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Self-Employed Personal Loans

Self-employed and in need of finance? Our product table and calculator below makes getting a personal loan simple. Whether you’re a small business owner, a contractor, or a freelancer, use these tools to compare and find self-employed personal loans options tailored to your needs.

Calculate your 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
Borrow from $5,000 to $65,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
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.
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.
NRMA

NRMA New Car Loan (Credit Score +832)

EST Monthly Repayment
EST Monthly Repayment
7.29%
Advert. Rate (p.a)
Comparison rate
There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.
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.
NRMA

NRMA Used Car Loan (Credit Score +832)

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
NRMA used car loans can help you get one step closer to owning your dream pre-loved car.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $65,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
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.
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.
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
14.99%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $65,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
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.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!

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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Self-employed loans – Find finance for you and your business

If you run your own business or are in the self-employed game, you might be living the Australian dream. But, having a variable income stream can be a fly in the ointment when it comes to getting credit from traditional lenders. If you’re concerned you won’t qualify, BestFind dives into the details of self-employed personal loans below.

Read on to learn about how they work, the requirements, and finding the loan type that best drives your personal or business projects.

What’s a self-employed loan?

A self employed personal loan is a bank balance top-up provided by lenders to people who work for themselves. If you align with the lender’s requirements, you can cash out a lump sum advance of up to $100,000.

Typically, personal loans have a phenomenal range of uses. As a self-employed person, it means you can use the funds for personal projects, business purposes, or in any way you please. What makes the finance arrangement even more flexible is the ability to repay the debt over terms of up to 10 years.

Personal loan requirements for self-employed people

When it comes down to it, requirements for self-employed borrowers are no different from the requirements for employed borrowers. Think of it in terms of the risk faced by the lender. Before the lender fills your coffers, they need to know if you’ll be able to pay back the money.

Providing proof of reliable income is an easy task if you receive regular payslips. However, it’s tricky if your income stream has dry spells or unpredictable dips. The lender might consider such inconsistencies as “high-risk,” so you’ll need to work harder to prove your creditworthiness.

To get your foot inside the finance provider’s door, you’ll likely need to line up the following documents:

  • Recent bank statements or proof of income
  • Financial statements
  • Tax returns
  • Proof of assets

The lender will also want to take a closer look at your credit profile. So, having an impeccable credit history acts as another selling point that weighs in your favour during your application review.

Can I get a personal loan for self-employed people?

Getting a personal loan when self-employed may be rife with challenges. But, it’s also not entirely impossible. Options that are on the table for you include:

Standard personal loans

A standard personal loan is either secured or unsecured. When it’s secured, the lender can help themselves to your car, property, or any of your pledged assets if you fail to repay. With unsecured personal loans, the lender won’t have the liberty of selling your assets to recoup losses, so they’ll charge higher rates.

Standard loans can also have a variable or a fixed rate. Variable rates never hold steady, but they change under the influence of the Reserve Bank cash rate. Fixed rates are proofed against market changes, which is convenient if you want a dependable budget. However, there won’t be any savings to speak of should the cash rate ever go down.

As we explore other types of self-employed loans, keep in mind they’re just a variation of standard personal loans. The only difference is they have a few extra ‘features’ to accommodate those who can’t meet regular requirements.

Specialist loans

Some Australian lenders specifically include self-employed people in their client base. While the product is tailored to your situation, you might still need to hand over a lot more paperwork during the loan application. A stellar credit score is also preferable to improve your chances of approval.

Low doc loans

Digging through several years’ worth of financial records can be a hassle. On top of that, finding the required documents is sometimes hit or miss. A low doc personal loan cuts out this work for you, although you pay more for the privilege of providing fewer documents.

Bad credit loans

When you’re worried that your poor credit score will take a toll on your chances of approval, you can apply for a bad credit secured personal loan. That means you’ll need to own a sufficiently high-value asset to use as collateral. The lender may also pile on the interest charges specifically to lower the risk of financial loss.

Joint application loans

If you need extra backup when applying for a personal loan, adding a co-borrower or guarantor helps. This person will be responsible for your debt if your business goes through some financial mishaps. Reducing the lender’s risk also introduces a favourable twist where you can potentially borrow more at a lower rate.

How do I compare self-employed loans?

Considering the following factors keeps you on your toes, so you can easily spot the right product for your budget and needs:

  • Interest rate. There’s a good reason why the interest rate is usually first to catch your eye when comparing loans. It sets the course for how much you end up paying by the time you offload your debt. Therefore, a lower interest rate steers you in the right direction for more savings, all things being equal.
  • Fees. Steep fees and charges can quickly undo any potential benefits of a low rate. Take note of all upfront and ongoing fees to avoid this. The comparison rate is a handy representation of the total costs involved since it stacks up the interest rate and all standard fees into one percentage.
  • Repayments. You’ll need to choose an affordable repayment amount using our self-employed loan calculator. Lower repayments usually need a longer timeframe and can cost more in the long run. But, shorter terms and larger repayments allow you to pay off your debt more quickly and cheaply. An extra repayment feature with no added fees also works superbly in this regard.
  • Credit approval. Check out lending criteria before you decide to apply for any loan. Ideally, you want to only apply for offers where you stand a fair chance. Unless the lender strictly carries out a ‘soft’ credit check, knocking on several doors at once can hurt your credit score.
  • Unique benefits. Some lenders deposit the money within 48 hours. Others provide a sleek application process and great customer service that makes borrowing easier. Generally, you should look for lenders that make an effort to roll out the red carpet for clients.

Self-employed loans FAQ

How can I get a self-employed loan in Australia?

You can receive a self-employed loan by completing a quick and easy application process on your chosen lender’s website. After you compare self-employed loan lenders in our comparison table above, click ‘Go to Site.’ Besides documentation, you’ll need to provide basic personal, business, and contact details.

Are there any alternatives?

Yes, although like all credit options, these have their upsides and downsides. For instance, low-interest credit cards are a cheap alternative. However, the amount you can borrow is capped low. A business loan is tailored for business use, which means you might not be able to use it for personal purposes.

How soon can I get the funds?

Depending on the lender, your bank will reflect the cash deposit within 48 hours or a few days.

What can I use the funds for?

Common uses for a self-employed personal loan include:

  • Renovating your house or business premise
  • Paying your home loan deposit
  • Buying equipment
  • Making investments
  • Debt consolidation
  • Holiday and travel

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