Compare Personal Loan Rates. Get Matched to the Right Lender.

Most personal loans range from $2,000 to $100,000, depending on the lender and your financial situation. Your borrowing capacity is determined by your income, expenses, existing debts, and credit history. A broker can give you a more accurate estimate based on your specific profile.

A secured personal loan requires you to provide an asset (such as a car or term deposit) as security, which typically results in a lower interest rate. An unsecured personal loan does not require security but generally has a higher rate. The right choice depends on whether you have an asset to offer and how much you want to save on interest.

Personal loan approval can take anywhere from a few hours to a few business days, depending on the lender and the complexity of your application. Some online lenders offer same-day approval for straightforward applications. A broker can help speed up the process by ensuring your application is complete and submitted to the right lender.

Most personal loans allow early repayment, but some lenders charge an early repayment fee, particularly on fixed-rate personal loans. Before committing, check the early repayment terms. A broker can help you find a personal loan with flexible repayment options if early payoff is important to you.

A formal personal loan application will result in a credit enquiry on your file, which can temporarily lower your credit score. However, comparing personal loan rates through OptiCheck's SmartCheck does not affect your credit score. Multiple applications in a short period can have a cumulative negative effect, which is why using a broker to target the right lender first is valuable.

There is no universal minimum credit score for a personal loan, as each lender has different criteria. Generally, a score above 600 gives you access to most mainstream lenders, while scores above 700 unlock the most competitive personal loan rates. Specialist lenders may consider applicants with lower scores, though at higher rates.

Most personal loans can be used for almost any legal purpose, including debt consolidation, home improvements, vehicle purchases, travel, weddings, and medical expenses. Some lenders restrict personal loan use for certain purposes such as gambling or speculative investments. Always check the lender's terms.

A comparison rate includes the interest rate plus most fees and charges associated with the personal loan, expressed as a single percentage. It gives a more accurate picture of the true cost than the advertised rate alone. By law, lenders must display comparison rates alongside advertised personal loan rates.

A broker compares personal loan products across dozens of lenders, handles the application process, and provides guidance throughout. Their service is typically free to the borrower. Using a broker is particularly valuable if you want to ensure you are getting the best rate, or if your circumstances are non-standard.

Comparing personal loan rates through OptiCheck does not affect your credit score. Our SmartCheck is a soft enquiry that helps assess your borrowing profile without leaving a mark on your credit file. A formal credit check only occurs when you submit a full application through a lender.