{"id":1520,"date":"2022-11-14T17:45:08","date_gmt":"2022-11-14T17:45:08","guid":{"rendered":"https:\/\/www.nerdwallet.com\/au\/?page_id=1520"},"modified":"2024-04-05T22:05:59","modified_gmt":"2024-04-05T22:05:59","slug":"what-is-a-personal-loan","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/au\/loans\/what-is-a-personal-loan","title":{"rendered":"What Is A Personal Loan?"},"content":{"rendered":"\n<p class=\"\">A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or instalments, typically over one to seven years.<\/p>\n\n\n\n<p class=\"\">Though it\u2019s usually best to dip into your savings or emergency fund to cover unexpected expenses, personal loans can be a good option for essential or urgent spending, such as food, housing, taxes or even debt consolidation.<\/p>\n\n\n\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper \">\n\t\t\t<h2 id=\"jump-to\"  class=\"c-block-table-of-contents__title\">Jump to<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t<li class=\"c-block-table-of-contents__link\"><a href=\"#how-do-personal-loans-work\">How do personal loans work?<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#what-can-i-use-a-personal-loan-for\">What can I use a personal loan for?<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#how-to-get-a-personal-loan\">How to get a personal loan<\/a><\/li>\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<h2 id=\"how-do-personal-loans-work\"  class=\"wp-block-heading\"><strong>How do personal loans work?<\/strong><\/h2>\n\n\n\n<p class=\"\">Most personal loans are unsecured, meaning they\u2019re not backed by collateral. Lenders decide whether to give you an unsecured loan based on factors such as your credit score, <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/credit-report-australia\">credit history<\/a>, debt-to-income ratio and cash flow.<\/p>\n\n\n\n<p class=\"\">If you don\u2019t qualify for an unsecured loan, you may be offered a secured or co-signed loan. Secured loans are backed by an asset like your home or car, and the lender can repossess your property if you miss multiple payments and default on the loan. Guarantor loans, or co-signed loans, include an additional applicant with a <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/what-is-a-good-credit-score\">strong credit profile<\/a> who will help guarantee the loan; they are also responsible for missed payments.<\/p>\n\n\n\n<p class=\"\">Other types of personal loans include fixed-rate loans, in which your rate and monthly payments stay the same, or variable-rate loans, in which your rate and payments change.<\/p>\n\n\n\n<h3 id=\"how-personal-loans-affect-your-credit-score\"  class=\"wp-block-heading\">How personal loans affect your credit score<\/h3>\n\n\n\n<p class=\"\">A personal loan <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/what-affects-your-credit-score\">affects your credit score <\/a>much like any other form of credit. On-time payments will build credit, while late payments can damage your score if they\u2019re reported to the credit bureaus.<\/p>\n\n\n\n<p class=\"\">If you\u2019re in the market for a personal loan, pre-qualifying can give you an idea of the rate and loan amount a lender can offer you without impacting your credit score.<\/p>\n\n\n\n<h2 id=\"what-can-i-use-a-personal-loan-for\"  class=\"wp-block-heading\"><strong>What can I use a personal loan for?<\/strong><\/h2>\n\n\n\n<p class=\"\">Personal loans can be used for almost any purpose. Common uses include debt consolidation, home improvement projects, medical bills and refinancing an existing loan.<\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/what-is-a-loan\">Loans<\/a> can also be used for other purposes, like paying for a wedding, holiday or other large purchases.<\/p>\n\n\n\n<h3 id=\"when-to-use-personal-loans\"  class=\"wp-block-heading\">When to use personal loans<\/h3>\n\n\n\n<p class=\"\">A personal loan should help you reach your <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/money-management-skills\">financial goals<\/a> rather than contribute to a debt problem, which is why we recommend using one only when it <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-save-money\">saves you money<\/a>, improves your income-generating capabilities or helps increase the value of something you own.<\/p>\n\n\n\n<p class=\"\">For example, a home improvement project could increase the value of your home, and a loan may make sense if you don\u2019t have a lot of <a href=\"https:\/\/www.nerdwallet.com\/au\/home-loans\/what-is-home-equity\">equity in your home<\/a> or you don\u2019t want to use your home as collateral.<\/p>\n\n\n\n<p class=\"\">A personal loan can also be a smart way to consolidate multiple forms of debt if the loan has a lower interest rate. With this type of loan, you would use it to pay off what you owe, then make fixed monthly payments toward the personal loan.<\/p>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-car-loan\">Personal loan vs. car loan<\/a><\/p>\n\n\n\n<h3 id=\"alternatives-to-personal-loans\"  class=\"wp-block-heading\">Alternatives to personal loans<\/h3>\n\n\n\n<p class=\"\">For discretionary expenses, consider cheaper alternatives than personal loans. <\/p>\n\n\n\n<p class=\"\">You might be eligible for a $1,500 loan under the No Interest Loan Scheme (NILS). This is one of the best ways to quickly <a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/need-money-now\">find the cash you need<\/a>.<\/p>\n\n\n\n<p class=\"\">Alternatively, a <a href=\"https:\/\/www.nerdwallet.com\/au\/credit-cards\/how-do-credit-cards-work\">credit card<\/a> with a 0% interest rate can be a smart way to borrow money, particularly if you pay the balance back within the card\u2019s introductory period. No interest will be charged on your purchases while your card\u2019s promotional rate is active. <\/p>\n\n\n\n<p class=\"\">Learn more about <a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-credit-card\">the difference between a personal loan and a credit card.<\/a><\/p>\n\n\n\n<h2 id=\"how-to-get-a-personal-loan\"  class=\"wp-block-heading\"><strong>How to get a personal loan<\/strong><\/h2>\n\n\n\n<p class=\"\">A strong credit profile gives you a better chance of qualifying for a personal loan and getting a lower interest rate. If you have a low score, it\u2019s best to wait before applying so you have time to take steps to <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-improve-credit-score\">improve your credit rating<\/a>.<\/p>\n\n\n\n<p class=\"\">Some lenders also prioritise alternative data, or anything not on your credit report, when evaluating applicants, including education, occupation and where you live.<\/p>\n\n\n\n<h3 id=\"picking-the-best-personal-loan\"  class=\"wp-block-heading\">Picking the best personal loan<\/h3>\n\n\n\n<p class=\"\">One of the best ways to evaluate a personal loan is to look at the loan\u2019s interest rate per annum (p.a.). This rate is the total cost of borrowing and includes the interest and any fees.<\/p>\n\n\n\n<p class=\"\">You&#8217;ll want to compare rates from multiple lenders before applying. The loan with the lowest annual percentage rate (APR) is the least expensive and usually the best choice.<\/p>\n\n\n\n<h3 id=\"applying-for-a-personal-loan\"  class=\"wp-block-heading\">Applying for a personal loan<\/h3>\n\n\n\n<p class=\"\">You can usually apply for a personal loan in just a few steps.<\/p>\n\n\n\n<p class=\"\">First, you&#8217;ll want to pre-qualify with multiple lenders to compare offers. Pre-qualifying takes only a few minutes, and you\u2019ll need to provide information like the loan\u2019s purpose, the loan amount, your desired monthly payment and your basic personal details.<\/p>\n\n\n\n<p class=\"\">After you\u2019ve selected the best offer, you\u2019ll gather documents for the formal application. This usually includes a photo ID, proof of address and proof of employment status, as well as your education history and financial information.<\/p>\n\n\n\n<p class=\"\">Most lenders now have an entirely online application process, so you can complete your application through a desktop or mobile device.<\/p>\n\n\n\n<p class=\"\">After you&#8217;re approved, you could be funded as early as the same day.<\/p>\n\n\n\n<h3 id=\"paying-back-a-personal-loan\"  class=\"wp-block-heading\">Paying back a personal loan<\/h3>\n\n\n\n<p class=\"\">Personal loans are like any other debt: You should have an understanding of how the monthly payments change your budget and a clear plan to pay off the loan.<\/p>\n\n\n\n<p class=\"\">This could mean <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-budget\">revisiting your budget<\/a> and adding in your monthly payment, as well as keeping an eye on any refinancing opportunities to take advantage of an even lower rate.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>If you\u2019re in the United States, read <a href=\"https:\/\/www.nerdwallet.com\/article\/loans\/personal-loans\/what-is-a-personal-loan\" target=\"_blank\" rel=\"noreferrer noopener\">this article<\/a> on the NerdWallet US site.<\/em><\/p>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 id=\"about-the-author\"  class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-100x100.jpeg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Katia Iervasi photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\">\n\t\t\t\t\t\t<strong>Katia Iervasi<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Katia Iervasi is an assistant assigning editor and spokesperson at NerdWallet US. An insurance authority, she previously spent over six years covering insurance topics as a writer, where she loved&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" title=\"Read more about Katia Iervasi\">\n\t\t\t\t\t\t\t<span>Read more about Katia Iervasi and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"dive-even-deeper\"  class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-349\" class=\"c-block-card post-349 page type-page status-publish has-post-thumbnail hentry content-classification-personal-loans topic-small-personal-loans cluster-small-personal-loan-basics\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/loans\/buy-now-pay-later-guide\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/buy-now-pay-later-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Buy Now, Pay Later: What to Know Before You BNPL\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"buy-now-pay-later-what-to-know-before-you-bnpl\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/buy-now-pay-later-guide\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tBuy Now, Pay Later: What to Know Before You BNPL\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Buy now, pay later divides the total cost of a purchase into several smaller payments, often without charging interest or fees.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/amanda-smith\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/AmandaSmith1-edited-scaled-e1725395436514-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Amanda Smith<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-349 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1511\" class=\"c-block-card post-1511 page type-page status-publish has-post-thumbnail hentry content-classification-personal-loans topic-guide-to-personal-loans cluster-about-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-car-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/11\/car-loan-vs-personal-loan-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan Vs. Car Loan: What\u2019s The Difference?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"personal-loan-vs-car-loan-what%e2%80%99s-the-difference\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-car-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan Vs. Car Loan: What\u2019s The Difference?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Personal loans give you a lump sum for large purchases. Credit cards work better for smaller, everyday expenses.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Katia Iervasi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1511 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1392\" class=\"c-block-card post-1392 page type-page status-publish has-post-thumbnail hentry content-classification-personal-loans topic-guide-to-personal-loans cluster-about-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-credit-card\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"244\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/loan-vs-credit-card-e1723151009498-460x244.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan Vs. Credit Card: What\u2019s The Difference?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"personal-loan-vs-credit-card-what%e2%80%99s-the-difference\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/personal-loan-vs-credit-card\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan Vs. Credit Card: What\u2019s The Difference?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Personal loans give you a lump sum for large purchases. Credit cards work better for smaller, everyday expenses.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Katia Iervasi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1392 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1460\" class=\"c-block-card post-1460 page type-page status-publish has-post-thumbnail hentry content-classification-home-loans topic-home-loan-basics cluster-home-loan-basics\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/home-loans\/what-is-a-mortgage-home-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"245\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/11\/what-is-a-home-loan-e1723052427979-460x245.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"What Are Mortgages and How Do They Work in Australia?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"what-are-mortgages-and-how-do-they-work-in-australia\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/home-loans\/what-is-a-mortgage-home-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhat Are Mortgages and How Do They Work in Australia?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Home loans are not overly complicated, but having a rudimentary understanding of the fundamentals will give you a head start as you set out on the great Aussie home ownership journey. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/georgia-rose\" class=\"author url fn\" rel=\"author\"><img alt='Georgia Rose profile photo' decoding=\"async\" src='https:\/\/secure.gravatar.com\/avatar\/6b9e515bc45988c863ac8ac39e7bdd34?s=32&#038;d=mm&#038;r=g' class='avatar avatar-32 photo' height='32' width='32' \/>Georgia Rose<\/a><a href=\"https:\/\/www.nerdwallet.com\/au\/author\/alan-hartstein\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/Alan-Hartstein-portrait-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Alan Hartstein<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1460 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A personal loan is money borrowed from a lender that you pay back in monthly instalments.<\/p>\n","protected":false},"author":4,"featured_media":1527,"parent":351,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[282],"topic":[297],"cluster":[388],"pp_author":[88],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is A Personal Loan? - NerdWallet Australia<\/title>\n<meta name=\"description\" content=\"A personal loan is money borrowed from a lender that you pay back in monthly instalments. Learn when \u2014 and how \u2014 to get one.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/au\/loans\/what-is-a-personal-loan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Personal Loan? - NerdWallet Australia\" \/>\n<meta property=\"og:description\" content=\"A personal loan is money borrowed from a lender that you pay back in monthly instalments. 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