10 Best And Easiest Loans To Get Approved For In Australia 2022

I will elaborate on personal loans and how to get the best and easiest loans approved in Australia. Before we dive into the most accessible loans to get approved, let’s quickly examine what a personal loan and credit score mean.

easiest loans to get approved for in Australia

What Is a Personal Loan?

A personal loan is a money lent by a bank or other financial lender. The loan is given to you in one lump sum, which you must pay back in installments over the agreed period. For instance, consider it was borrowing money from a family or friend. When borrowing, you will agree to pay it back over a specific period.

Knowing you can pay back, a friend will likely lend you money. The same goes for lenders and financial institutions, where credit score comes in

What it Means to Have a Credit Score

 Having a bad credit score means having a lousy payment/credit history. It can include

  • Missing monthly repayments
  • Paying monthly repayments late
  • Defaulting on payments
  •  Entering debt agreements
  •  Declaring bankruptcy
  •  Frequent credit inquiries

A credit score of less than 550 is considered harmful and can reduce your chances of receiving personal and other types of loans. However, this number may vary between credit reporting bureaus in Australia. 

Minimum Credit Score for Personal Loan Australia

So, as we know, a bad credit score can vary from one data provider to another, and it’s safe to say a credit score above a minimum of 550 will help you qualify for a personal loan. Also, there will be lenders requiring a much higher credit score and others asking for much less.

How to get Approved for Loans in Australia

Following these tips will help you get approved for loans in Australia:

  • Apply for the right amount
  • Make sure you meet the stated criteria
  • Build a good account and save history
  • Maintain a good credit 
  • Have a good savings record

List of the Top 10 Best and Most Accessible Loans to get Approved for in Australia

There are many ways to get personal loans in Australia. The following banks listed below are the easiest to obtain a personal loan in Australia. 

1.ING Personal Loan Unsecured

ING Personal Loan Unsecured was awarded the Excellent Customer Service Award and the Outstanding Customer Satisfaction Award in the 2022 People’s Choice Awards.

The interest rate for the ING Unsecured Personal Loan ranges from 6.99% (7.13% compared*) to 10.99% p.a. (11.21% comparison*) Based on credit assessments, terms range from 2 to 7 years.

The loan limit is $60,000, and flexible monthly or fortnightly payments are available. There is no cost for paying off the loan early or making extra payments. However, you can’t redraw the loan. There is also a $150 loan setup fee.

2.Wisr Personal Loan Unsecured

Wisr claims you can submit an online application and receive a response in under 30 minutes.

Funds will be available within 48 hours after approval. For borrowers with good credit, interest rates start at 6.45% (compared to 7.27%*). The maximum amount borrowed is $30,000.

3.NOW Finance Personal Loans – No Fee, Unsecured

Fixed interest rates as low as 5.95% per annum (5.95% p.a. Comparison*: Online lender Now Finance is the best option for borrowers with good credit who want to borrow between $5,000 and $50,000.

There are no ongoing fees or upfront fees. The maximum loan term is seven years; if you borrow less than $8,000, it is three years.

4.OurMoneyMarket Auto Loan

OMM offers competitive rates at 5.45% per annum (6.07% p.a. Comparison* for borrowers with excellent credit.

It was still cheaper than other loans, even with the $250 application fee. It is available for loans up to $75,000 with loan terms between 1 and 7 years.

There are no monthly fees and a lot more flexibility. Other benefits include paying off your loan early, avoiding penalties, and access to a free redraw. You can also choose from monthly, weekly, or fortnightly repayments.

Read Also:

10 Easy Ways to Approve Online Loans with Monthly Payments in Nigeria

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10 Best Personal Loans with Low-Interest Rates in the USA

5.Handypay Green Loan

Handypay, a specialist provider of home improvement plans, offers loans to borrowers with good credit that you can use to fund various green home initiatives like solar panels, rainwater tanks, and batteries. Rates start at 6.99% per annum—7.62% comparison*, based on loan amount & term length.

6.Symple Unsecured Personal loan

Symple offers unsecured personal loans between $5,000 and $50,000. A maximum loan term is allowed for borrowers to repay the loan.

Symple charges an initial setup fee, which is not a flat rate, and the amount you borrow will determine the amount of the establishment fee.

Symple charges ongoing, late, and dishonor fees, and early repayment is not subject to penalty fees.

7.Heritage Bank Car Loan

You can choose a fixed rate starting at 7.99% p.a. (8.62% p.a. Comparison rate* or a variable interest rate starting at 11.99% p.a. (12.61% p.a. Comparison rate*, based on your financial and credit standing.

With terms up to seven-year, you can borrow as much as $5000 or as little as $25,000 and get terms of up to seven years.

Whether or not to make your payments every week, fortnightly, or monthly. You can make additional payments with this loan, but you may be charged an additional penalty fee.

8. loans.com.au

loans.com.au impressed judges with its affordable pricing and simple green car loan process. Fixed rates start at 4.89% per annum (5.44% p.a.

This loan is available at a comparison rate* and rewards customers with great credit. Loans.com.au offers lower rates, starting at 3.14% per annum. (3.68% p.a. Comparison rate* for homeowners (conditions apply). With terms between 3-5 Years, you can borrow as much as $100,000.

9. Alex Bank Personal Loan

The unsecured personal loan has competitive fixed rates that start at 5.24% (compared to a 5.24% rate*).

This rate is only available to those with excellent credit and a solid repayment record. You can make additional payments at no extra cost; whether you choose a weekly or fortnightly repayment plan, you won’t have to worry about paying an early settlement fee.

10.Harmoney Personal Loan – Unsecured

Harmoney’s unsecured personal loan is not your typical loan, and it’s fun, and it’s peers rather than providers.

Fixed rates start at 5.35% p.a. (6.14% p.a. Comparative rate*, but can rise to 19.09% per annum (19.99% p.a.

Depending on your credit history, the comparison rate* may vary. Harmoney offers loans ranging from $2,000 to $70,000 with 3, 5, or 7 years.

It is much easier to get a personal loan in Australia than in other countries. A personal loan can be obtained for as low as $25, and most banks will offer it on a non-interest basis.

If you have bad credit or are desperate for money, a personal loan may not be the best alternative. If your yearly salary is less than $80,000, you could be better off with a personal loan.


Q. Which private bank is best for a personal loan?

A. ING Personal Loan Unsecured

Q. Where can I get a loan if no one else?

A. Short-term personal loans could be an excellent option for getting a loan without a good credit score. Personal loans can come with convenient monthly payments and personalized loan terms. This convenience can make personal installment loans an excellent funding solution for people looking to consolidate credit card debt and work with reliable lenders.

Personal loans can also come with fixed interest rates, so you don’t have to worry about your emergency loan monthly payments changing on you every month.

Q. How hard is it to get a personal loan from a bank?

A. The best personal loans typically require that you have at least fair credit — usually between 580 and 669. However, good and excellent credit above 670 will give you the best chance of getting approved with a competitive interest rate. 

Q. How do you get money when you can’t get a loan?

A. You could also consider applying for a guarantor loan. Adding a guarantor, who agrees to pay the loan if you don’t, gives the lender extra reassurance so they may be more willing to approve your application. If you are a homeowner or you own another high-value asset, you may choose to apply for a secured loan.

Q. Can you get Finance with bad credit in Australia?

A. Though it may seem impossible to get a loan with bad credit, the good news is—it’s not. While having a good score may help you get approved for an auto loan with favorable terms, there are still options available for people with poor credit.


There are a variety of loans that are available to Australians, and depending on your specific situation, one may be the easier option to get approved for.

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