Leading banks and fintech companies have embraced fully online applications and approvals, significantly reducing administrative delays. For instance, in March 2025, Revolut entered the Australian market with an unsecured personal loan offering between AUD 8,000 and AUD 80,000, featuring fixed interest rates from 6.56% per annum, no fees, and rapid fund disbursement upon approval.

This digital shift has enhanced the overall customer experience and fuelled the growth of the personal loan market. Digital accessibility and increased lender competition have improved credit availability, particularly among younger demographics who are more inclined to use online platforms for financial services.

However, borrowers should remain vigilant. While digital lenders offer convenience and speed, it's essential to thoroughly understand the terms and conditions of any loan agreement. Comparing offers from multiple lenders and seeking professional financial advice can help ensure that borrowers make informed decisions that align with their financial goals and capabilities.