A personal loan is a loan you can use for just about anything. You can use it to pay for home improvements, debt consolidation or even a holiday. You can get small personal loans (like $5,000 or $10,000) or big ones (up to $100,000). You have to repay the loan with interest over a fixed term. NOW Finance offers fixed terms from 18 months to 7 years. For more information, read about how it works.
What’s the difference between unsecured and secured personal loans?
At NOW Finance, we like to offer options. An unsecured loan means that you do not need to put anything up against your debt, and we will endeavour to give you a competitive rate on your new NOW Finance online personal loan with NO fees.
However, if you are interested in a secured loan, you can use an eligible asset (such as a car, campervan, bike… that sort of thing) that you’re purchasing or already own to potentially unlock even LOWER rates and a larger personal loan. Plus, there are still no fees to pay.
When you apply for a personal loan online, we can give you rates for both secured and unsecured loans, and you can decide what type of loan you’d like to apply for.
What’s the difference between a fixed-rate and variable-rate personal loan?
A fixed-rate personal loan means your repayments never change, so you always know what’s coming out each month. It makes budgeting simple.
A variable-rate loan can move up or down with the market. That can work in your favour if rates drop, but it can also mean paying more if they rise. Many Australians like fixed rates for the certainty, while others go variable for a bit more flexibility. It really comes down to what feels right for your situation.
What is considered a large personal loan in Australia?
In Australia, a “large” personal loan usually means borrowing more than $30,000. People often use these bigger loans for things like home renovations, consolidating payday loans and other existing debts, or buying a car.
With NOW Finance, you can apply for large personal loans of up to $100,000 (secured), giving you the breathing room to take on major projects while keeping repayments straightforward with a fixed rate.
Are personal loans taxable?
Money from a personal loan is not classed as income, and therefore it is not taxable. A personal loan, large or small, is a debt. If you choose to use the loan money to generate income, then you will have to pay tax on any profit you make.
Can you transfer loans to another person?
Usually, you cannot transfer your personal loan to another person, and there’s a good reason for this. All personal loan lenders must comply with ASIC’s responsible lending conduct obligations, under which all credit contracts with a consumer must be suitable for that particular consumer’s personal financial situation. If a lender allowed you to transfer your personal loan to another person, the lender would not be meeting their obligation to assess the suitability of the loan for the other person.
ELIGIBILITY, REQUIREMENTS AND PROCESS
How do I get a personal loan in Australia?
To get a personal loan in Australia, you must first select a loan provider. You may want to consider a lender with an excellent reputation and glowing customer reviews, such as NOW Finance. If you meet the personal loan eligibility criteria, you can apply for a personal loan online. Before you dive in, you can use our personal loan repayments calculator to calculate your estimated repayments.
What criteria must I meet to be eligible for a personal loan in Australia?
Oooh yeah, this is a good question.
To apply for a personal loan, you must be an Australian citizen or permanent resident, employed and past that probation stage, have either an Aussie passport or driver’s licence and have no unpaid defaults or bankruptcies. That’s it!
Can I get a personal loan if I’m self-employed or a freelancer?
Yes, you can. Being self-employed or freelancing doesn’t rule you out of getting a personal loan. To apply, you’ll need:
- An ABN that’s been active for at least two years
- Your most recent ATO tax assessment
What documents do I need to apply for a personal loan online?
When you sign up for a personal loan online, you may need a few key documents handy:
For employed individuals:
- A current Australian driver’s licence or passport
- Recent payslips to confirm your income
- Bank statements showing your income and expenses
- Employment details (most applicants need at least 12 months in steady work)
If you’re self-employed:
- Your ABN that’s been active for at least 24 months
- Your ATO-issued tax assessments
Having these ready can makeyour online personal loan application quicker and smoother.
How much can I borrow with a personal loan?
NOW Finance offers unsecured loans, where you can borrow from $5,000 to $50,000, and secured personal loans, where you can borrow from $15,000 to $100,000. A secured loan means you provide an asset as security for the loan.
What is the maximum amount I can apply for?
Our unsecured loans have a limit of $50,000. However, if you have an existing asset, such as an eligible car, or if you are purchasing a new one, you can use it as collateral to apply for a secured personal loan of up to $100,000.
How do I calculate my credit score for a personal loan?
You can get a free, online copy of your credit report, which will contain your credit rating. Your credit score will be in a “band”, low, fair, good, very good, excellent. You can contact a credit reporting agency to obtain your free credit report before applying for online personal loans.
What’s the process for a personal loan application?
Signing up for online personal loans at NOW Finance is very, very simple. Simply click on the large “Get My Rate” button in the top right of the website (or just click here if you like…) and follow the instructions. Don’t forget your Aussie passport or driver’s licence! You’ll need that.
Once you complete and submit the form (takes about 2 minutes), we’ll give you your unique personalised quote for your loan. If you’re happy with it… you can proceed to submit your application. We’ll let you know if we need anything else from you. Once it’s approved, we’ll send the money to you in as little as 48 hours.
How soon will I receive funds after loan approval?
Once approved, you can expect the money to appear in your chosen bank account in as little as 24 to 48 hours. We don’t hang about here at NOW Finance! It’s why we have over 2,800 reviews on TrustPilot, Google and ProductReview.com.au from customers talking about just how wonderful we are!
MANAGING PERSONAL LOANS
What happens if I miss a personal loan repayment?
Missing a repayment on your personal loan can mean extra interest, fees or a mark on your credit report, which isn’t great for future borrowing.
If you think you might miss a payment, it’s best to get in touch with your lender straight away. They may be able to help with options to keep things on track. Acting early helps protect your credit score and makes managing your loan easier in the long run.
What happens when you pay off a personal loan early?
NOW Finance will not charge fees if you pay off your personal loan early. You may even save money on interest, depending on the terms of your credit contract.
Is it possible to make extra repayments?
Yes. And unlike many personal loan lenders, we don’t even know the meaning of the words “early repayment fee”. 😉
That’s right, if you’re in the position to pay off your entire loan early, or just throw a few extra dollars towards the debt, we’ll reward you with a smile and a thank you, and you’ll be several steps closer to finalising your loan.
Are there penalties for early loan repayment?
No. You won’t incur any fees or penalties for paying off your loan early.
In fact, you’re free to make extra repayments on your loan at any time. Paying off your loan sooner can save you money, as you won’t be charged interest on the remaining balance, so it could make a lot of sense.
What fees should I expect with a personal loan?
With a NOW Finance personal loan? None. Zero. Zilch. No setup fee, no early repayment fee, no service fee, no late fee…. none… not a single fee.
At NOW Finance, we believe in offering you a single easy-to-follow repayment rate, and that’s it. Simple.
How many personal loans can you have at once?
You can have more than one personal loan at once. However, if you want to take out a second or third personal loan, your options may be more limited. Your debt-to-income ratio would be higher, and your financial position would be less advantageous. You should also bear in mind that multiple loans can have a negative impact on your credit score.
If you have more than one personal loan, you should consider NOW Finance’s debt consolidation options.
What should I compare when looking for a personal loan?
When weighing up different personal loans in Australia, don’t just focus on the interest rate. The comparison rate gives you the real cost because it includes any fees or charges. Think about whether a secured or unsecured loan works best, how long you want the loan term to be, and whether you can pay it off early without penalty.
Reading customer reviews can also give you a feel for how different personal loan lenders treat their borrowers.
How do I choose the best personal loan lender?
The “best” personal loan lender isn’t always the one with the lowest rate. Look for one that’s upfront about costs (no hidden fees is ideal), offers flexible repayments and has strong customer support.
And don’t forget convenience; being able to apply for a personal loan online quickly and easily is a big plus. A good lender should make the whole process feel simple and stress-free.
