Where can I get an online personal loan?

couple searching for online personal loan on a tablet

Online banking is a common part of Aussies’ lives these days, whether it’s using a digital wallet to tap and go, transferring money with a state of the art banking app or taking out a loan. 

And that includes online personal loans

Right now on the Mozo database, a large chunk of personal loan lenders offer loans that can be applied for, paid out and repaid all online. 

But is an online loan better than one from the big four? 


Well, if you look at the average interest rate for unsecured variable personal loans among the big four banks, it sits at 9.14%, according to the Mozo database.  

On the other hand, the average unsecured variable rate for online personal loans is a lower 8.45%.   

And the good news is, there are a bunch of online loans that come with rates that start well below that average too. 

So if you are in the market for a low rate personal loan, check out these online options.

Compare online personal loans

NOW Finance No Fee Unsecured Personal Loan
  • Fixed rates from 5.95% (5.95% comparison rate*)
  • 2021 Mozo Experts Choice Award winner^
  • No application, ongoing service or early repayment fees

If an online personal loan is what you need, NOW Finance may have exactly what you’re after. This loan rewards customers with excellent credit by offering a fixed rate that starts as low as 5.95% (5.59% comparison rate*). There is no application, ongoing service or early repayment fees attached to this loan. Plus, there is the choice of either weekly or fortnightly repayments as well as extra repayments at no extra cost. Just remember, there are no redraw allowed on this loan and for customers with bad credit rates hike up to 17.95% (17.95% comparison rate*).

OurMoneyMarket Low Rate Personal Loan
  • 5.40% fixed rate (6.36% comparison rate*)
  • 2021 Mozo Experts Choice Award winner^
  • Extra repayments and redraw allowed

Online lender OurMoneyMarket offers an unsecured personal loan that comes with a competitively low fixed rate of 5.40% (6.36% comparison rate*). With this loan borrowers can choose to make weekly, fortnightly or monthly repayments. Plus, there is the option to make free extra repayments and redraws whenever it suits. While there are no ongoing service fees, there is a $150 application cost to be mindful of when you first sign up.

Symple Personal Loan
  • Variable rates from 5.75% (6.47% comparison rate*)
  • Extra repayments allowed
  • No application or early repayment fees

On the hunt for a top online personal loan? Meet the Symple personal loan. Variable rates start at a low 5.75% (6.47% comparison rate*) based on a customer’s credit score. While there is only the option of a monthly repayment schedule, borrowers can also make free extra repayments. Plus, there is no application fee or early repayment penalty to worry about. Bear in mind though, there is an annoying monthly fee of $10 and for customers with an unhealthy credit rating, rates can go up to 25.99% (29.20% comparison rate*).

Alex Personal Loan
  • Fixed rates from 5.45% (5.45% comparison rate*)
  • 2021 Mozo Experts Choice Award winner^
  • Free extra repayments

While Alex may be a newer lender on the block, it offers an award-winning online personal loan. It comes with low fixed rates from 5.45% (5.45% comparison rate*) based on your credit score, and also no ongoing monthly service or early repayment fees. Plus, for applications made by 30 June 2021, Alex will waive the $295 establishment fee. You can also choose from weekly, fortnightly or monthly repayments and free extra repayments on top too. Don’t forget though, there are no redraws allowed on this loan.

SocietyOne Personal Loan
  • Fixed rates from 5.95% (5.95% comparison rate*)
  • Extra repayments allowed
  • No ongoing or early repayment fees

Is finding the right online personal loan on your to-do list? A SocietyOne Personal Loan could be worth considering. Based on a borrower’s credit score, this product comes with fixed rates starting from 5.95% (5.95% comparison rate*). There is a $495 application cost to budget for straight off the bat, however the good news is there’s no ongoing service charge or early repayment penalty. SocietyOne allows customers to make either fortnightly or monthly repayments as well as free additional contributions. It’s important to know however, there are no redraws allowed on this loan.

What is the best online loan? 

This year, Mozo’s expert judges weighed up 334 personal loan products, including online lenders, as part of the 2021 Mozo Experts Choice Awards to find the best of the best. 

Amongst the winners, online lenders NOW Finance and OurMoneyMarket both took home awards in the Best Unsecured Personal Loan category. Plus, online lender Alex was crowned Best New Loan Product. 

Want to compare more personal loan options? Check out our personal loan hub with a bunch of top providers to weigh up!

* 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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