Do you need to make a large purchase or business expenses you need to cover? Maybe, you’re like so many others, and you find yourself without the capital to get these things done. Have you considered taking out a personal loan?

What to Consider When Choosing a Lender

While getting a personal loan seems like an easy solution, it can actually be a tough decision when it comes to choosing the best loan provider in Australia. For one thing, there are so many lenders in Australia to choose from. Secondly, you really shouldn’t be thinking in terms of the best loan provider. Instead, you should look for the lender that’s the best choice for you. Choose a lender that gives you the features that match your needs, like perks, flexibility, minimal fees, and low-interest rates.

Also, you need to take into consideration that most lenders use risk-based pricing to determine interest rates on loans. This means that a lender considers your credit history and current financial situation to determine your level of “risk” ^[1]. Therefore, you need to consider your credit score when choosing a lender along with the features that you need.

3 Best 2022 Loan Providers in Australia

Once you’ve determined your needs and the features you want, it’s time to consider a loan provider. Here are the 3 best loan providers in Australia.

ANZ

Anz is one of the best providers of personal loans, home loans, and insurance. As far as personal loans, Anz offers two kinds: variable-rate loans and fixed-rate loans^[2].

The fixed-rate loan offers a lower interest rate that’s locked in. Therefore, you won’t experience fluctuations in payments. As for a drawback, you can’t redraw a fixed-rate loan. Also, you will experience early repayment charges.

On the other hand, the variable-rate loan doesn’t charge early repayment charges. Plus, you have flexibility in increasing your loan amount or accessing extra money paid. Unfortunately, your repayment amount may fluctuate due to changes in interest rates.

Both loans offer same-day cash if approved by midday Monday-Friday.

You can apply online, over the phone, or in person at a local branch. Plus, if you’re unsure of which type of loan to apply for, they’ll help you if you contact them.

Fair Go Finance

Fair Go Finance, a non-bank loan lender, offers a wide range of loans. From personal loans to education loans, Fair Go works to offer you a personalized loan experience. This includes offering both non-secured and secured loans^[3]. If your credit could keep you from getting a non-secured loan, the secured loan might be an option for you.

In addition, they offer a wide range of loan amounts, which range from $300 to $10,000. Plus, they offer an online application that only takes about 6 minutes to complete. They strive for fast response time, as well.

Finally, Fair Go Finance uses real-time funding to instantly transfer funds into your account once approved. This may be helpful if you need a loan in an emergency.

Alex Bank Personal Loans

Alex Bank offers a personalized interest rate for its personal loans. This means that there is no fixed interest rate. The interest rate for your interest rate is based on your financial situation^[4].

This includes:

• Credit score
• Lending history
• Current income level
• Current lines of credit

In addition, Alex offers fixed interest and variable interest rate loans.

Plus, with an Alex Bank personal loan, there are no early repayment fees or monthly fees. Also, they offer a range of repayment terms.

As for loan amounts, they offer loans from $2,100 to $30,000. To apply, you complete an online application. You can expect approval typically within 1 business day. Funding takes place in the same amount of time.

Finally, Alex Bank consistently receives top rankings from bank comparison websites. On top of the features they offer, Alex Bank provides a level of trust that you may need when taking out a personal loan.

Final Thoughts on the Best 2022 Loan Providers in Australia

In addition to these top 3, you may also want to check out Commonwealth Bank and NAB. Essentially, you will want to research personal loan providers to find the lender that is best for you.

This includes finding a lender that works with your financial situation. Also, you’ll want to go with a lender whose interest rates and terms meet your needs. Finally, you’ll want a lender that offers the features that appeal to you.

Remember, you’re not the only one taking out a personal loan in Australia. In fact, in 2019, close to 40% of Australia took out a personal loan^[5]. Therefore, lenders offer a wide range of features to attract customers. Therefore, if you do your research, you can find a personal loan lender that’s the best choice for you.

[1] https://www1.citibank.com.au/insights/understanding-your-credit-score

[2]https://www.anz.com.au/personal/personal-loans/

[3]https://www.fairgofinance.com.au/personal-loans/

[4]https://www.alex.bank/personal-loan/

[5]https://takeatumble.com.au/insights/personal-loans-statistics/