Affordable Personal Loans: Top Picks for August 2026

The OurMoneyMarket Personal Loan offers a standout starting rate of 5.95% p.a., making it a strong choice for those with good credit. Its lack of ongoing fees and no early repayment penalties give it an edge over traditional banks, but the maximum term is shorter at five years.

Harmoney offers another low-rate option with unsecured loans starting at 5.76% p.a. The fully online process and personalized rates make it ideal for tech-savvy borrowers. However, higher-risk applicants may encounter rates up to 24.03%.

Liberty Financial stands out with its flexible lending criteria, catering to non-standard borrowers. With secured loans from 5.67% p.a., it's a great option for those who might not qualify with traditional banks.

ING's digital-first approach offers convenience with a competitive 6.19% starting rate. No early repayment fees make it attractive, but the lack of a variable rate option and a $60,000 cap might limit some borrowers.

Commonwealth Bank provides both fixed and variable rate options, starting at 7.25% p.a. The EV Access Program at 5.79% p.a. adds appeal for eco-conscious buyers, but fees can add up quickly.

Westpac offers more than just personal loans; their electric car loan rates start at 6.49% p.a., providing an advantage for environmentally-minded borrowers. However, their unsecured rates are less competitive compared to fintech lenders.

ANZ's personal loans provide versatility with both fixed and variable rates, along with a robust branch network for in-person support. However, higher rates are expected without excellent credit.

NAB offers a tight rate range, making it appealing for higher-risk borrowers who might face steeper rates elsewhere. The waived $250 application fee until July 2026 sweetens the deal.

Plenti's fintech approach delivers an online experience with fast funding within 24 hours. With no monthly fees, it's a great option for those who prefer a streamlined process.