Consumer finance
Compare suitable secured and unsecured personal loan options for planned purchases and expenses. An Australia-wide broker can explain the costs, conditions and information needed before you apply.
Updated 21 October 2026
Compare the same amount and term, then check the total cost and conditions. RateSmart can help compare suitable lender options; an enquiry starts a conversation and does not lodge a credit application.
Meet Kevin, your RateSmart brokerAsk for the comparison rate as well as the interest rate. A comparison rate combines interest with most fees, but not every possible charge. Use the same loan amount and term, and compare total repayments, ongoing fees and early-payout conditions. Check whether security is required: an asset offered as security may be at risk if repayments are not met. A lender still decides approval and final terms.
Yes. This illustrative example compares two hypothetical $10,000 personal loans over 36 months, with no balloon. It is not a lender offer or a current rate quote. Assume fees are paid separately, all payments are made on time and there are no other charges.
Offer A: 36 repayments of $330 plus a $200 upfront fee totals $12,080. Offer B: 36 repayments of $325, a $500 upfront fee and a separate $10 monthly fee totals $12,560. Offer B's advertised repayment is $5 lower, but its total outlay is $480 higher. Do not add a fee twice if it is already included in the repayment schedule.
A secured personal loan uses an asset, such as a car, as security; the lender may take and sell it if repayments are not met. An unsecured loan does not use a pledged asset, but the debt still has to be repaid and the lender can pursue recovery. Unsecured rates are often higher. Compare actual offers rather than assuming either type is cheaper or available to you.
A poor credit history can limit your options and increase the cost of borrowing. A lender must still assess whether you can repay; there is no guaranteed approval. If you are borrowing because you cannot meet existing repayments, ask your current lenders about hardship support before taking on more debt.
Ask why before applying elsewhere. Review your budget and check your credit reports for errors: repeated applications can affect your credit score. Share the reason for the decline with the broker so the next conversation addresses the actual issue. A previous rejection does not mean you will never be able to borrow.
Request your consumer credit report directly from Equifax and Experian; they may hold different information. Each must provide a free report every three months. You can also request a free copy if credit was refused in the past 90 days, or your credit-related information has been corrected. The OAIC guide below links to both reporting bodies and explains your access rights.
No. One repayment may be easier to manage, but extending the term can increase the amount paid overall. Compare the existing debts with the proposed loan over the full repayment period, including fees. If current repayments are already unaffordable, contact your lenders about hardship support before taking on another commitment.
Compare costs and conditions
Compare repayments, fees, conditions and any final payment together. An estimate is not a lender quote or approval.
Comparison rate rather than headline rate alone
Total repayments across the proposed term
Establishment, monthly and late-payment fees
Extra-repayment and early-payout rules
Start without uploads. If you continue, a broker will explain which documents are relevant.
Common questions
A secured loan is linked to an eligible asset. An unsecured loan is not, and may have different pricing and assessment rules.
Yes. Explain how you earn your income and what records you have. Income consistency, expenses, existing commitments and lender policy affect the assessment. Enquiring lets you discuss the information required; it does not guarantee an available loan or approval.
Speak with a broker
Start online or call RateSmart. A broker will confirm the request and discuss suitable options. Submitting an enquiry does not lodge a credit application.
