Cheapest Personal Loan award: Best of the Best 2020
AUSTRALIAN MILITARY (BANK)
HSBC (MAJOR BANK)
COMMUNITY FIRST (NON-BANK)
If you can avoid having to pay a monthly fee as well, it's a welcome bonus
Community First Credit Union's personal loans don't have the lowest interest rate or the lowest upfront fee, but no monthly fees helps drive it into pole position in this category - making it another win for the non-banks.
Australian Military Bank has the lowest personal loan interest rate at 4.7%, and is well ahead of its peers. But its monthly fee of $10 puts it slightly behind Community First when comparing a $10,000 unsecured loan over five years.
If you're really strapped for cash, Endeavour Bank and MoneyPlace have no upfront fees on their personal loans.