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Compare small personal loans

Need a few extra dollars to plug a small hole in your cash flow? Check out our small personal loans product table and calculator below. Compare top borrowing options in Australia to find one that works best for your budget and needs.

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. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. 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)$60

Total repayments (approx)$2,188

Total interest repayments (approx)$188

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$35

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)6.29%

Personal loan comparison rate6.64%

Monthly repayments (approx)$68

Total repayments (approx)$2,475

Total interest repayments (approx)$475

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 of12/04/2021

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)$76

Total repayments (approx)$2,753

Total interest repayments (approx)$753

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)$71

Total repayments (approx)$2,577

Total interest repayments (approx)$577

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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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)$67

Total repayments (approx)$2,440

Total interest repayments (approx)$440

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)$67

Total repayments (approx)$2,440

Total interest repayments (approx)$440

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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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)$71

Total repayments (approx)$2,568

Total interest repayments (approx)$568

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)$71

Total repayments (approx)$2,577

Total interest repayments (approx)$577

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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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)$75

Total repayments (approx)$2,720

Total interest repayments (approx)$720

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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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)$76

Total repayments (approx)$2,768

Total interest repayments (approx)$768

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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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)$77

Total repayments (approx)$2,777

Total interest repayments (approx)$777

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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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.

Need help choosing the right loan?

Get a multi award-winning personal loans broker, to help select the right loan for you.

Australia-wide personal loans completed online or via the telephone (no need for any face-to-face meetings).

Monday to Friday, 9am – 6pm AESTs

An account manager will contact you within 3 hours of your enquiry.

Call 1300 884 355
What type of loan are you looking for?

Small personal loans – Find out the smart way to borrow less

A small-dollar personal loan can be used as a quick and convenient stopgap when you have an emergency car repair, medical bill, or other bite-sized financial need. However, it works a bit differently from the regular type of personal loan, and you might need some pointers to help you arrive at the best choice. Here’s BestFind’s guide on what you need to know about small personal loans in Australia.

What’s a small personal loan?

A small loan is a borrowed lump sum that comes in different sizes ranging from $100 to $5,000. In Australia, traditional lenders typically have borrowing limits of up to $100,000, which can be far off the mark when all you need is a little cash. Therefore, it’s not uncommon to find a big chunk of these tiny loans being offered by non-traditional lenders.

The loans are often marketed as quick, fast, or instant cash loans that turn up in your bank account with little hassle. Because you’re not asking for much, small personal loans also tend to have shorter repayment times. You’ll need to square your debt within 16 days or 12 months compared to 5 or 7 years for regular-sized loans.

What can I use a small loan for?

Most personal loans have an up-to-you policy for how you use the funds. Some lenders will ask a few questions, but you’ll still get free rein if you’re using the money legally and for a worthwhile purpose. You can even use the payout to cover more than one expense as long as it’s not too much of a stretch. For instance, you can:

  • Pay for emergency medical trips, or car, home, and appliance repairs
  • Finance less pressing expenses like clothing, gifts, and other smaller purchases
  • Top up your large wedding, travel, or home renovation bill
  • Consolidate small amounts of debt

Types of small loans

Here are a few options that can be handy in cash-strapped situations where a little goes a long way:

  • Small loans for good or excellent credit borrowers. When your credit profile ticks all the right boxes, some mainstream lenders will let you borrow small unsecured funds for longer periods. Such deals often have less expensive interest rates than payday loans and credit cards.
  • Payday loans. Payday is usually always around the corner, but if you need a little push, a payday loan could be a last-resort option. Some payday lenders will want you to repay the whole amount in one go once your paycheck arrives. Others offer more flexible instalment plans of 3 or 6 months. Typically, payday loans have higher interest rates and fees but less stringent requirements. For instance, payday lenders usually offer small personal loans for bad credit borrowers.
  • Credit card cash advances. Your credit card may not be suitable for some emergency payments, but you might still be able to withdraw cash from your credit card account. However, withdrawal limits are usually low, and like payday loans, this option is more on the expensive side.
  • Line of credit loans. This option lets you borrow any amount up to a specific limit and at any time. This can be a flexible arrangement for borrowers who need to regularly dip into a small pool of extra funds. In some cases, the credit account links directly to your bank transaction account as with overdraft facilities. These allow you to withdraw money from your account beyond what’s available. Generally, you only pay interest on what you borrow, and if you have ‘revolving credit,’ you can continuously borrow and repay for as long as you’d like.

How do I compare small loans?

Use these factors to quickly sift through the available offers and find one that’s best for you:

  • Interest rate. Go for low-rate deals when possible since it’s usually the first line of action to reduce finance costs. Also, check if the interest rate is fixed or variable.
  • Fees and charges. Keep a watchful eye on fees that may end up weighing your budget down. These include upfront establishment fees and ongoing monthly fees. There’s also late payment and early payment fees.
  • Borrowing limits. Look for a credit provider who allows you to borrow as low an amount as you’d like. That means you won’t be forced to take on extra debt you don’t need.
  • Repayment schedule and amount. Find out if you can get a repayment plan and amount to match your regular cash flow schedule. You can also use our small personal loans calculator to discover different repayment options for monthly schedules.
  • Repayment flexibility. This comes from the ability to make extra repayments that you can also borrow back when you need to (redraw facility).
  • Response time. Small loan providers generally deliver on the same day or within hours or minutes. If it takes longer, the option might not be suitable for emergencies.

Pros of small loans

  • They can be convenient when you don’t have an emergency fund or enough savings
  • Flexible lending criteria
  • Easy approval and quick access to funds
  • Borrowing only small amounts makes it easier to repay
  • It’s easy to find small unsecured personal loans, so you won’t need collateral to apply

Cons and risks of small loans

  • Some disreputable lenders ignore fee caps and charge illegal rates that can derail you financially. Before applying, make sure the lender is licenced, authorised, and has good reviews. Avoid “no credit check” offers that encourage you to borrow irresponsibly.
  • Because of their shorter loan terms, you can expect to pay higher interest rates so the lender can still make a profit.
  • You may face legal action if you default.

How do I apply for a small personal loan online?

  • Evaluate your options using the comparison table above.
  • Check for lender requirements. These generally include being at least 18 years old, having Australian citizenship, and a stable, regular income.
  • Click “Go to Site” once you pick out the right deal.
  • Submit your loan application on the lender’s website.

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