Personal Loan Interest Rates

Ozzie Loans believes in responsible lending. We consider each request for our online loans individually and utilise the latest lending technology to ensure our assessments are equitable and transparent and to ensure you are offered the best personal loan interest rates for your current circumstances. 

When you apply for our easy finance, we take into account any current liabilities such as any other existing debts such as other loans or a credit card, your daily expenses, and your income and employment history. This information, combined with your credit history, is how we determine how much you can borrow and at what interest rate. We want to make sure you don’t experience financial duress by borrowing more than you can comfortably afford to pay back over your unsecured personal loan term.

Understanding your credit score and how it can impact your borrowing capacity is one of the most important parts of personal finance. In short, the better your credit score, the lower the interest rates and more money will be available to you when you apply for a line of credit - whether that be a credit card, home loan, student loan, boat loan or other product.

It’s important to know that every time you make an application for a line of credit, it’s recorded on your credit file. Multiple loans or credit card applications within a short period of time can damage your credit score. Any defaults - or missing payments - on bills or existing liabilities like credit cards and loans are immediately recorded and will also lower your score. 

But it’s not all doom and gloom - there have been changes to the way credit is reported recently, and we think it’s definitely for the better. Your credit report now also reflects positive credit behaviours, 

so all your consistent, on-time repayments count. This gives a much clearer borrower profile and allows us to assess your current circumstances and not just a rough time you had a few years ago.

Our personal loan interest rates start at just 7.95% - some of the lowest in Australia. But our maximum rates are still extremely competitive with those of the big banks, so you can feel confident that even if your credit score has taken some hits and you’re not offered our lowest interest rate, you’re getting the best rate for your current circumstances.

We also love to reward our good customers and also have an in-house credit rating for people who take out cash loans or make use of our virtual credit card. Making consistent repayments on your line of credit will improve both your personal and in-house Ozzie Loans credit score, meaning you are likely to be eligible for lower personal loan interest rates over time. 

And, unlike other money lenders, we won’t charge you for making early repayments on your fixed rate loan. In fact, we encourage it! It’s all part of our approach to smart, responsible lending and empowering our customers. 

Are personal loan interest rates calculated daily? 

There are two types of interest rates: fixed and variable. 

Variable interest rates do exactly what they say they’ll do: they’ll change throughout your loan term. This is because it’s based on an underlying benchmark interest rate which is reflected by the security of the economy. In Australia, this benchmark is controlled by the Reserve Bank and is calculated daily. 

When the economy is stable, your variable interest rate will either remain the same or may even drop - resulting in cheaper repayments. However, in times of uncertainty, it is likely to rise - and so will your monthly repayments and the interest accrued on your loan. 

Ozzie Loans only offers fixed personal loan interest rates - something our customers love. A fixed interest rate is set for the full duration of your loan, so you’ll know exactly how much interest you’ll accrue over your loan term before you sign your same day loans contract. Importantly, you’ll also know exactly how much your monthly repayments will be. Regardless of the state of the economy, your repayments and interest will stay untouched.

What is a comparison rate? 

When considering personal loan interest rates and which instant loans are best for you, it’s a good idea to do a personal loans comparison. When you visit the Ozzie Loans website, you’ll see both an ‘interest rate’ and a ‘comparison rate’ listed. Knowing the difference can significantly inform your choice of easy loans between money lenders. 

On its own, an interest rate is just that - purely a reflection of the percentage of interest which will be applied to your loan each year. 

A comparison rate incorporates the interest rate and all fees and charges, which is why it looks so much higher than the interest rate alone. A comparison rate reflects the true cost of your loan, so it’s the best piece of information to use when comparing different personal loans Australia, personal loan interest rates and money lenders. 

Because we believe in responsible lending, you’ll know exactly what fees and charges are applied to our cash loans before you sign. You can use our free online personal loan calculator to get an idea of what repayments might look like on a variety of quick loans over different lending periods - including both interest-only and comparison personal loan interest rates. 

Our customers are taking advantage of some of the lowest personal loan interest rates for all sorts of reasons. 

Some take our small loans to act as a cash advance ahead of payday, and our student loans are becoming increasingly popular. 

Homeowners, landlords and investors are utilising our renovation loans to improve their homes or make much-needed repairs. We also offer rent assistance and provide bond loans to tenants. 

Whatever you need fast cash for, our easy loans or virtual credit card can help.

You can apply online for an unsecured personal loan between $5,000 and $50,000 in a matter of minutes and have the cash in your account by the end of the day. 

Or, if you are wanting a line of credit you can access on an ongoing basis, our virtual credit card offers between $1,000 and $15,000 for approved customers. Accessed exclusively via your smartphone, you can use the card both online and in-store via Tap n Pay or even transfer funds straight to your bank account.

Apply with Ozzie Loans today and have your cash in a flash!