Unsecured personal loans

Econnex is a comparison platform that helps you: 

• View a range of unsecured loans Australia from panel of participating lenders 
• Compare unsecured personal loan interest rates, comparison rates, fees and features 
• See which unsecured personal loan products may align with the details you provide 

We don’t: 

• Offer our own loans 
• Claim to show every product in the market 
• Guarantee approval, low rates, or “best unsecured loans” for any user 

Instead, we give you clearer information so you can make your own decision. 

While it differs by provider, most unsecured personal loan lenders will ask for: 

• Proof of identity (such as a driver licence or passport) 
• Proof of income (recent payslips, tax returns, pension or Centrelink statements) 
• Employment details or information about self-employment 
• An outline of your regular living expenses 
• Details of existing loans, credit cards and other commitments 
• Recent bank statements or transaction history 

Having these ready can make applying for an unsecured loan online  quicker and smoother.

An unsecured loan  (or unsecured personal) is a type of personal loan where you don’t provide an asset, like a car or property, as security for the debt. In other words, it’s an unsecured personal loan. 

With unsecured lending you avoid putting an asset on the line, but the unsecured interest rate is usually higher than for a secured loan because the lender takes on more risk.

Key points: 

• No collateral required – it’s effectively a no security personal loan 
• Often higher unsecured personalloan interest rate than secured options 
• Can be used for many purposes (within lender policy) 
• Approval and pricing depend heavily on your overall financial profile 

Unsecured personal loans in Australia are offered by banks, credit unions, digital lenders and other providers, each with their own rates, eligibility rules and features.

Econnex lets you compare unsecured personal loans available across Australia from a panel of participating lenders. While the comparison doesn’t include every lender in the market, it highlights key features to help you understand what different options offer.

You can review unsecured loan options from participating providers and, if suitable, proceed to apply with the lender you select.

Some lenders may consider unsecured loans for low income  applicants, but approval and pricing depend on your overall financial situation – including income, expenses, existing debts and credit history.

Even if a product is marketed as one of the best unsecured loans, the unsecured personal loan rates you’re offered can differ from the advertised minimum, depending on your profile.

If money is tight, ASIC suggest carefully checking whether the repayments will be manageable before taking on new credit.

You may see ads using phrases like “horrible credit unsecured loan” or “bad credit guaranteed approval”. It’s important to be cautious: 

• Offers aimed at people with very poor credit can carry very high unsecured loan interest rate levels, fees or strict conditions. 
• Some may fall under high-cost short-term or consumer lease products, which ASIC warns can be expensive and risky if not fully understood. 
• Scam operators sometimes target people in financial stress with fake loan offers. 

If your credit file has problems, it may be worth seeking impartial financial counselling before applying for more debt. 

Lists claiming to show the best unsecured personal loans or  best unsecured loans can be a starting point for research, but they usually only cover a subset of the market and may be influenced by commercial arrangements.

Under Australian law, lenders and comparison sites must avoid misleading or deceptive claims and must be able to substantiate statements like “best” or “lowest”. 

It’s safer to treat “best” as marketing language and focus instead on whether a product’s rate, fees, features and conditions suit your own circumstances.

You might see marketing for “unsecured loans no credit check”, “no credit checks unsecured loans” or similar. Genuine Australian lenders are expected to lend responsibly, which typically involves some kind of assessment of your ability to repay, often including a credit check. 

Offers that promise an unsecured loan without credit check may: 

• Be very high cost 
• Not be regulated in the same way as standard personal loans 
• In some cases, be scams asking for upfront “fees” 

Always check the lender is legitimate (for example, is on ASIC’s registers) and be wary of offers that sound too good to be true.

Yes, some providers advertise  low rate personal loans unsecured, but the rate you actually receive will depend on your credit history, income, and other factors. Offers that highlight a low headline unsecured loan interest rate may only apply to a subset of borrowers. 

That’s why it’s important to: 

• Check the full rate range 
• Look at comparison rates and fees 
• Understand that what’s advertised isn’t guaranteed for every applicant