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Average Credit Personal Loans

If your credit score is average, it’s only fitting that you qualify for a fair deal when borrowing. Avoid low-grade offers and start comparing average credit personal loans below. By choosing a manageable repayment using our calculator, you could be on your way to building a better credit score that attracts even better deals.

Calculate your repayments

Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. The comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.69%

Personal loan comparison rate6.55%

Monthly repayments (approx)$310

Total repayments (approx)$11,169

Total interest repayments (approx)$1,169

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.47%

Personal loan comparison rate5.28%

Monthly repayments (approx)$309

Total repayments (approx)$11,132

Total interest repayments (approx)$1,132

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.69%

Personal loan comparison rate6.55%

Monthly repayments (approx)$310

Total repayments (approx)$11,169

Total interest repayments (approx)$1,169

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

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Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)10.99%

Personal loan comparison rate11.81%

Monthly repayments (approx)$335

Total repayments (approx)$12,089

Total interest repayments (approx)$2,089

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$249

GO TO Bankwest

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 17 19

Data accurate as of21/09/2020

GO TO Bankwest

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)11.99%

Personal loan comparison rate13.15%

Monthly repayments (approx)$340

Total repayments (approx)$12,268

Total interest repayments (approx)$2,268

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO Westpac

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments feeYes

Missed payment feeYes

For debt consolidation?Yes

Sponsored No

Telephone1300 720 697

Data accurate as of21/09/2020

GO TO Westpac

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1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.74%

Personal loan comparison rate13.81%

Monthly repayments (approx)$342

Total repayments (approx)$12,335

Total interest repayments (approx)$2,335

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$10

Application / establishment fee$195

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.99%

Personal loan comparison rate15.78%

Monthly repayments (approx)$350

Total repayments (approx)$12,609

Total interest repayments (approx)$2,609

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO People's Choice Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 11 82

Data accurate as of21/09/2020

GO TO People's Choice Credit Union

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Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.

Overview

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.29%

Monthly repayments (approx)$356

Total repayments (approx)$12,844

Total interest repayments (approx)$2,844

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO The Mac

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 622 278

Data accurate as of21/09/2020

GO TO The Mac

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All-purpose Personal Loan for quick and easy funds when you need them.

Overview

Minimum loan amount$500

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.91%

Monthly repayments (approx)$358

Total repayments (approx)$12,901

Total interest repayments (approx)$2,901

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Regional Australia Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 768 710

Data accurate as of21/09/2020

GO TO Regional Australia Bank

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)16.40%

Personal loan comparison rate17.31%

Monthly repayments (approx)$374

Total repayments (approx)$13,484

Total interest repayments (approx)$3,484

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)19.45%

Personal loan comparison rate20.34%

Monthly repayments (approx)$390

Total repayments (approx)$14,068

Total interest repayments (approx)$4,068

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Average credit personal loans – Find fair deals in Australia

Being stuck in the middle credit score ranges isn’t fun. On the one hand, you’re a few missteps away from the bad credit category and its subprime offers. On the other, you’re not eligible for the perks afforded to good and excellent credit borrowers.

Fortunately, it’s still possible to qualify for a personal loan with decent terms, though not easy. BestFind does some digging on how to get a personal loan with an average credit score in Australia.

How do credit scores work?

Think of a credit score ladder that starts from the bottom at 0 and goes up to 1000 or 1200 steps. The exact range varies with each credit reporting bureau (CRB), of which the two major ones are Experian and Equifax.

Now, the credit score ladder is typically divided into five sections that are labelled “excellent,” very good,” “good,” “average,” or “below average.” The CRBs generally use the following information to determine which section of the credit score ladder you’re currently on:

  • Payment history. Paying your bills on time is one of the top ways of moving up the credit score ladder.
  • How much you owe. A high credit utilization bumps your score down and vice versa.
  • The length of your credit history. A long credit footprint boosts your score.
  • Your credit mix. Having your debt under different credit accounts such as personal loans, credit cards, and car loans helps improve your credit rating.
  • New credit applications. Loan applications are recorded in your credit file. Approaching too many lenders is a red flag that paints you as a desperate and, therefore, high-risk borrower.

As mentioned earlier, the CRB aggregates all this information into a credit score, which then tells financial institutions if you’re high-risk or low-risk. The best personal loans are offered to borrowers with a high credit rating since they’re more likely to repay their debt.

What’s an average credit score?

An “average” credit score for Aussies ranks somewhere between 500 and 600. This isn’t too bad, considering that Australia’s average credit score is 550. Qualifying for a personal loan with an average credit score, though tricky, isn’t the almost impossible task it once was when banks and credit unions had more monopoly.

Today, alternative lenders have levelled the playing field by offering financial products for every credit score category. However, you’ll still have to pay a slightly higher interest rate than what’s available for good and excellent credit.

What personal loans are available if I have an average credit score?

Take a look at the options for average credit loans plus how they work:

  • Unsecured personal loans. Most unsecured personal loans require borrowers with a good or better credit rating. Since you’re not putting up your asset as collateral, there’s more risk to the lender, and a good credit score helps to even it out. But if you have average credit, expect to pay a higher rate as a way to offset the lender’s risk.
  • Secured personal loan. If you have property or a valuable asset to offer as collateral, you can leverage a lower rate. Choosing a secured personal loan also improves your chances of approval.
  • Joint application personal loans. If you’re worried your average credit might lower your chances of qualifying, you can opt for a joint personal loan. This requires adding another person to your loan application, preferably someone with a strong credit score.
  • Peer-to-peer (P2P) loans. This is an online arrangement where you can borrow directly from individual lenders with no banks involved. P2P companies are responsible for matching you up on their platforms or websites. As with unsecured personal loans, an average credit score will necessitate paying a higher rate due to the risk you pose.
  • Car loans. This type of personal loan is usually secured by the vehicle you’re buying, so it generally comes with a lower rate. However, failure to repay means you may lose your car. On top of that, your rate may still be higher than what someone with good or excellent credit will pay.

What interest rate will I get with average credit?

Most Australian lenders have no set interest rate and will often advertise a range instead. Specific rates are allocated on a case-by-case basis that considers the borrower’s financial situation and other details such as how much they’re asking for and the loan repayment period. If the lender has a single headline rate on display, the exact rate you get may move away or closer to that, depending on your credit rating.

Average credit borrowers do carry some risk but not too much. So a risk-based pricing model will typically allocate you an interest rate that’s in the middle of the lender’s range. If you want to trim the amount of interest you have to pay, you can reduce the loan amount and the loan term.

How do I compare average credit personal loans?

As explained above, what you see isn’t always what you get when it comes to interest rates. Still, you can compare personal loans in a way that improves your odds of getting a better deal. Consider the following:

  • Interest rate. A lower headline rate is a good starting point if you’re hoping to bag the best rate available for average credit scores.
  • Fees and charges. Aim for fewer costs by going for affordable establishment fees, ongoing fees, and late and early repayment fees.
  • Additional features. Look at repayment frequency, whether you can make extra repayments, and if there’s a redraw facility. These features allow you to tailor the loan to your situation.

What’s the best way to improve my average credit score?

Some practical actions to take include:

  • Paying off some of your debt
  • Sticking to payment deadlines
  • Fixing errors in your credit report
  • Avoiding too many loan applications in a small space of time

Average credit score personal loans FAQs

Can I also apply for a credit card if I have average credit?

Yes, credit cards are handy when you need some fast funding. But plastic debt generally comes at a higher cost than personal loans, unless you get a 0% credit card. Also bear in mind that you can keep using a credit card (revolving credit), whereas a personal loan delivers a once-off lump sum payment into your bank account.

Can I pre-qualify for a personal loan?

Yes, some lenders can provide you with a more reliable estimate of the interest rate and terms you’ll get before you commit. This is done through a “soft” credit check, not a “hard” credit check. Therefore, it won’t dent your credit rating.

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