GOLD WINNERS: POLICE BANK (BANK), LIBERTY (NON-BANK)
It feels good to reduce your debts, especially if you manage to get ahead of your repayments, and our two winners in the category of cheapest personal loans advertise zero penalties for paying out your loan early.
Also they both offer fixed loans, so over the term you don’t have to worry about your interest rate going higher.
Police Bank’s personal loan provides amounts over $5000 with the option to be financed 100% – just make sure you can afford the repayments.
The term for its competitive 9.99% fixed rate can range up to seven years.
Our non-bank winner, Liberty Financial, offers loans between $5000 and $50,000 for a maximum term of seven years. It has flexible payment options, allowing you to choose between weekly, fortnightly and monthly.
This account also has a free redraw facility that you can access using a debit card, so you can access extra repayments.