee, $5 monthly service fee (no fee for offset account) |
| Repayment Terms | Weekly, monthly, or fortnightly |
Key Takeaways: Illawarra Credit Union’s loan is excellent for borrowers securing their loan with a vehicle, offering a low variable rate and an offset account to reduce interest costs.
Final Thoughts
Selecting the right personal loan alternative involves considering your financial situation, credit history, and specific needs. Each of these top personal loan alternatives provides distinct advantages, from low interest rates to flexible repayment options and minimal fees. By comparing these features, you can find the best personal loan option to suit your needs in 2024.