Some of the top-rated personal loans in December 2023

New lending indicators from the Australian Bureau of Statistics (ABS) found that in October 2023, the number of new fixed term personal loans rose by 2.1% compared to the month before, to $2.5 billion.

According to the ABS, this was due in part to a 1.5% rise in lending for the purchase of road vehicles.

This was a slight slowdown from the 3% monthly rise seen in September 2023. That said, compared to the same time last year, the number of new personal loans was up by 15.6%.

Meanwhile, the RBA has kept the national cash rate on hold in December 2023. While some economists are forecasting another rate rise as soon as February 2024, there could also be rate cuts later in that year. Keep in mind that a rate cut doesn’t mean your personal loan repayments will automatically drop – you may instead need to refinance or renegotiate your personal loan to suit the new rates.

When you’re comparing personal loans, it’s important to look at more than just the interest rates. For example, you may want to ask the question: will a secured or unsecured personal loan be right for me? Secured personal loans often have lower interest rates, but require you to put up an asset as collateral, which you risk losing if you end up defaulting on the repayments. Unsecured personal loans can be a bit more flexible, though they may cost you more in interest and fees.

One quick and simple way to compare personal loans is to use RateCity’s Real Time Ratings™ which combine the cost and flexibility of different deals into a single simple star rating, which is regularly updated to maintain accuracy and currency. Some of the top-rated personal loan options can be found on RateCity’s Personal Loan Leaderboards, and some of these top-rate deals may become eligible for 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.)

Some of the top-rated excellent credit personal loans

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