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Peer-to-Peer Personal Loans

Skip the banking queue and match up with a low-cost loan via peer to peer lending. Our handy guide and comparison tools below will help you explore the finance options available at your internet doorstep.

Compare P2P loans for

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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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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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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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?

Peer to peer lending in Australia

With the Internet of Things, various P2P lenders can now nudge traditional lenders aside to gain recognition as better alternatives for Aussie borrowers. But how does peer to peer lending work, and is it safe to bypass the traditional banks in favour of this online option? Read our guide to find out more.

What’s peer to peer or P2P lending?

On one side of P2P lending, you’ll find savers and investors who need to grow their nest eggs. On the other side are borrowers who need extra cash to fix up their homes, buy cars, or pay back debts.

Then there are P2P websites that connect these borrowers and individual lenders directly. This online arrangement neatly cuts out traditional “middlemen” lenders and conveniently circumvents brick and mortar costs. As a result, borrowers have access to an affordable loan pot while investors get to rake in higher returns than what’s offered by mainstream banks.

How does peer to peer lending work for borrowers?

Are you a borrower who’s about to step up to a P2P platform and dip into a stranger’s pockets? Here are a few details of peer to peer loans you should be aware of:

  • Loan amounts. Minimum amounts typically start around $1,000 while maximum amounts hover around $50, 000. However, some peer to peer lenders might offer more than this.
  • Loan terms. Similar to mainstream lenders, repayment times generally range from one to five years.
  • Risk-based interest rates. Your interest rate is personalised according to your credit history and financial situation. Therefore, best buy rates are generally reserved for excellent credit scores and pricier rates for those with subpar credit ratings. Interest rates on P2P loans can also be fixed or variable.
  • Secured or unsecured loans. A big chunk of P2P loans is unsecured. But you’ll bump into secured personal loans where your property or goods back up any funds you borrow.
  • Funding from several investors. Although it’s been said that P2P companies match up borrowers and lenders, you won’t be dealing with the lender directly. Instead, the P2P company stockpiles a pool of funds from various lenders. Therefore, your loan ends up being a contribution from not just one but a bunch of investors.
  • Repayments. Loan repayments are generally collected via debit order. The P2P company takes a cut from the interest rate and fees you pay then pass the rest on to your investors.

Pros of P2P borrowing

  • Better deals. P2P companies don’t have many overhead bills or operating costs to pass on to you. Therefore, you’ll likely bag a cheaper personal loan with a low rate that’s foreign to most traditional banks.
  • Faster deals. Internet applications are generally quicker and more convenient.
  • Relatively safe alternative to banks. P2P lenders are establishing themselves as viable alternatives when banks or traditional lenders are reluctant to lend.

Cons of P2P borrowing

  • Lower borrowing limits. For contrast, some banks have maximum limits upwards of $100,000 while a P2P loan generally maxes out between $35,000 and $50,000.

How to compare peer to peer loans

With the mini-explosion of Australian P2P players that’s been happening since 2012, it can be challenging to find the best P2P loan option. If you’re weighing your options on the P2P lending scene, these three actions can help you find the right loan for your budget and needs:

  • Check the rates and fees. You can expect P2P personal loan rates to be competitive, but watch out for fees that might overpower your budget. The company usually deducts an application fee from your borrowed funds. They may also charge a monthly fee. For a quick inventory of the loan’s total cost, inspect the comparison rate, which has the interest rate and fees and charges wrapped into its percentage figure.
  • Choose flexible options. Choosing a flexible personal loan sets you up for a smoother repayment process. The first thing you need to screen for is the extra repayment feature. It allows you to sneak in additional repayments which cut down on your loan term and total costs. For best results, make sure this feature also comes with no early repayment fees. Also, consider if you’ll need a redraw facility. It enables you to tap back into the extra repayments you’ve made when you need extra cash again. Other features to prioritise include repayments that match your time table or schedule and a repayment amount that’s not too extra for your budget.
  • Look into the company’s reputation. P2P lenders are not created equal, and some might not have a good reputation. Start by checking for a creditor’s licence then move on to reviews from customers who have dealt with that particular platform. It’s always best to line up as many financial products as possible to ensure you’re getting the best deal on the market.

How does peer to peer lending work for investors?

Investors can put money into P2P platforms to get decent returns. If you’ve got excess cash to bury into an online marketplace here are a few details to get you familiar with the process:

  • Requirements. Depending on the platform, investors can be regular Aussies or have in-depth investment know-how and experience. Investors can also be institutions, companies, trusts, and self-managed super funds (SMSFs).
  • Application review. Once you open an account, you can deposit enough cash to cover the minimum investment and then go through available borrowers’ profiles. You get to decide which borrowers to lend to, how much, and for how long plus the type of loan you’d like your money to fall under.
  • Spread investments. The P2P company will distribute your investment across many borrowers to lower the risk of bad debt. You won’t be able to identify or communicate with the borrowers since the peer to peer company takes care of all the underwriting. The company is also responsible for collecting repayments on your behalf.
  • Higher risks, higher returns. Borrowers are graded according to risk ratings. The more risky a borrower is, the higher the rate and the more you cash out. However, only the P2P company gets to set interest rates. Generally, it’s the norm to have your investments spread over accounts with different risk categories.
  • Fees and charges. Fees structure for P2P investments may include monthly or annual fees, interest margin fees, and a risk assurance charge. Although this is not collected on the platform, you’ll also need to deduct tax from your returns.

Is peer to peer lending a regulated market?

While P2P lending offers attractive rates to investors and borrowers, it’s still riskier than traditional deals. The investments you make have no government guarantee to back them. That means if your savings get swallowed up and disappear, you won’t get the up-to $250 000 deposit protection that you’d typically get from banks and other Authorised Deposit-taking Institutions (ADI).

However, there’s some form of protection from ASIC regulations. Additionally, most P2P platforms have strict measures in place and safety nets to absorb losses from bad debt.

Pros of P2P lending for investors

  • More profitable returns than other investment opportunities
  • It can be a great way to diversify your portfolio
  • Risk of loss is minimal when you spread your investment over scores of borrower accounts

Cons and risks of P2P lending for investors

  • The Government Backed Guarantee on deposits does not apply to P2P platforms
  • The headline rate might not be what’s on the ground when you factor in fees and unexpected losses

Where can you find peer to peer loans in Australia?

Popular P2P players in Australia include:

Peer to peer lending FAQ

How do I use a P2P loan?

Types of P2P loans include medical loans, business loans, student loans, plus more.

Do I qualify for P2P lending?

Lending criteria differ by provider, but the basics include having Australian citizenship and a stable income.

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