A personal loan is a fixed amount you borrow for a personal purpose, such as a car, renovations, a wedding, medical bills or consolidating debt, and repay in regular instalments over an agreed term, often one to seven years. It can be unsecured, or secured against an asset like a car, which may lower the rate. PostYourLoan compares personal loans from a range of lenders for people in Dandenong and across Australia.
Key points
| Secured | Unsecured | |
| Security | An asset, often a car | None |
| Interest rate | Usually lower | Usually higher |
| If you can’t repay | The lender can repossess the asset | The lender can pursue the debt, which affects your credit |
| Typically suits | Buying a car or a larger amount | Smaller amounts or when you have no asset to offer |
Buying a vehicle? See car and motorbike loans.
Comparing which personal loan suits you best? Read our guide to choosing the best personal loan.
Choose between fixed or variable repayment terms that suit your financial situation.
See options from a range of lenders in one place instead of applying to each one separately.
Personal loans are typically unsecured, so you don’t need to pledge assets or property to qualify.
Use the loan for almost any personal purpose—whether it’s home renovations, education, travel, or consolidating debt.
Combine several debts into one loan with one repayment. See our debt consolidation page for more.
Finance your home renovations and upgrades to enhance your property’s value and livability.
Funds for unexpected costs such as medical bills, car repairs or urgent home repairs.
Fund your dream vacation or travel plans, helping you create unforgettable memories without financial stress.
We look at your needs and repayment capacity to work out a loan structure that fits.
We help you compare loan options from a range of lenders, including rates, fees and terms.
The loan application is straightforward, and we’re here to guide you through each step of the process.
Post-approval, we offer continued support to help you manage your loan and finances effectively.
Consolidating debts? See debt consolidation loans. Facing unexpected medical costs? See loans for unexpected medical bills. Talk to us to compare personal loan options.
There is no single minimum. Each lender sets its own criteria, and a higher score usually gives access to lower rates. Some lenders consider applicants with weaker credit, usually at a higher cost.
A secured loan uses an asset, often a car, as security and usually has a lower rate. An unsecured loan needs no security but usually costs more.
Possibly. Some lenders focus on your current income and ability to repay, but rates and fees are usually higher. Avoid multiple applications in a short time, as each one is recorded on your credit file.
It depends on your income, expenses, existing debts and the lender. Loan amounts and terms vary widely between lenders.
It depends on the lender and how quickly you provide documents. Many personal loans settle within a few business days of approval.
No. Eligibility is based on your age, residency, income, expenses and credit history, not whether you already bank with the lender.