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Credit Card Debt Personal Loans

Is the interest rate on your credit card debt giving you a run for your money? Swipe away the stress with a credit card debt personal loan. Choose your best option below and find budget-friendly repayments using our calculator.

Calculate repayments

Loan Amount

$10,000

Term

3 months

OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.
Now Finance

NOW Finance Unsecured No Fee Personal Loan

EST Monthly Repayment
EST Monthly Repayment
6.75%
Advert. Rate (p.a)
Comparison rate
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. Comparison rate can vary from 6.75% to 26.95% p.a.*
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
MoneyPlace

Unsecured Personal Loan - Fixed (Excellent credit)

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Our loans are better because we understand you better. A range of personal loans, for all the right reasons.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
MoneyPlace

Secured Personal Loan - Fixed (Excellent credit)

EST Monthly Repayment
EST Monthly Repayment
6.66%
Advert. Rate (p.a)
Comparison rate
Secure your personal loan with a vehicle you own as security to access a lower rate, a higher lending limit, or both.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
MoneyPlace

Secured Personal Loan - Fixed (Good credit)

EST Monthly Repayment
EST Monthly Repayment
10.57%
Advert. Rate (p.a)
Comparison rate
Secure your personal loan with a vehicle you own as security to access a lower rate, a higher lending limit, or both.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
MoneyPlace

Unsecured Personal Loan - Fixed (Good credit)

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Our loans are better because we understand you better. A range of personal loans, for all the right reasons.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
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!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
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.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
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.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
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.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
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.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.49%
Advert. Rate (p.a)
Comparison rate
An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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.

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Credit card debt personal loans – Get rid of your plastic debt

Credit cards may be the epitome of convenience, but they’re also notorious for having high interest rates. Left unchecked, your plastic debt can quickly snowball and bury you under. Learn how credit card debt personal loans can nip your interest costs in the bud and help you save a pretty penny or two.

What’s a credit card debt personal loan?

A credit card debt personal loan is money you borrow specifically to clear your plastic debt. Typically, most credit consolidation loans are unsecured, allowing you to borrow as much as $50,000 over up to 5 years. However, you can always use a secured personal loan for the same purpose if you want to borrow more for longer and at a lower rate.

You can also choose between a fixed rate and a variable rate. Generally, if you’re planning to consolidate your credit card debt, the process should work out to something like this:

  • You take out a suitable personal loan with a lower rate than your combined credit card debt.
  • You then use that one loan to pay off your multiple credit cards.
  • In other words, you use a low-interest personal loan to pay off several high-interest credit cards.
  • Once you’re clear of your plastic debt, you only have to deal with a single personal loan with a reduced rate and, therefore, lower repayments.

Why should you consolidate your credit card debt?

The main attraction of using a personal loan to consolidate credit card debt is how it trims your borrowing costs. Here’s why it may leave you smiling all the way to the bank:

  • Reduces your interest rate. Generally, personal loans have lower rates than credit cards. So swapping out your credit card debt for a personal loan means you pay less interest over the life of the loan.
  • Comes with a fixed term. While a credit card is an ongoing line of credit, a personal loan comes with a fixed repayment period. That means you can’t keep borrowing unless you apply again. This removes the temptation of always having credit on hand and the likelihood of continuing the debt cycle. Instead, you become focused on repaying your debt within the specified period. You can even make extra repayments, so you can exit your contract early and save more on interest.
  • Removes the hassle of making multiple repayments. Keep in mind that multiple repayments are not only a hassle – they also come with associated fees. Eliminating these fees means you save a few more dollars, and it all adds up in the long run.

Here’s how credit card debt consolidation might work in real life

Let’s take a hypothetical example that shows if a personal loan is better than credit card debt. Let’s say you have 3 credit cards where the minimum repayment is 2% or 20%, whichever is higher. Using a credit card interest calculator, the figures would look something like this:


Total Balance =$12,000 Credit card 1 Credit card 2 Credit card 3
Balance on each card $3,000 $4,000 $3,000
Interest rate 17% 16% 12%
Minimum repayment – 1st month $61 $82 $61
Estimated total repayment time 22yrs 3 months 23yrs 7 months 14yrs 9 months
Estimated total interest $5,383 $6,427 $2,354



Keep in mind the following assumptions are made: There’s no additional spending, and credit card fees are omitted. Using this scenario, the total interest paid for all 3 credit cards then boils down to $14,164. Now let’s take a look at how this changes with a credit card debt personal loan:


Loan amount  $12,000
Loan term 5 years
Interest rate 8%
Estimated monthly repayment $376
Estimated total interest $1,537



So, by consolidating your combined credit card debt of $12,000 into a single unsecured personal loan of the same amount, you save yourself a ton of money while paying off your debt significantly sooner. Be mindful that monthly loan repayments on a personal loan may be higher than your minimum credit card repayments, more so when fees and charges are added.

You can always choose a longer term to get lower repayments, but it will cost you in the long run. Use our credit card debt consolidation loan calculator when making comparisons to ensure you’ll be able to afford the repayments.

How to compare credit card debt consolidation loan options

It helps to consider the following when choosing the best personal loans for credit card debt:

  • Interest rate. Since interest represents a big chunk of your borrowing costs, credit consolidation only makes sense if you get a competitive rate. Most rates are risk-based, so try and improve your credit score before applying to ensure the numbers are right for your purposes.
  • Fees and charges. Personal loan fees generally include upfront establishment and application fees plus ongoing monthly and annual fees. Also, watch out for early payout fees, redraw fees, and late payment fees. We recommend checking the comparison rate, which represents the true cost of borrowing (interest + standard fees).
  • Borrowing limits and loan terms. Find out which lender allows you to borrow enough to cover your plastic debt and repay it over a budget-friendly period.
  • Repayment flexibility. This generally refers to whether you can choose a repayment frequency that suits your income cycle – weekly, fortnightly, and monthly options are usually available. Does the lender allow you to make extra repayments, and is there a cost? Is there a redraw facility to access your extra repayments when you need them? Consider these features when assessing how flexible a particular product is.
  • Eligibility. Generally, lenders require borrowers to be 18 years old or above and either an Australian citizen or permanent resident. Things like having a good credit score and a regular, sufficient income also increase your chances of approval.

When consolidating credit, are there any alternatives to personal loans?

Yes, a balance transfer credit card is one main alternative. This is often the best option because of the 0% introductory period. But you must repay the full credit card balance within the specified period. Otherwise, a much higher rate will kick in, leaving you at square one or in a worse debt situation.

And considering that home loans tend to have even lower rates than personal loans, you can also refinance your home loan to consolidate your credit card debt. However, this means you take longer to repay the debt, and your interest costs will therefore increase.

If you have additional existing debt such as personal loans and other credit accounts, you may want to consider a debt consolidation loan.

Credit card debt personal loans FAQ

How do I apply for a credit card debt consolidation loan online?

Once you finish comparing offers in the product table above, click “Go to Site” for your favourite pick and start applying on the lender’s website.

Can I consolidate my credit card debt if I have bad credit?

Yes, but you may have to settle for a higher rate or opt for secured credit.

What else should I consider when consolidating credit?

Debt consolidation is not a magic solution. When consolidating your debts, make sure you know how all the numbers will work out going in. Read the fine print so you understand the terms and conditions and, if possible, seek professional advice.

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