Best Loan Companies in Australia
If you’ve set your sights on taking out a loan in Australia, you probably want the best value you could get; not to mention, the best service. Since loan companies Australia houses are countless, you must compare repayment schedules, fees, interest rates, and much more.
Whether you’re seeking the loan for a new car, house, new business, or you’re even getting married; you deserve nothing short of a value-packed loan. To put you on the right foot, we crowned the best loan companies in Australia. Read on!
At a Glance:
- Perfect Payday
The 5 Best Loan Companies in Australia
From companies with low rates to companies that are all about speed, below are our top picks for Australia’s best loan companies. Choose the one that meets your needs!
If you’re seeking the ultimate hassle-free service, don’t look further than Perfect Payday. The whole process of taking out a loan will seem like it’s at your fingertips – no paperwork, phone calls, or physical visits. Through a straightforward online application, you apply for the exact loan you need from the comfort of your couch.
And that’s not it! Other than the fact that you can literally apply 24/7 and from virtually anywhere, you hear back from the team with a decision on your application in a matter of mere minutes – and that’s something anyone tight on cash would appreciate.
What’s further worth admiring about Perfect Payday is that there aren’t any hidden fees; what you see is what you get. It’s also worth mentioning their customer care team is genuinely supportive and full of integrity. If they don’t find a loan the best idea for your financial situation, they’ll suggest other options, even if that doesn’t mean benefiting them in any way!
Offering unsecured loans for everyone, Harmoney is one of those companies that take the financial burden off your shoulder by being so versatile with their options and catering to the needs of basically everyone.
Starting from their 30+ specialists that are on-call for chatting, phone calls, and even visits, all the way to offering personalised interest rates and enabling you to borrow up to $50,000 (unsecured), you’ll be in for a “relaxing” experience, to say the least.
To apply, their process is also 100% online, but unlike Perfect Payday, don’t expect the same responsiveness. Harmoney’s loan terms are usually either 3 or 5 years, their establishment fees are either $275 or $575, and there are no early repayment fees! Plus, your rate is fixed for the loan’s duration, which is always convenient, no?
Like Harmoney, Symple also offers personal loans up to $50,000, but they stand out on a critical aspect: speed! In fact, they promise that you can apply for a loan in 7 minutes, receive a response in just 60 seconds, and get the funding in 24 hours. Impressive!
However, what sometimes worries customers from Symple is that the company is 100% digital with absolutely no physical branches, which some people might find scammy. But that’s far from true; minimising such costs allows Symple to offer you lower rates, so it’s for your benefit at the end.
To get your personalised rate quote, all you need to do is click “check my rate” on their website, and you’ll get the answer in just 2 minutes! And because all of us tend to worry about how that affects our credit scores, Symple pledges that this process doesn’t impact your score in any way.
With low fixed interest rates starting at 6.75% per year for unsecured personal loans, OurMoneyMarket has long been the go-to for many people for its flexible terms and how it tailors its offering to each individual.
OurMoneyMarket’s loans can range anywhere between $2,001 and $75,000, and you have the option of having your loan terms up to 7 years so that you don’t feel the instalments as time goes by.
Through a 100% online application, you can get your hands on the loan of your desire. But even before that, you can directly calculate your personal loan on the website through a simple calculator.
All you do is state the loan amount you’re seeking, the loan term, and your current credit rating. Within minutes, you get a free, no-obligation rate quote that doesn’t impact your credit score. And if you’re satisfied with what you see, you could proceed to finalise the 5-minute application, followed by a literal 1-minute decision by the company!
While Nimble doesn’t offer the highest loan amounts and is just capped at $5,000, the bright side is that you get your money within 60 minutes once the application is approved and you seal the deal! So, if you’ve ever been in a tight situation (we all have!) and just need the money instantly, this is your best bet.
Nimble mainly offers two types of loans: small cash loans and medium cash loans. Small ones are those ranging between $300-$2,000, and with those, your loan term can reach up to 5 months, the establishment fee is 20% of the principal amount, and the monthly loan rate is 4% of the principal amount.
As for medium loans, those are with amounts between $2,050-$5,000, with loan terms up to 22 months. In terms of fees, the establishment fee is $400, the annual percentage rate (APR) is 47.62%, and the comparison rate fluctuates around 65.66% annually. However, these numbers vary depending on the loan amount and your circumstances as well.
Frequently Asked Questions
What Are the Criteria for Getting Loans in Australia?
Regardless of the type of personal loan you’re applying to, there’s a set of criteria you need to meet to be eligible for a loan in Australia, and they are:
- Be at least 18 years old
- Carry the New Zealand or Australian citizenship (or have permanent residency or an eligible visa)
- Reside in Australia
- Meet the minimum wage/income requirements
- Have a regular source of income or be employed
- Have a good credit score/rating
- Not be undergoing the bankruptcy process
What Loan Amount Am I Eligible for?
While the precise amount is determined based on your credit score, financial situation, income, and many more factors, online loan calculators can help you get an idea of the maximum you’d be able to borrow based on your general lifestyle.
Now that you have an overview of the best loan companies in Australia go with the one that feels suitable for your preferences. For an all-around option, Perfect Payday has a bit of everything! We’d confidently crown it as the best loan company in Australia, also offering the best loans.
However, remember that you need to line up your entire life before applying for a loan to not end up with a tight financial situation. If possible, speak to a financial counsellor before making the decision!