How to Compare Personal Loans in 5 Ways


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How to Compare Personal Loans in 5 Ways

A personal loan can come in handy when you wish to buy a car, take your family on vacation or renovate your home. In Australia, you will find thousands of different personal loans to choose from. Every loan will have its own features, terms and conditions and characteristics. So, how do you decide which loan to opt for and which to avoid?

This blog will teach you how to compare personal loans and shed light on factors that you must consider before applying for one.

So, without further ado, let’s dive right into the discussion!

What Is a Personal Loan?

A personal loan, whether secured or unsecured, is a lump sum payment that you need to repay over a certain time period along with interest. Personal loans are usually given by banks, credit unions and other private lending institutions. In Australia, you can get a personal loan between $2,000 and $100,000 for up to 7 years or less, depending on the amount. 

A secured personal loan is a loan that requires you to deposit an asset as collateral against the loan amount. An unsecured personal loan does not require any collateral. However, it has a higher interest rate than a secured personal loan due to a greater chance of defaulting.

A personal loan can be used for a variety of expenditures. You can take a personal loan to consolidate a debt, like credit card debt, buy a car, take a vacation, host a wedding or start a small business.

How to Compare Personal Loans in 5 Ways

1.      The Interest Rate

When you cannot decide between two or more personal loans, the first step is to look at their individual interest rates. You must know this interest rate, so you are aware of the outstanding amount over and above the principal amount that you need to pay. Interest rates are decided by the lender and will be communicated to you when the loan contract is drawn up.

Personal loans will have either fixed or variable interest rates. Fixed interest rates will be slightly higher because they do not fluctuate with the market. You will have to pay the interest amount calculated using the fixed rate during a specific time period. Variable interest rates, on the other hand, will change with market fluctuations. However, they offer flexibility as they allow you to make extra repayments toward your loan when the rates fall.

2.      The Comparison Rate

A comparison rate is a percentage that tells you the interest rate and fees charged on the personal loan. It shows the true cost of the loan. Some personal loans have decent interest rates but have high application fees or extra charges that make the total cost must higher. When wondering how to compare personal loans with similar interest rates, look at the individual comparison rates. For example, a loan might have an interest rate of 12% per annum but a comparison rate of 14% per annum, indicating that the loan has extra charges. However, if a personal loan has the same interest and comparison rates, it means that the loan does not include any extra fees.

3.      Loan Type

It would be best to consider the loan type before you choose a loan. Unsecured loans have high interest rates. However, if you are sure that you will not default on repayments, then a secured loan that requires you to set an asset as collateral (like a mortgage) is a good choice because it has a lower interest rate.

Some loans come with specific restrictions. For example, a car loan is a personal loan that can only be used for the purchase of a car. You cannot use the money from the loan for any other purpose. You should be aware of any such restrictions before you apply for a personal loan.

4.      Loan Terms and Contract

When you apply for a loan and get approved, you will be asked to sign a contract. Loan contracts usually contain information about how long the loan term will be, when and how you will have to repay the loan, the interest rate that will be charged on a loan, etc. Before you sign any personal loan contract, please do read the terms very carefully. A contract will bind you legally so you must know what you are getting into.

5.      Your Credit Rating

Your credit history and score has an impact on the interest rates that will be charged to you. The better your credit history and credit score are, the lower the interest rate will be for you. When you know your score is good and your credit history is great, you should opt for a loan that offers a range of interest rates, so you are able to snag a lower one.

Your credit rating can also impact your loan approval. Not everyone is eligible for a personal loan. Some loans have strict requirements, whereas others are even given to those with bad credit. If you have bad credit and are looking to secure a personal loan, head over to none other than CashOnYourMobile that provides personal loans of up to $50,000!

Personal Loans from CashOnYourMobile

Once you have learnt how to compare personal loans, it’s time for you to sit down and consider all your options so you can choose the best fit for your financial needs. CashOnYourMobile, Australia’s most trusted lenders, can help you secure instant cash in just 4 hours to fix all your money problems. If you are an Australian citizen or permanent resident who is over 18 years old, earns at least $550 a month and has a savings or direct-deposit account, you are eligible for a personal loan! Visit our website and apply today to secure your funding instantly.


What is a Cash loan?

A cash loan is a short term loan which can be paid off over a short period of time upto 12 months

How much can I borrow?

You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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Loan requirements are minimal. Your loan pre-approval is just a few clicks away.

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If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1

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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

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If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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