In simple terms, a higher credit score usually means a lower personal loan interest rate.

The calculation for the lender is that borrowers with a clean credit history are less risky.

Lenders value certainty, and having reliable borrowers is appealing.

So they offer lower rates to attract them.

An excellent credit score could get you one of the lowest personal loan interest rates on offer, between 6-9%.

A borrower with a bad credit score could pay interest of 15-20% or even higher.

So it can be worth improving your credit score before you apply.

Remember, though, your credit score is just one of the factors lenders consider when calculating personal loan interest rates for their customers.

Yes, but you’ll need to provide different documentation to lenders. In general, you will need to provide tax returns in place of employee payslips. Generally self-employed borrowers will need to apply for a low-doc personal loan.

Approval speeds vary between lenders. In general, banks have the slowest approval speeds, while online lenders can offer same-day (some even offer instant approval) approval.

Yes, but you should consider a specific secured car loan if the vehicle is less than 7 years old (the cut off can be higher with some lenders so it’s worth checking if the car you’re buying qualifies

Yes you can use a personal loan for business expenses. However, there are specific business loans which may be better suited - such as a chattel mortgage for business vehicles, or a business line of credit.

With most personal loan providers, they operate across the country as the process is done 100% online or via the phone.

Most lenders are located in the major capital cities like Perth, Sydney, Melbourne, Brisbane, Adelaide and Hobart and often have support staff in smaller towns.

All the lenders we work with all have Australian based teams. So rest assured, when arranging your loan you'll be working with a lender in Australia.