When it comes to renovating, paying tuition fees or even organising your dream wedding, a personal loan can be a handy way to cover the costs upfront. The problem is knowing which loan product will best suit your financial needs.
That’s where the Mozo Experts Choice Awards come in. For these awards the Mozo research team compares secured and unsecured personal loans from Australia’s lenders, big and small.
In fact, the total number of loans compared for this year’s award was over 300.
We’ve been conducting these awards for the past five years and only a handful of loans make the award cut. OurMoneyMarket’s Low Rate Personal Loan ranked as one of the best unsecured loans for overall value and they are a deserving winner of their 2020 Mozo Experts Choice Award.
For borrowers with an excellent credit score, interest rates for this loan start as low as 6.75% p.a. (6.96% p.a. comparison rate). That’s well below the average interest rate for unsecured personal loans in the Mozo database, which is currently around 10.25% p.a.
Besides the $150 upfront application fee, there are no regular service fees and you won’t be penalised for paying off the loan early. This kind of flexibility is really important as it means that more of your repayments go towards paying back your debt, not paying fees and charges.
It’s also great to see that OurMoneyMarket allows borrowers to make extra repayments. A really useful feature in my opinion, because if you have the means, you can work on getting rid of your debt faster!
Head to Mozo to learn more about the Mozo Experts Choice Personal Loan Awards.
With over 20 years of experience in the finance industry, Peter Marshall is regularly sought after for his expert commentary and in-depth analysis on banking and interest rates. Currently Peter is the research manager and Mozo Experts Choice Award Judge for financial comparison website mozo.com.au.
*Correct as of 29 October 2020