Personal Loans
Get an unsecured finance deal to spend on just about anything you need with RoadLoans.
Get your personal loan approved fast with RoadLoans
Looking for a loan to cover a variety of bills? Perhaps you want to buy a vehicle outside of standard lender criteria or simply funds to help pay for your next family getaway. Whatever you need it for, you can apply with RoadLoans and access the funds you need to cover a wide range of expenses.
We’re partnered with a wide range of lenders so that, with the help of your experienced and diligent consultant, you can find the loan which is best suited to your needs and the most affordable offer available. You can start the process with us today and see the funds hit your account before you know it
Rapid online approvals
You can apply from your smartphone or computer and have your application approved and funded as soon as 24 hours after.
More lenders, more savings
With a wide range of lenders, you’ll be in a better position to make an informed call on which is the cheapest.
Help from our consultants
Our team of finance experts will guide you through the process, helping find the best offers and preparing your application.
The features and benefits of personal loans
Competitive rates
With so many lenders on the market vying for competition, there are plenty of personal loan options available at highly affordable rates and with low to no fees.
Flexible loan terms
Like any other type of secured loan, you can choose how long you take to repay your debt, with one to seven-year terms available and weekly, fortnightly or monthly payments.
No loan security required
Personal loans come without the obligation to attach an eligible valuable asset, such as a car or motorbike, as collateral, making them more accessible to a wider range of people.
Borrow up to $75,000
Even without security, you can get approved to borrow from $2,000 to $75,000, with some secured personal loans offering a range up to $100,000.
Fixed or variable interest rates
You can choose to have your repayments fixed, for ease of budgeting and protection against rate rises, or variable, to enable you to take advantage of interest decreases.
Free early repayments available
Many of our lending partners offer borrowers the freedom to repay their loan ahead of schedule without incurring any fees, which can help save money over your loan term.
Applying for your personal loan with RoadLoans
Get a quick quote and apply
Start the process with us by filling out a quick quote to tell us about yourself and the loan you’re after. From there, you can also complete your application form.
Speak with your consultant
After we receive your application, your consultant can compare the available options from our lender panel and let you know which is the best one for you.
Have your application prepared
Once you give the all-clear, your consultant will prepare your application to your lender in line with their particular criteria and submit it for formal assessment.
Receive approval and sign your contract
If your lender is happy with your application, they’ll offer approval and send through a contract for you to sign and return. From there, you can receive your funds.
More about personal loans explained
How do I compare personal loans?
When it comes to picking out the best personal loan for your needs, there are several key areas to consider. Fortunately, you won’t be alone in this process: your consultant will also be keeping a keen eye on each of these areas when processing your application to not only ensure your preferences are met but also to maximise your overall savings. The main areas to look for when comparing personal loans are:
Interest rate
Interest forms the most substantial cost factor when it comes to your personal loan. it’s important to appreciate the fact that even small differences between rates can substantially impact the cost of your loan. The table below demonstrates this with a $40,000 loan over five years:
| Interest rate | Monthly repayment | Overall cost | Total savings |
|---|---|---|---|
| 7.5% p.a. | $801.52 | $48,091.08 | N/A |
| 7% p.a. | $792.05 | $47,522.88 | $568.20 |
| 6.5% p.a. | $782.65 | $46,958.76 | $1,132.32 |
However, it’s also important to see whether your loan provider offers fixed or variable rates. As mentioned, fixed interest is more suitable for those who prioritise certainty in terms of the cost of their repayments and is better in environments where rates are rising. Variable rates may offer the ability to save if rates drop during your term, but the cost of repayments may vary from month to month. Your consultant will help you find the lowest rate available to you during the application process.
Fees
Fees are also important to factor into your decision-making. Different lenders charge different sets of fees on personal loans, with some charging a variety and some charging almost nothing in fees. The fees you may be required to pay on your loan include:
- Ongoing monthly fees: $0 to $10 per month
- Establishment fee: $0 to $595
- Early repayment fee: $0 to $600 or more (depending on the size and term of your loan)
- Late payment fees: $15 to $35 per late payment
Comparison rate
If you want a simple way to compare the costs of different loan offers on the market without having to do any complicated maths, you can look at the comparison rate. This is a figure which incorporates both the interest and fees charged on your loan, giving you a more representative indication of its cost. Loans with the lowest rates may not always be the cheapest, which a comparison rate will show you. However, this won’t include early or late payment fees, as these may not apply to you.
Available loan terms
While you can choose between terms of one and seven years in length, not all lenders will offer the full range. Some implement minimum terms of two to three years, while others may cap their loan lengths at five. It’s important to be able to take the time you need to repay your loan, so your consultant will only consider lenders who offer loans over the period you need to complete your instalments comfortably.
Available borrowing ranges
Similarly, not all lenders will be able to accommodate the size of the loan you need. While the typical range of $2,000 to $75,000 applies to these loans, some lenders will cap them at $50,000 or require a minimum of $5,000. Your consultant will rule out any finance options which don’t offer the loan size you need to cover your expenses.
Additional features
It’s also important to consider other loan features which may be useful to you. If you want the flexibility to repay your loan ahead of schedule, consider lenders who don’t charge for additional or early repayments. Doing so can help you save a reasonable amount, as the table below shows for a $50,000, five-year loan at 8% p.a.:
| Extra repayment | Monthly cost | Overall cost | Total saving | Repaid in |
|---|---|---|---|---|
| $0 | $1,014 | $60,830 | N/A | Five years |
| $100 | $1,114 | $59,616 | $1,214 | Four years, six months |
Also, if you’re looking for even more flexibility, some personal loans come with a redraw facility to withdraw additional funds paid across your term.
Eligibility criteria
Finally, it’s crucial to make sure you meet all your lender’s criteria in the first place. Your consultant will make sure to only choose and apply to lenders who can work with borrowers in your situation. While the requirements differ between financiers, the main points to meet are:
- You must be at least 18 years old
- You must be an Australian citizen or permanent resident
- You must be employed and earning a stable income of at least $20,000 per year
- You mustn’t have any record of prior defaults or bankruptcies
What can I use a personal loan for?
There are many potential uses for personal loans. Because they’re unsecured, they can be used in just about any way you wish. In comparison, car loans or other asset finance are designed expressly to cover the purchase of a vehicle or asset (and perhaps other on-road or maintenance costs). We can help you get approved for a personal loan for a wide range of purposes, including the following:
- Consolidate outstanding debts
- Pay for unexpected medical expenses for you, your family and your pets
- Helping cover the cost of home improvements or urgent repairs
- Alleviate the financial pressure of steep utility or rent costs
- Purchasing an asset which doesn’t meet lender requirements for age or condition
- Paying for flights, accommodation or any other travel expense on your next holiday
- Covering part or all of the cost of a wedding or funeral
- Helping you access funds to start up your business
- Purchasing expensive artwork or jewellery
- Paying for computers, textbooks and accommodation while you’re studying
- Helping you pay for your children’s school fees