Finty

Compare student personal loans

Set your amount and term to see the repayment and total cost of 7 student personal loans side by side, so you know what you'd pay before you apply.

Personal loans for students and study costs, such as a laptop, course materials or moving for university. These are separate from HECS-HELP, which is often cheaper for course fees.

Written byDavid Boyd

What will it cost you?

Enter how much you want to borrow and for how long, and we'll show your monthly repayment and total cost on every loan below, at each one's lowest published rate.

7 loans

Repayments use each loan's lowest published rate and include any monthly fee. The total adds the establishment fee. The rate you are offered depends on your circumstances. Comparison rates are for the lender's own example loan, usually $30,000 over 5 years.

WARNING: A comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Student personal loans at a glance

Worked out from the 7 loans from 3 lenders we compare on this page.

Typical comparison rate

9.24%

Half the loans start between 7.09% and 10.72%.

Typical setup fee

$0

6 of 7 loans charge no setup fee.

Fixed or variable

6 fixed2 variable

Some loans offer both.

How starting comparison rates are spreadNumber of loans in each band. The most common is 5–7%.

The short version

  • Government study loans, like HECS-HELP, come first for most students, as they're only repaid once you earn enough.
  • A personal loan can cover costs they don't, such as a laptop, a car or moving for study.
  • Lenders want regular income, so a part time job or a guarantor helps.

Personal loans for students

Some banks and credit unions offer personal loans for students, often with lower minimum amounts and income requirements. They can cover study costs HECS-HELP doesn't, such as a laptop, equipment, a car or moving costs.

For course fees, HECS-HELP is usually cheaper: its debt rises only with indexation, and you repay through the tax system once you earn above the threshold. A personal loan needs repaying from the start.

Comparing student loans

Look at the comparison rate as well as the interest rate. The comparison rate adds the lender's standard fees to the interest rate for an example loan, so it shows the cost of two loans on the same footing.

Pros

  • Covers what HELP doesn't. Living costs, equipment or a car to get to placements.
  • Repaying on time builds your credit history, which helps with later loans.
  • Set repayments and an end date, unlike a credit card.

Cons

  • Interest from day one. Unlike a HELP debt, which only rises with inflation, a personal loan charges interest straight away.
  • Harder approval on a small or irregular income.
  • Repayments start now, not once you're earning more.

Alternatives

  • HECS-HELP, FEE-HELP and other government loans for course fees.
  • Youth Allowance, Austudy and student start up loans from Services Australia.
  • Your university's emergency loans and grants, which are often interest free.
  • A No Interest Loan (NILS). If you're on a lower income, community lenders offer loans of up to $2,000 for essentials, with no interest or fees.

How to apply

Applying for a personal loan as a student usually takes 15 minutes online. Most lenders give a decision within a day or two, and some within the hour.

  • Check your rate first. Many lenders show the rate you'd get with a soft check, which doesn't show as a credit enquiry, before you formally apply.
  • Have your details ready. Lenders ask for ID, payslips or tax returns, your spending, and the debts and credit limits you already have.
  • Apply to one lender at a time. Each formal application is recorded on your credit report, and several close together can make lenders more cautious.
  • Read the contract before you sign. Check the comparison rate, every fee, and what happens if you repay early or miss a repayment.

Questions people ask

Can I get a personal loan with no income?

It's unlikely. Lenders must check you can afford the repayments, so they want to see regular income. Some will consider Centrelink payments as part of your income, or a guarantor.

What rate will I get?

Most lenders set your rate from your credit history, income and the loan itself, so the advertised rate is the lowest you could get, not the rate everyone gets. A rate quote with a soft check shows your own rate before you apply.

How much can I borrow?

It depends on the lender's limits and what you can afford. Lenders look at your income, your living costs and your other debts, and only lend what they think you can repay without hardship.