Personal Loan or Debt Consolidation? Compare Both

What do you need?

Each one has its own page with the detail. Or apply now and we'll compare the panel for you.

Any Purpose Loans

Unsecured

For anything else: a car repair, moving costs or a big bill.

Any Purpose Loans

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Home Renovation Loans

Renos & repairs

Kitchens, bathrooms, decks and repairs, without touching your home loan.

Home Renovation Loans

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Wedding Loans

The big day

The venue, the rings and the honeymoon, on one set repayment.

Wedding Loans

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Holiday & Travel Loans

Travel

Flights and accommodation sorted now, repaid on a fixed plan.

Holiday & Travel Loans

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Medical & Dental Loans

Health costs

Surgery, dental work or treatment that cannot wait for savings.

Medical & Dental Loans

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Debt Consolidation

One repayment

Roll your debts into one repayment and see the full cost upfront.

Debt Consolidation

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Cosmetic & Beauty Loans

Treatments

Cosmetic surgery, skin and beauty treatments, on one set repayment.

Cosmetic & Beauty Loans

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Personal loan or debt consolidation?

Both are personal loans underneath. The difference is what the money is for: something new, or the debts you already have.

A personal loan

For something new: a wedding, a renovation, a holiday, medical or dental work, cosmetic treatment, a car or a surprise bill. You borrow a set amount and pay it back over a fixed term, usually one to seven years.

Personal loans

Debt consolidation

For debts you already have. One new loan pays out your credit cards, buy now pay later and other loans, so you're left with one repayment and one rate.

Debt consolidation

Consolidating can cut your monthly repayment, but stretching it over a longer term can mean paying more interest overall. Your broker shows you both numbers before you decide. When debt consolidation stacks up

Secured or unsecured

An unsecured loan doesn't tie up anything you own, which keeps it simple. A secured loan uses an asset, often a car, as security, which can bring a lower rate. Where both are available, your broker shows you each. Secured vs unsecured loans

What lenders look at

Your income and job. How long you've been there, and whether you're full time, casual or self-employed.
Your living costs and what you already owe. Lenders call this serviceability, and it decides how much you can borrow. Serviceability explained
Your credit history. Including any defaults and how many credit enquiries you've had lately. How your credit score affects your rate
What the money is for. Some lenders price a car, a renovation or a consolidation differently.

Questions people ask

Is a personal loan better than a credit card?

For a bigger one-off cost, a personal loan usually has a lower rate and a set end date. A credit card has no end date and often a higher rate. Personal loan vs credit card

How much can I borrow?

It depends on your income, your living costs and what you already owe. Your broker works it out before anything goes to a lender.

Will consolidating my debts hurt my credit score?

Comparing here doesn't touch your credit file. Going ahead adds one credit enquiry, which is better than applying to several lenders yourself.

What can I use a personal loan for?

Almost anything legitimate: weddings, renovations, holidays, medical bills, cosmetic treatments, a car or moving costs. See renovation loans, wedding loans, holiday loans, medical and dental loans and cosmetic and beauty loans, or read our wedding loans guide and financing a renovation.

How fast can I get approved?

Approvals can come through in as little as 10 minutes, and most land within 24 hours once your broker has everything they need.

General information only, not financial advice. Your broker will talk you through what suits your situation.