Some of the top-rated personal loans in August 2024

New data shows that June 2024 recorded an uptick in personal loans, reversing a fall recorded the month prior. There are a variety of reasons to consider applying for a personal loan, including adding green and sustainable features to your home.

According to the latest Lending Indicators from the Australian Bureau of Statistics (ABS), in June 2024 the value of new loan commitments for total fixed term personal finance rose 1.1% to $2.6 billion, which was 11.7% higher compared to a year ago. This follows a fall of 0.7% in May 2024.

One potential purpose to take out a personal loan is to help add green features to your home. This could range from solar panels to grey water treatment systems to electric vehicle chargers. Some of these features may have significant upfront costs that require finance, but could offer significant benefits over the long run. For example, on top of doing your bit for the environment and sustainability, you may be able to shave a significant percentage off your power or fuel bill. What’s more, green features could potentially help to enhance the value of your property to future buyers or investors.

When comparing green personal loan options, ensure you ask the lender for information about how it determines a loan to be ‘green’ or ‘eco’ and how it contributes to emissions reduction and environmental responsibility.

Choosing the best green personal loan for your needs may not always be easy, as these loans may offer lower interest rates but have more specific terms and conditions around their usage. Even after looking at the interest rates, fees, features and benefits of different green personal loans, it may be worth checking if you’ll fulfil the eligibility criteria before applying.

Whatever the reason you’re considering a personal loan, to help you get started with your personal loan comparison, you can use RateCity’s Real Time Ratings™. These simple star ratings combine the cost and flexibility of each loan, to give you a better idea of its overall value. The top-rated personal loans in different categories (including green personal loans) are ranked on RateCity’s Personal Loan Leaderboards and may also become eligible for the RateCity Gold Awards. 

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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