Personal Loans

When it’s not clear which personal loan is right for you, compare your options in one quick and easy-to-use place so you can get on your way.

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Life’s big moments often come with a big bill and some of us need to borrow to help cover costs. A personal loan allows you to borrow a lump sum, usually for a particular purpose or need. It’s important to seek the advice that you need to make the right choices, so here is some information that will help get you on your way.

What is Debt Consolidation?

Debt consolidation is when you wrap up all your existing debts together and repay them all using a new loan – this way you can pay off the debt with a single repayment, rather than lots of repayments to a variety of lenders. 

But be careful, wrapping up your debts can save you money if it’s at a lower interest rate but consolidation can also mean you end up paying more interest in the long run if the new loan is over a longer repayment term, and take you longer to be debt free.  

What’s the difference between Secured and Unsecured Loans?

A secured loan is a loan where the borrower offers up an asset (e.g. a car or property) as security for the loan. Offering security helps lower the interest rate meaning you’ll pay less but if you default on the payments, your lender can then sell the asset to clear the debt. 

An unsecured loan is when there is no requirement for you to provide any collateral or security for a loan. Usually, this means that you’ll need a pretty good credit score to qualify and the amount you can borrow is less.  

Can I afford it?

Before you borrow any money, you should assess whether your current payments and finances are in order and how much you can afford to borrow. This way you can look for loans in your borrowing range and ensure you don’t take on a loan that you can’t afford – Try Nomey’s Budgeting Calculator to get you started.

How do I choose the right loan to apply for?

Every loan application you make leaves a footprint on your credit file. Too many of these will negatively impact your credit score and may give lenders the impression that you have been rejected multiple times, even if you haven’t. 

The best way to find the right deal is to shop around, and by comparing deals on Nomey you’ll be able to browse a list tailored specifically for you before completing an application and footprinting your credit file. Sign up and complete your profile and you’ll be able to compare loans, interest rates  and fees from a number of different lenders as well as see how likely you are to be approved. 

Do I need a good credit rating? 

Your credit score is very important because it can give you a good indication of what rates you may be offered or if you would even qualify for a particular loan. The lowest interest rates are usually reserved for the best customers, so borrowers with a spotless credit record.  

Having a poor credit history could mean that the lender will charge you a higher interest rate to cover them for the higher risk, or your application may be turned down. 

In other words, there is no guarantee that you will qualify for the advertised rates.  You can check your score and credit report for free by signing up to Nomey.

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Nomey Limited trading as Nomey (FSP735451) holds a licence issued by the Financial Markets Authority (FMA) to provide digital “generic” financial adviser services. Click here to view our full disclosure statement.

Nomey is an independent comparison website, we are not a product issuer or credit provider. We may be compensated if you successfully apply for a product via our website.

Our loan providers offer fixed interest rates ranging from 5.03% to 29.95% per annum on 6 to 84 month terms and charge an establishment fee from $150 to $1000. Our providers may charge additional fees which will be disclosed on their site and should be reviewed before proceeding with any application.

We work hard to ensure the information displayed on our site is accurate. If you choose to apply for a product via our website, you will be dealing directly with the provider of that product and you should confirm the accuracy of any information with them. It is important that you read and understand any information provided by the product provider and if anything is unclear you should get independent advice before proceeding with the application.