Feeling the love? Some of the top-rated personal loans for February 2024

With Valentine’s Day just around the corner, it’s the time of year when a lot of money gets spent on everything from grand romantic gestures to elaborate weddings. While a personal loan could offer the financial support you need to splurge on your loved ones when the cost of living is high, it’s important to consider your budget and your credit score, and to carefully compare personal loan options before you apply.

According to research from the Australian Retailers Association (ARA) and Roy Morgan, Australians are set to spend $465 million this Valentine’s Day. This may sound like a lot, but it’s actually $20 million less than what was spent in 2023.

For those that are buying gifts, the Valentine’s Day spend per individual is set to rise to $135 per person, which is up from $118 in 2023. Almost a quarter of respondents buying gifts said they will spend more, while 57% will spend around the same and 19% will spend less.

Flowers, chocolates and romantic dinners remain popular gift choices, but some notable gifts from the more expensive end of the scale included a $60,000 car, a $15,000 motorbike and a $5000 holiday to Bali.

Before you rush out for a personal loan to buy a fancy present for your Valentine, be sure to take time out for some very romantic personal budgeting. Using a personal loan calculator, you can get a better idea of what your repayments could look like, and how easily they could fit into your household finances.

When comparing personal loans, remember that the interest rate you’ll be offered may depend on a range of factors, including your credit score. You can check your credit score for free online to see how lenders see you – if you have an excellent credit score, you could find you’re eligible for lower interest rates. But even poor credit borrowers may be able to take steps to start improving their credit score over time.

To help you quickly compare personal loan options in different categories, RateCity’s Personal Loan Leaderboards rank personal loans by their Real Time Ratings™. These simple star ratings combine each personal loan’s cost and flexibility, to reflect their overall value more closely. Ratings are updated frequently for improved accuracy, and some of the top-rated personal loans may become eligible for the RateCity Gold Awards. 

Some of the top-rated excellent credit personal loans

The top-rated personal loans today for borrowers with an excellent credit score. Assumes an unsecured $20,000 loan on a 36-month loan term.

Some of the top-rated personal loans from new lenders

The top-rated personal loans today for borrowers with an excellent credit score. This only includes products new to the market within the past year. Assumes an unsecured $20,000 loan on a 36-month loan term.

Compare personal loans