Meet these 4 non-bank personal loan lenders offering hot rates right now
When it comes to finding a top personal loan, you don’t always need to knock on the door of banks.
In fact, there are plenty of competitive low-rate loan options offered by non-bank lenders.
Right now, the average unsecured personal loan rate sits at 9.45% in the Mozo database. However, many non-bank personal loan lenders offer rates well below that average, particularly for customers with an excellent credit rating.
Due to many lenders adopting a risk-based pricing model on their personal loan products, in many cases the healthier your credit history, the lower rate you’ll receive.
So which non-bank lenders offer hot rates right now? Check out these top options below …
Compare non-bank personal loans
NOW Finance No Fee Unsecured Personal Loan
- Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate*)
- 2021 Mozo Experts Choice Award^ winner for Best Unsecured Personal Loan
- No fees
Want an award-winning personal loan that offers competitive rates and no fees? You may want to consider the NOW Finance No Fee Unsecured Personal Loan. Based on a customer’s credit rating, fixed rates start at a low 5.95% p.a. (5.95% p.a. comparison rate*) and no matter what your credit rating there are no fees attached to this loan. Customers can borrow between $5,000 and $50,000 over a loan term from two years to seven years. With NOW Finance, repayments can be made on a weekly or fortnightly basis, and borrowers are allowed to make extra repayments as well. Just remember though, you cannot make redraws on this loan.
OurMoneyMarket Low Rate Personal Loan
- Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate*)
- 2021 Mozo Experts Choice Award^ winner for Best Unsecured Personal Loan
- Extra repayments and redraw allowed
Need a top personal loan with plenty of options? What about one that’s award-winning? Say hello to the OurMoneyMarket Low Rate Personal Loan. This loan has rates that start at a competitive 5.45% p.a. (6.07% p.a. comparison rate*) based on an applicant’s credit rating. On top of that, OurMoneyMarket offers customers a range of choices. Loan amounts are from $2,001 and $75,000, loan terms are between one and seven year, there is the option of a weekly, fortnightly or monthly repayments and the choice to make extra repayments and redraws. Plus, there are no early repayments penalties for customers that pay off their entire debt ahead of time. While there is no ongoing service cost on this product, there is a $250 upfront application fee to keep in mind.
Plenti Personal Loan
- Fixed rates from 6.39% p.a. (6.39% p.a. comparison rate*)
- No ongoing service or early repayment fees
- Extra repayments allowed
The Plenti Personal Loan is an unsecured loan option with fixed rates as low as 6.39% p.a. (6.39% p.a. comparison rate*), based on a customer’s credit rating. With this product, customers can borrow between $5,000 and $50,000 with the choice of loan terms from three to five years. While regular repayments can only be made on a monthly basis, Plenti allows borrowers to make extra repayments whenever they like. However, no redraws are allowed. When it comes to fees, there are no ongoing service or early repayment costs to worry about. Plus, depending on your loan amount and application, you may not have to pay an upfront fee (check with Plenti if an upfront fee will apply to you).
Alex.Bank Personal Loan
- Fixed rates from 5.45% p.a. (5.45% p.a. comparison rate*)
- 2021 Mozo Experts Choice Award^ winner for Best New Loan Product
- No upfront, ongoing service or early repayment fees (Upfront fee waived for applications made by 30 September 2021)
Low rates and minimal fees on your list when it comes to selecting the right personal loan for you? Well, the award-winning Alex.Bank Personal Loan might be worth reading up on! Depending on an applicant’s credit rating, this loan offers rates from a competitive 5.45% p.a. (5.45% p.a. comparison rate*) on borrowing amounts between $2,100 and $30,000. Customers have the choice of loan terms between one and five years as well as the option to make weekly, fortnightly or monthly regular repayments. While borrowers are able to make extra repayments on their loans, it’s important to note no redraws are allowed. When it comes to fees though, the good news is there are no ongoing service or early repayment fees. And for those that apply by 30 September 2021, Alex.Bank may waive the upfront $295 fee.
Want to explore other personal loan options? Head to our personal loan comparison hub for more non-bank lenders!
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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