how does My-Personal Loan help find you a personal loan

We use Monevo’s award winning technology to search one of the Australia’s largest panel of Lenders, to help find you the best rate available to your circumstances

Apply Online
My Personal Loans Australia

How To Compare

We use Monevo’s award-winning technology to search one of Australia’s largest panel of Lenders, to help find you the best rate available to your circumstance.

Instant Personal Loans Online AU

Get your personal loan without stress through My Personal Loan Australia. We offer online loans from a panel of lenders in Australia, using the smart Monevo API for personal loan comparison.

Our technology compares the best rates available on the system to match you with a list of offers that are most suited for your circumstance in a matter of seconds.

Looking for Personal Loans Online between $2,000 to $50,000?

Our aim is to help you find low rate personal loans online that fit your financial circumstance. We achieve this with our automated award-winning technology.

You don’t have to do the comparison yourself; many people have a hard time comparing loan rates and offers. Simply provide your details and the result will be ready in minutes.

We’ve made the process easy for you by providing a quick-to-fill form. For whatever purpose you need to take a loan — a holiday, to plan your wedding, buy a new car, or improve your home — you can compare loans that suit you from the comfort of your home. It takes only a few clicks.

The safest choice to find some of the best personal loans Australia

Your personal details are safe when you use our platform to apply for your loan. We use SSL encryption to protect your details while the system searches our data to get the best personal loans Australia for you.

All our lenders are online, enabling the system to provide you with quick personal loan offers and saving you time. You can get your funds the same day when you choose an offer and are accepted by the lender.

Understanding the Process

Applying for personal loans online is easier than you think. All you need is to provide us with your employment and personal details including how much you want to borrow, how long you’ll take to pay back, and your address.

The system uses this information to compare personal loan rates among our partnering lenders. You will get a list that suits the information you provided to us.

Our award-winning technology runs a soft-search on your credit file to give you the best results. You can compare personal loans available to you, and apply directly to the lender you choose.

Once your application is accepted, you will receive funds on the same — for most of our lenders. However, you are not obligated to choose an offer right away.

What if I need a bad credit personal loan?

Bad credit happens all the time and we understand this. That’s why we look out for online loans from lenders who offer bad credit personal loans.

You don’t have to apply to numerous lenders and risk the rejection that will impact your credit history negatively.

Apply through our website and let our partner award-winning technology run your personal loan comparison using the soft-search system.

You should bear in mind that the rates will be high based on your circumstance. But we’ll provide the best rates and save you the time you’ll spend searching for lenders yourself. Take the chance now to get the best rates for a bad credit personal loan.

What do I need to Apply?

When you decide to compare loans on our website, you realize that you may be willing to take an offer from one of our lenders. Be sure that you meet up to the following criteria before you proceed:

If your details meet these requirements, your application will be processed in a few seconds and you will receive a list of offers. You don’t have to accept the offers when you get them. And be sure to check the terms and conditions of any lender you decide to accept their offer.

Get a Quick personal loan Quote today by clicking here

Please only apply for a loan if you are confident that you are able to make the repayments. Missing repayments may have a negative effect on your credit rating and make it more difficult for you to obtain credit in the future.


What is a Personal Loan?

A personal loan is an amount of money (usually beginning with $2,000) which a lender provides to you, with the agreement that you have to repay it over a period (say, 5 years). You can take a personal loan for a number of reasons that include planning a holiday, improving your home, or buying a car. Before you take this loan, you’ll need to provide your reason for needing the loan. Lenders have their terms and conditions for accepting a loan application, and this varies across the industry. There are two types of personal loans: secured personal loans and unsecured personal loans. Each requires a repayment that includes interest rates and other charges. This interest rate is in two forms: advertised rates and comparison rates. The comparison rate determines how much you’ll be repaying; it includes your interest rate and extra charges for the service. This repayment is spread over the agreed period so that you can pay in installments. You’ll need to accept the interest rate your lender offers by appending your signature to the loan contract.

How do Personal Loans work?

The way personal loans work is similar across lender platforms, with some differences in their terms and conditions. These are the operations you’ll find on all platforms:

  • Choose a personal loan type. All the types of loan available are grouped in two major categories: secured and unsecured. Restriction and terms depend on the type of loan you are taking. For example, if you are taking an unsecured loan, you won’t need collateral. You can also use the loan for almost anything you want, since your lender is only interested in your ability to pay back the loan.
  • Loan period. The loan period (or term) will be an agreement between you and your lender. You will tell them how long you intend to take before you complete your repayment. If you both agree, you’ll sign the contract. Most of our lenders require you to repay within 5 years.
  • Loan interest. This is the extra amount you have to pay along with your loan calculated in percentage; it can be fixed or variable. In addition to the annual interest rate, you may pay some extra charges. These extra charges may include monthly fees, yearly fees, and establishment fees. Your lender may also charge you for early or extra repayment.
  • Loan contract. Before you take a loan offer, you’ll need to sign a contract with your lender. The contract states your interest rate, amount you’ll repay, and the period. Be sure you agree to the terms and conditions stated before you sign.
  • Application and approval. Before any process begins, you’ll have to apply to a lender. You can compare personal loans here in a few minutes, instead of scouting the internet yourself. With offers tailored to your needs and circumstance, you then apply to a lender and wait for their approval.

What are the types of personal loans?

There are two major types of personal loans -- secured and unsecured personal loans. Secured personal loans require you to pledge a valuable asset which can be a property that you already own or the one you intend to buy with the loan you’re taking. Unsecured personal loans are not secured by any asset. You are only obligated to pay by the contract you signed, but payment defaults will affect your credit history. You can use unsecured loans to solve a range of problems that don’t need a secured loan. Other types of personal loans come under these two. They include:

  • Line of credit loan - With this type of loan, your lender provides a certain amount for you to access. You only pay interest on the amount you use from the loan.
  • Overdraft - Your lender or bank allows you to withdraw up to a certain amount when the money in your account finishes. Once there’s money in your account, the lender takes back their money.
  • Debt consolidation - Debt consolidation loans allow you to pull all the money you owe in one place and pay them off gradually. Your interest rate and extra charges will be less now.
  • Bad credit loans - If your credit score is bad, you can opt for a bad credit personal loan. Some lenders are willing to take people with bad credit.

How long will I wait before I get funds?

You can get funds from our lenders on the same day. Some lenders are able to process and send the funds immediately, if they accept your application. It can take between the hour and up to 24 hours, depending on the lender. When you receive an offer, check the terms for how long you’ll wait to receive funds. Only proceed if you agree with the term.

What is the average interest rate on a personal loan?

The average interest rate on a personal loan depends on the type you take. Secured loans have a lower interest rate (8% - 12% annually) compared to unsecured loans (12% - 14%). The rate you get will also depend on your personal circumstance and how much risk your lender thinks you pose.

Is it okay to buy a car with my personal loan?

You can buy a car with your personal loan. An unsecured car will enable you to buy a car without using it as collateral while a secured loan will allow you to stake any property to the loan. You’ll usually use these loans if your car loan application does not go through. A car loan authorizes the lender to take back the car if you are unable to meet up with the obligation.

Why has my loan’s interest rate changed?

The interest rate on your loan has changed as a result of an adjustment in the official cash rate issued by the Reserve Bank of Australia. The cash rate change affected you because you have a variable interest rate on your loan. Variable interest rate means that your interest charge could go up or come down, depending on what the cash rate is. You can opt for a fixed interest rate if you prefer to keep your monthly repayment steady. But, this will stop you from getting the perks that come with lower cash rates.

How much should I borrow?

You can borrow as low as $2,000 and as high as $50,000. The amount you should borrow depends on what you need the money for. For example, if you want to buy a car, you should check how much you need for the car plus your insurance cover. Also, you should consider your financial situation, how much you can afford to repay termly, and how long you need to pay back the money.

Do I have to state what I need a loan for?

You don’t have to state what you need a loan for if you’re taking an unsecured loan, except your lender demands to know. For a secured loan or car loan, you have to state what the loan is for. Your lender wants to know that you’re using the loan for the reason you took it. Besides, you may need to pledge the property you’re getting for a secured loan. It’s always best to be sure you have good intentions and proper plans when taking out a loan.

Can students who have no credit history get a loan?

Students can get a loan without a credit history. However, these loans are expensive because lenders consider them to be unknown and a risk to the business. No credit history is better than bad credit, but both receive high interest rates. Taking a student personal loan can help you build your credit history and improve your chances of getting low rate loans in the future. Be careful to borrow what you can repay promptly.

Why is my credit score important?

Your credit score is important because it tells your lender how you behave as a credit consumer. It tells them if you repay your loans in time and how often you have to borrow. With a good credit score, more lenders will be interested in your business. They’ll offer you low rates so that you can choose them. The reason is that they believe, through your history, that you’ll repay in time and in full. With a bad credit score, lenders will take your business as a risk. As a result, you’ll get high-interest rate offers because lenders are protecting themselves from you.

How do I compare personal loans?

You should compare personal loans based on how they fit your needs and how competitive they are. These are the features that you should compare:

  • Flexibility. Will the lender charge you for early or additional repayments? Will additional repayment reduce the interest you have to pay?
  • Is the interest fixed or variable?
  • Is the loan secured or unsecured? Decide if you want to stake an asset to the loan. Then check which lender will offer the type of loan you want.
  • Is the rate competitive? Run your details through our platform to get a list of offers from lenders without affecting your credit file. You can see which lender’s offer gives you the best value for your money and time.

How can I repay my personal loan?

You can repay your personal loan using direct debit or internet transfer. It’s best you start the process a few days ahead of your due date so that you have enough time to complete the process. If you decide to make additional payment or early repayment, you can use internet transfers as well. In the case where you are short of money during a repayment period, ensure that you get across to your lender and work things out as soon as possible.

Different types of loans in Australia
By webadmin | 13-Apr-2017
There are different reasons people take loans. It goes from loans to buy household items to loans for vehicles or homes. You can get a little loan from family or f
How to get out of debt in 10 steps
Top 10 Credit Cards Australia
By webadmin | 13-Apr-2017
Credit cards afford you the opportunity to spend money that you don’t have at hand in the hope to pay it back after a while. In today’s credit card market, there a
Leading Lenders in Australia for Personal Loans
Leading Lenders in Australia for Personal Loans
By webadmin | 23-Sep-2020
If you need money to handle such expenses as buying a car, planning your wedding, or a holiday trip, taking a personal loan could be a viable step. Personal loans al
Credit Score Explained Australia
Credit Score Explained Australia
By webadmin | 18-Sep-2020
A good point to start when making decisions about your finances is with your credit score. It defines how lenders and banks view you when it comes to borrowing. It t
what is APR
What is APR?
By webadmin | 10-Sep-2020
In full, APR means Annual Percentage Rate. The concept emerged from the UK’s consumer credit act of 1974, requiring lenders to state the total cost of a loan a