How to choose the right loan for you
Finding the best personal loans depends on three simple, yet crucial, steps:
- Taking full account of your current situation
- Comparing personal loan interest rates
- Comparing fees, charges, rules, terms and conditions
Yes. You must do each one, because a low interest loan might actually be a high overall cost loan. In short, low interest loans are not always the best loans for your circumstances.
Remember, if a company offering low interest loans makes it tricky to understand and compare their rates and fees with their competitors, thatâs a sign you need to look very closely.
Low rates can mean unexpected surprises
The best personal loan for you and your individual needs simply cannot be bought âoff the shelfâ. People regularly run into difficulties when their loans are structured one way but their lives are pushing another.
In the three-step process of comparing products to find your best personal loan, the important things to watch for are:
- Early payment rules
- Lump-sum payment penalties
- Upfront charges
- Ongoing costs
- Fine print in the contract
We’re for you
Weâve 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 â 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. Donât worry, we only need the important stuff to get you moving.
2. Weâll 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?
- Interest Rates: from 12.95%
- Comparison Rates: From 16.27%
- Establishment Fee: $400 (MACC) and $495 (LACC and car loan)
- Monthly Administration Fee: $25 per month (for loans $8,000 or higher)
- Dishonour Fee: $28
- Early Termination Fee: $0
- Minimum Loan Term: 24 Months
- Maximum Loan Term: 60 months
- Minimum APR: 12.95%
- Maximum APR: 22%
- Provider Fee: Based on borrower risk profile
Loan Examples
Loan example 1: Where the borrower has a âDiamondâ class risk profile. A secured personal loan or car loan of $55,000 for a term of 5 years has a total repayment of $80,358.66 including all applicable fees and interest of $25,358.66. The minimum loan term is 24 months, and the maximum loan term is 60 months. The comparison rate, based on a secured loan of $55,000 for a term of 5 years, for the diamond loan product is 16.27%.
Loan example 2: Where the borrower has a âDiamondâ class risk profile. A secured personal loan or car loan of $30,000 for a term of 5 years has a total repayment of $46,401.40 including all applicable fees and interest of $16,401.40 The minimum loan term is 24 months, and the maximum loan term is 60 months. The comparison rate, based on a secured loan of $30,000 for a term of 5 years, for the diamond loan product is 18.93%.
Loan example 3: Where the borrower has a âDiamondâ class risk profile. A secured personal loan or car loan of $10,000 for a term of 3 years has a total repayment of $15,460.70 including all applicable fees and interest of $5,460.70 The minimum loan term is 24 months, and the maximum loan term is 60 months. The comparison rate, based on a secured loan of $10,000 for a term of 3 years, for the diamond loan product is 31.414%
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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 service team on 1300 727 431 to get help with the application process.
Can I get an unsecured loan?
Rapid Loans do not offer unsecured personal loans. In order to offer better rates and loan terms to our customers, we only provide secured personal loan options.
What can I use as security against the loan?
We can take security in assets you own including vehicles that are registered in your name (cars, caravan, motorcycle etc) as well as properties that do not currently have any other finance owing on them.
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 always aim to be as quick as possible with transferring funds to successful applicants. Depending on the time and day of the successful application, the funds may be available in the clientâs bank account the same day or the next business day.