What to Consider When Comparing Personal Loans
Choosing the right personal loan for your circumstances involves considering several important factors. When comparing personal loans, it’s worth considering:
- Your financial circumstances and borrowing needs.
- Interest rates and comparison rates.
- Fees, loan terms and other important features.
Before applying, take the time to understand the interest rate, comparison rate, fees and loan terms so you can compare loan products and choose one that’s appropriate for your circumstances.
Look Beyond the Interest Rate
The advertised interest rate is only one part of the cost of a personal loan. When comparing loan products, it is also important to consider the comparison rate, applicable fees, loan term and repayment conditions.
A comparison rate combines the interest rate with certain fees and charges to provide a broader indication of the loan’s cost. However, it may not include every fee that could apply in particular circumstances.
Before applying, check:
- the interest rate and comparison rate;
- establishment and ongoing fees;
- the loan term and repayment schedule;
- whether fees apply to additional or early repayments;
- any late-payment or other conditional fees; and
- the full terms and conditions of the credit contract.
Understanding these details can give you a clearer picture of the potential cost of the loan before you apply.
We’re for you
We’ve been leaders in the online lending market for over 20 years, and while the world has seen many changes, one thing has remained the same – our desire to help everyday Australians like you get to your destination sooner. Apply online today to experience the Rapid difference for yourself.
Our Customers
Are everyday people with big dreams and places to go!
Our Loans
Are straightforward and easy to understand, with no hidden surprises.
Our People
Are dedicated finance professionals ready to help you get the best finance for your unique situation.
How it works
1. Apply Online
Complete our easy online application form. Don’t worry, we only need the important stuff to get you moving.
2. We’ll Get In Touch
Your application will be reviewed and one of our friendly loan consultants will be in touch soon!
3. Receive Funds
If approved, have your funds faster than you can say Rapid Loans! If you applied in the morning, they could hit your account the very same day.
Frequently asked questions
What are personal loan interest rates?
Our rates as as follows:
- Interest Rates: from 12.95%
- Comparison Rates: from 16.27%
- Establishment Fee:Â $400 (MACC) and up to $1545 (Personal and Auto loan)
- Monthly Administration Fee: $25 per month (for loan terms over 24 months)
- Dishonour Fee: $28
- Early Termination Fee: $0
- Minimum Loan Term: 12 Months
- Maximum Loan Term: 60 months
- Minimum APR: 12.95%
- Maximum APR: 22%
- Provider Fee: Based on borrower risk profile
How do I apply for a personal loan?
You can apply for a personal loan online through our easy-to-use application form. If you require assistance, you can call our friendly customer service team on 1300 727 431 to get help with the application process.
Can I get an unsecured loan?
Rapid Loans does not offer unsecured loans. We provide secured personal and vehicle loans, which require an eligible registered vehicle to be used as security. All applications are subject to our lending criteria, responsible lending obligations and approval.
What can I use as security against the loan?
Rapid Loans accepts eligible registered vehicles as security for a secured personal loan. This may include cars, motorcycles, caravans and certain other registered vehicles, subject to our lending criteria. If you’re unsure whether your vehicle is eligible, our team can assist.
Do you offer fixed interest rates?
Yes, personal and car loans from Rapid Loans have a fixed interest rate outlined in your contract. This will vary depending on a number of factors such as borrower profile, loan product and principal amount.
Will funds be available the same day?
We aim to transfer funds to successful applicants as quickly as possible. Depending on when your loan is approved and your financial institution’s processing time, funds may be available the same business day or the next business day.