Some of the top-rated personal loans in January 2024

A new year is a popular time to set new goals and commence new projects. But do you have the finance available to get your plans out of the concept stage and transform them into tangible reality? The right personal loan may be able to help, but it’s important to carefully compare your options first.

Figures recently released by the Australian Bureau of Statistics (ABS) show that in November 2023, the value of new loan commitments for total fixed term personal finance fell 5.6% compared to the previous month, to $2.4 billion. According to the ABS, this fall was partially due to a 5.4% fall in lending for the purchase of road vehicles, and a 1.2% fall in lending for personal investment.

Australians hoping to undertake a new project this year, whether that’s to take a family holiday, renovate the home, or make a major purchase, may be in the market for a personal loan to provide financial support. Because every Australian is in a different financial situation, it’s essential to compare personal loans before making a commitment to help ensure that you’re choosing an option that suits your needs.

You may want to consider comparing personal loans from a diverse array of lenders, including large and small banks, but also smaller competitors and fintechs. For example, international neobank Revolut entered the Australian market last year with a personal loan offer that can compete with the big four banks.

It's also important to remember that your credit score may play a role in determining which personal loan may best suit your needs. Borrowers with excellent credit may be better positioned to access lower interest rates, while poor credit borrowers may struggle to get their personal loan applications approved. In some cases it may be worth taking some steps to try and improve your credit score before applying.

To help more Australians compare personal loan offers quickly and easily, RateCity’s Real Time Ratings™ combine the cost and flexibility of each loan into a single simple star rating. As these ratings are updated frequently, you can get a better idea of a loan’s overall value at any given time. The top-rated personal loans in different categories are ranked on RateCity’s Personal Loan Leaderboards, and some of the top-ranked personal loans may 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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