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Direct Personal Loans
Find a personal loan suited to your needs from a range of direct lenders all in one place with Savvy.
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Savvy Editorial TeamFact checked
It's always important to compare as many options as possible in the early stages of your loan, particularly with the high amount of direct lenders operating in the market today. Fortunately, you can find out more about them, how they work and compare a range of affordable direct personal loans right here with Savvy.
How do I find a direct personal loan?
You can find a direct personal loan suited to your needs right here with Savvy. We provide an extensive comparison service that provides access to all the most important details regarding the top personal loan options on the market right now. Our rate table allows you to compare personal loans in the areas that matter to you most when it comes to personal finance, which include:
- Interest rates: find the best rates to help you save hundreds on your personal loan over your repayment period
- Fees: be aware of the fees you’re likely to incur and how much they’ll cost you (the comparison rate provides an indication of this in combination with your interest rate)
- Loan term: you may want to repay your loan over as little as one year or as long as seven, so assess the lenders that can offer the lengths you desire
- Maximum and minimum amount: personal loans generally range from $2,000 up to $75,000, so you should look out for loan offers that provide you with the figure you need
- Loan security: see whether your personal loan is being offered with or without security to ensure you’re across its requirements
Once you’ve found the right lender through our rate table, you can reach out to your chosen lender knowing exactly what you want out of your personal loan and get a quote. It’s important to be as thorough as you can in this process, as it can be deflating to find a great deal on a personal loan after you’ve just signed up for a different one.
Types of personal loan
With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.
Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.
Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.
Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.
If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.
Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.
There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.
Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.
Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.
There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.
Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.
Why compare personal loans through Savvy?
100% free
There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.
Paperless applications
You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.
Reputable lending partners
We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.
How do I speed up the personal loan approval process?
Consider non-traditional lenders
Larger banks and credit unions will typically have a more stringent application process when it comes to their loans, which isn’t the case for some of the alternative lenders on the market.
Specialist online lenders can focus their service on providing you with a fast and direct personal loan, while peer-to-peer lenders also expedite this process by handing responsibility to investors and operating on platforms designed to complete deals.
Leave your loan unsecured
Opting for an unsecured personal loan may raise your interest rate and fees and lower your borrowing power, but it also speeds up the approval process. This is because lacking an asset as security saves your lender time and money that would be spent assessing its suitability as collateral for your personal loan.
If it’s speed you’re after, this could be an option that facilitates it for you.
Ask for an amount you can comfortably repay
Applying for an unrealistic amount, or one which carries some doubt regarding whether you can comfortably afford to service it, is likely to bring greater scrutiny on the part of your lender and increase the time it takes to process.
It’s always advisable to stick to terms that you can manage comfortably when it comes to personal loans, as doing so will provide the lender with greater confidence in your ability to fulfil its obligations.
Prepare all your documents
It seems simple but ensuring that you have the required documents prepared when applying can save on time and hassle for all parties. Ensure that you read over the requirements thoroughly prior to submitting your application.
Documents are likely to include things such as your driver’s licence, passport, payslips, proof of employment, bank statements and your credit file. Remember also that your credit file shows every unsuccessful application, so give yourself every chance to be successful.
Frequently asked questions about direct personal loans
You can borrow up to $75,000 towards your direct personal loan however, your borrowing power is dictated by several factors, including:
- Minimum/maximum amount: each lender will have a set range of amounts you’ll have to adhere to in your application
- Your income and expenses: the key to success in your application is to ask for an amount you can manage comfortably on top of your existing expenses
- Your loan security: unsecured personal loans are more restrictive when it comes to borrowing amounts than secured loans, which can reach up to $100,000
- Your credit score: as an indication of your borrowing track record, how good or bad your rating is will play a role in how much you can borrow
Yes – these are called joint personal loans and can be a great way for partners to build shared responsibility in repaying a debt together. These are more likely to be approved and can increase your borrowing power thanks to their reliance on two incomes rather than one.
Yes – there are plenty of lenders who cater their services to customers with bad credit. These lenders will be more concerned overall with the current and recent state of your finances rather than your credit score in determining your suitability for a personal loan. However, it’s important to note that interest rates for these loans can be much higher than those of standard personal loans, in some cases reaching above 20%.
No – there are no reputable lenders in Australia that offer personal loans with guaranteed approval. This is because lenders must always assess applicants on a case by case basis to determine whether they’re fit to repay a loan.
You can’t – credit checks are an essential part of the personal loan application process and are unavoidable. Different types of loans, such as cash loans or bad credit personal loans, won’t assess your credit file specifically looking for your credit score, though; they’re more interested in whether there are any recent defaults and garnering further essential identifying information such as residential history.
While personal loans don’t come with instant approval, small personal loans, or cash loans, can. These are for smaller amounts of between $300 and $5,000 and are able to be approved, processed and paid within one business day thanks to their more generous eligibility criteria relating to credit scores and income. Loan terms typically last anywhere between 16 days and two years. Be mindful of the fact that these come with high fees that will mount up if you take longer to repay the loan.
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.