Personal loan options, explained clearly.
Whether you are looking to consolidate debt, fund a major purchase or manage planned personal expenses, loan-o can help you understand your options and the next steps before you apply.
No obligation. Broker-guided. We explain the process before any lender application is submitted.
What personal loans may help with.
A personal loan is not always the right answer. These are common situations where one may help, where it suits your circumstances.
Debt consolidation
Combine eligible debts into one loan structure, where suitable.
Car or vehicle purchase
Explore personal finance options for a car, motorbike or other vehicle.
Home improvements
Fund renovations, repairs or household upgrades.
Major purchases
Cover larger planned expenses with a structured repayment plan.
Medical or dental
Explore finance options for planned personal treatment costs.
Travel or life events
Consider finance for larger personal plans, where borrowing is suitable.
Education or training
Fund personal development, courses or training expenses.
Other personal needs
Discuss your situation and whether a personal loan is appropriate.
What is a personal loan?
A personal loan is a loan used for personal, domestic or household purposes. It is usually repaid over an agreed term with regular repayments. Depending on the lender and loan type, it may be secured or unsecured.
Rates, repayments and loan terms vary depending on the lender, loan type and your personal circumstances. We explain the available options and next steps before any lender application is submitted.
Unsecured personal loan
Does not usually require an asset as security, but pricing and approval criteria may vary.
Secured personal loan
May be linked to an acceptable asset, such as a vehicle, depending on the lender and purpose.
Debt consolidation loan
May combine eligible debts into one repayment structure, where suitable.
Personal vehicle finance
May suit borrowers purchasing a car or vehicle for personal use. Car loans →
Before comparing loan rates, understand what a comparison rate includes.
See what's included (and what's not) →Personal finance should fit your circumstances.
A personal loan should be considered carefully. The right option depends on what you need the funds for, your income, expenses, existing debts, credit profile and ability to make repayments.
loan-o helps you understand the options and the information lenders may need before you decide whether to proceed.
- We ask what the loan is for.
- We consider the loan amount and term.
- We discuss income, expenses and existing commitments.
- We explain likely lender requirements.
- We help you understand the next step before a lender application is submitted.
Why speak with loan-o before applying?
Different lenders may assess personal loan applications differently. A broker can help you understand the type of loan that may suit the purpose, what information may be required, and whether the structure is practical for your circumstances.
loan-o is a broker, not a lender. We do not approve loans ourselves. We help guide the process and compare options from lenders.
- Compare lender options.
- Understand secured versus unsecured structures.
- Avoid unnecessary lender applications.
- Clarify documents and next steps.
- Get guidance before committing.
How personal loan enquiries work with loan-o.
Tell us what you need the loan for
We ask a few practical questions about the purpose, amount and timing.
We understand your position
We discuss income, expenses, existing debts and other details that may affect suitability.
We compare suitable options
We consider lender options and explain what may be required before any application is submitted.
You decide whether to proceed
We explain the structure, repayments, fees and next steps so you can make an informed decision.
An enquiry is not a commitment to borrow.
Is a personal loan the right step?
May suit
- Borrowers with regular income
- Borrowers seeking a structured repayment plan
- Borrowers consolidating eligible debts where it improves their position
- Borrowers funding a planned purchase or personal expense
- Borrowers who want guidance before applying directly to a lender
May not suit
- Borrowers who cannot afford the repayments
- Borrowers already under serious financial hardship
- Borrowers seeking funds for gambling or high-risk purposes
- Borrowers who need hardship assistance rather than new credit
- Borrowers who would be worse off after consolidating debts
- Borrowers who are unsure whether borrowing is necessary
If a personal loan does not appear suitable, we will tell you honestly. If you are experiencing financial difficulty, free help is available from the National Debt Helpline on 1800 007 007.
What goes into the assessment.
Different lenders assess personal loans differently, but these are some common factors that may shape your options.
Thinking about consolidating debt?
Debt consolidation may help simplify repayments, but it is not automatically the right option for everyone. The new loan should be assessed against the total cost, term, repayments, fees and whether it improves your overall position.
Worth asking before you consolidate
- What debts are being consolidated?
- Will the repayment be affordable?
- Will the loan term increase the total cost?
- Are there fees or payout costs?
- Will the structure actually improve your position?
Secure document collection, when documents are needed.
If documents are required, loan-o will explain what is needed and why. We use secure document collection processes rather than asking you to send sensitive information through multiple email threads.
- Identification
- Payslips or income evidence
- Bank statements
- Existing loan or card statements
- Details of the purchase or purpose
- Other lender-required information
No. loan-o is a finance broker. We help compare lender options and guide the personal loan process. We do not approve loans ourselves.
Common purposes include debt consolidation, vehicle purchase, home improvements, major purchases, medical or dental costs, education, travel or other personal needs, subject to suitability and lender criteria.
That depends on your income, expenses, existing debts, credit profile, loan purpose, requested term and lender criteria. We review your situation rather than promising a figure up front.
Submitting an enquiry with loan-o is not the same as lodging a credit application with a lender. We will explain the next step before any lender application is submitted.
Some lenders may require bank statements or income evidence. We will explain what is needed and why if you choose to proceed.
Debt consolidation may be possible where suitable, but it should be assessed carefully to make sure the new structure improves your position.
A secured loan is linked to an acceptable asset, while an unsecured loan usually is not. Pricing, criteria and available loan amounts may differ.
Timing depends on the lender, loan type, documents and complexity of your situation. loan-o will explain the likely process before you proceed.
Some lenders may consider self-employed borrowers, but the documents and assessment may differ. We can explain what may be required.
If a personal loan does not appear suitable, we will tell you. In some cases, another finance structure may be more appropriate, or borrowing may not be the right step.
Start with a simple personal loan enquiry.
Tell us what you are looking to do and we'll help explain what personal loan options may be available. You do not need to commit to anything by enquiring.
After you enquire, a loan-o broker will review the details and contact you to understand your situation. If a personal loan may be suitable, we will explain the likely options, documents and next steps before any lender application is submitted.
Not sure whether a personal loan is the right next step?
Talk to loan-o. We will help you understand the options, what lenders may consider and whether the structure makes sense for your circumstances.