Question 1

What can I use a personal loan for in Australia?

Accepted Answer

Personal loans in Australia can be used for almost any legitimate purpose: debt consolidation, home improvements, medical expenses, weddings, travel, or major purchases. Unlike car loans or home loans, personal loans are typically unsecured, which gives you flexibility on how you use the funds. Some lenders do restrict certain purposes (for example, using a personal loan to fund a business), so we always confirm eligibility before matching you with a lender.

Question 2

What is the average personal loan interest rate in Australia?

Accepted Answer

Personal loan rates in Australia typically range from 6.99% p.a. to 24% p.a. Fixed rates provide repayment certainty; variable rates may allow extra repayments without penalty. Your rate depends on your credit score, income, and the loan purpose. ClariFi compares rates across 50+ lenders, including banks and non-bank lenders who often price more competitively than the major banks.

Question 3

How quickly can I get a personal loan approved?

Accepted Answer

Many of our lenders offer same-day or next-business-day conditional approvals for personal loans. Formal approval typically takes 1-3 business days once all documentation is provided. Once approved, funds are usually transferred to your nominated account within 24-48 hours. ClariFi helps you prepare the right documentation upfront so the process moves as quickly as possible.

Question 4

Can I get a personal loan with bad credit?

Accepted Answer

Yes. ClariFi works with specialist lenders who consider applicants with impaired credit histories, defaults, or previous financial difficulties. These loans typically carry higher interest rates to reflect the increased risk to the lender, but they can be a genuine option when managed responsibly. We'll be upfront about which lenders are realistic for your situation before you apply.

Question 5

Should I consolidate my debt with a personal loan?

Accepted Answer

Debt consolidation can reduce your overall interest cost and simplify your repayments into a single monthly amount. It works best when the personal loan rate is lower than the weighted average rate of the debts you're consolidating, particularly high-interest credit cards, which often charge 18-22% p.a. We can model the numbers for your specific debts and show you whether consolidation makes financial sense.

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One Application, 50+ Lenders

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Borrow $5,000 to $100,000

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Personal Loans — common questions

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