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Last updated on May 13th, 2022 at 04:39 pm by Thomas Perrotta

Compare personal loans

Comparing personal loans with Savvy can save you hundreds across your term. We help you choose from a range of lenders across Australia offering competitive rates, flexible repayment options and the freedom to choose your loan, your way. Compare and apply today to get approved within 24 hours.


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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.45%
fixed up to 20.99% p.a.
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
$2,000 to
over 60 months
Go to site

Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.35%
fixed up to 19.09% p.a.
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
$2,000 to
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

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site-logos Now Finance No Fee Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.95%
fixed up to 17.95% p.a.
fixed up to 17.95% p.a. based on $30,000 over 5 years
1.5 to 7
$5,000 to
over 60 months
Go to site

Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 6.39%
fixed up to 7.89% p.a.
fixed up to 8.49% p.a. based on $30,000 over 5 years
3 to 5
$5,000 to
over 60 months
Go to site

Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.

More details

Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

Personal loan product features and benefits

Competitive interest rates

With rates as low as 5.35% p.a. (6.14% p.a. comparison), you can save hundreds, if not thousands, on your personal loan over your term.

Borrow up to $75,000

You can borrow as little as $2,000 all the way up to $75,000, making your loan suitable for a wide range of purposes tailored to your needs.

Flexible loan terms

You’ll also have the option to dictate the cost of your repayments by selecting a loan term anywhere between one and seven years.

Fast approvals within 24 hours

Once you submit your application, you can receive a response within just 60 seconds and have the money transferred to your account inside 24 hours.

Useful extra features

We can match you with lenders who offer features such as flexible repayment schedules and no early repayment fees to enhance your finance experience.

Fixed or variable rates

You can choose between fixed or variable interest rates on your personal loan, giving you greater freedom of choice over shaping your loan.

Personalised interest rate

Each applicant is given their own unique interest rate for their personal loan based on the loan they’re looking for and their profile as a borrower.

No security needed

Our lending partners offer unsecured personal loans, meaning you won’t have to put forward a valuable asset like your car as collateral for the loan.

Why so many Australians find their personal loan with Savvy

What you can use your personal loan for

Checklist before applying for your personal loan

The pros and cons of personal loans


Bring your financial goals within reach

You may not be able to achieve your financial goals on your own or save up enough in time, but a personal loan can help you do so and pay it off at a manageable pace.

Customise your ideal repayment schedule

With flexible available loan amounts, terms and schedules, you can tailor your loan’s repayments to suit your personal preferences for how to pay off your debt.

Use them how you like

Unlike other, more rigid types of finance, personal loans are designed to be highly versatile in how they can be used, meaning you can essentially distribute your funds how you wish.

Often cheaper than credit cards

Credit cards generally come with steep interest rates and fees which apply if you can’t pay them off within a month, so personal loans are often more suitable for larger purchases.

Can boost your credit score

If you’re able to keep up with your repayments without much trouble, or even pay off your debt ahead of schedule, you can improve your credit score further.


Potentially high rates and fees

You may find some personal loans come with high rates and fees, but it’s important to compare your options to lock in the cheapest deal available to you.

Impact your credit score if you can’t repay

In the event you’re unable to keep up with your required repayments, your credit score will be negatively affected and your asset could be repossessed and sold on a secured loan.

Lesser borrowing power than other loans

While you probably won’t have any real cap on the maximum value of a car or home loan, personal loans are more restrictive in this regard (albeit still useful for large amounts).

Top tips for increasing your borrowing power

Improve your credit score

The higher your credit score, the more trustworthy you’ll be seen to be by your lender. Displaying a positive history of repaying similar loans will give them more confidence in your ability to service the loan you’re applying for. An increased score can not only lead to expanded borrowing power but also lower interest rates and fees.

Apply with your partner

Adding your partner or another family member as a co-borrower to your application will also boost your chances of approval. This is because it’s seen as a safer proposition to have two borrowers on an application compared to one, as there’s an in-built backup if one of the applicants loses their job which isn’t present on single applications.

Stick to a budget to reduce expenses

Laying out a clear budget before you apply can help you see where your money is going. By taking the time to consider this and determine where you can perhaps cut back on expenses or lower credit card limits, you’ll be able to free up more money each month to dedicate to the repayment of your personal loan, which then increases your borrowing power.

Try to avoid job changes and moving houses

Lenders always look for borrowers who can display a clear level of stability in their lives. Having long-term, permanent employment suggests that your income stream will be stable and less likely to run dry compared to recent casual or self-employees. Similarly, staying in the one location will reduce the risk of fluctuating rent or mortgage costs.

Further frequently asked personal loan questions

Should I compare different types of personal loan lenders?

Yes – you can take out a personal loan through a bank, credit union, building society or a private online lender. In most cases, while boasting the widest range of products, banks offer the highest rates and fees, especially when compared to online lenders. However, the nature of the deal is more important than the lender you go with, so you should always compare offers with Savvy. 

How do I get a cheap personal loan?

Looking for the lowest possible rates and fees is the best way to go about cutting down on the cost of your loan. In terms of how to achieve this, a good credit score, verifiable past borrowing history and a stable income with decent savings will all contribute to lowering your lender’s perceived risk, which will in turn lead to a lower rate. Aside from this, though, opting for a shorter loan term will raise the cost of your repayments but reduce the interest and fees you’ll pay over the life of the loan.

Will paying off my personal loan improve my credit score?

Yes – each timely loan repayment will be recorded on your credit report as positive behaviour and building up plenty of these over time will help your score grow. You may find you qualify for a better loan in the future if you’re able to pay your loan off on time or ahead of schedule.

How many personal loans can I have at once?

There’s no one answer to how many personal loans you can have at one time, as it entirely depends on what you can afford to repay each month. Someone who’s earning a higher income can, in theory, take out several smaller loans (provided they keep up with the repayments on each of them), while lower income-earners may only be eligible for one loan (or even fewer).

What is a guarantor and how can it help me borrow more?

A guarantor is a third-party individual in a relatively strong financial position, usually a parent or close relation, who essentially agrees to pay off your loan if you become unable to do so. Because of the fact that another layer of security is added to your loan, this is another way of expanding your borrowing power. These are typically more useful for bad credit customers but can also be utilised for younger borrowers with limited or no previous repayment experience. Speak to your lender about a guarantor if you’re looking to add one to your loan.

Can I use a personal loan to pay off another personal loan?

No – while you can use this type of finance to consolidate debts under one loan, you can’t take out one personal loan for the sole purpose of directly paying off another unless you’re refinancing.

Personal loans explained

Market update for personal loans: May 2022

Australia enters the month of May on the back of an increase in the national cash rate by the Reserve Bank of Australia (RBA), with the change from 0.1% to 0.35% representing the first time the rate has risen since November 2010.

While we won’t be able to see the true impact of this rise for some time, it’s likely to result in rate increases across the board from lenders around Australia, which will affect those either about to apply for finance or currently paying off their variable rate personal loans.

This doesn’t mean you won’t be able to find affordable personal loan deals, though; by comparing your options with Savvy, you’ll still have the tools to find the best deal for your needs and lock in the lowest rate you can.

In other news, the Australian Bureau of Statistics (ABS) released their lending indicators for March of this year at the start of this month, revealing the total value of new fixed-term loan commitments fell by 0.4% compared to those taken on in February (from $2.30 billion to $2.29 billion).

This is a slight decrease on the peak February reached, which was the highest total value of these new loan commitments since April of 2016, but represents the greatest recorded figure in the month of March across the ABS’ reporting period dating back to March 2004.

Closer to home, Savvy has recently partnered with Plenti to boost the number of options for you to compare and choose from, with rates as low as 6.39% p.a. (6.39% p.a. comparison) and no early exit fees.

What are personal loans and how do they work?

Personal loans are one of the most common types of finance in Australia. They enable borrowers to be approved for a lump sum of money which can be used essentially for any purpose they wish, with some of the most common reasons listed above. They work in the same way as any other standard loan product: you’re given a lump sum which is to be repaid in either weekly, fortnightly or monthly instalments over a set period of between one and seven years.

On top of your repayments, you’ll be required to pay interest, which is calculated daily based on your outstanding loan debt. This means the interest you pay will decrease with each instalment as your outstanding debt decreases. For instance, on a $30,000 at 7.5% p.a. paid monthly over five years, you would pay $187.50 in interest after the first month but approximately $184.91 the next month, due to the fact that your loan principal has decreased.

How much can I borrow with a personal loan?

Personal loans tend to come with a borrowing range of as little as $2,000 up to a maximum of $75,000, although some lenders will cap this at $50,000 instead. This only applies to unsecured finance, though, as secured loans can be taken out for as much as $100,000 (depending on the value of your attached asset). However, there’s a range of factors which can impact your individual borrowing power beyond the type of loan you take out. It’s important to be across these before diving into your application. The main variables to consider are:

  • Your income: of course, you’ll need to be earning enough to support your loan repayments. In most cases, higher income-earners will be capable of borrowing more than lower income-earners.
  • Your expenses: income can only get you so far, though, as your regular expenses will eat into your usable funds. Whether they be other loan repayments or costs such as utilities and shopping, these will have an impact on the amount you can afford each month and your approved loan amount as a result.
  • Your credit score: the better your score, the more likely you are to be approved for a larger sum. Lenders view credit scores as an indication of your reliability as a borrower, particularly if you’ve successfully repaid similar loans previously, so they’ll feel more confident in approving an application for a greater amount.

How should I compare personal loans?

There are several key ways to enter the personal loan comparison process. This is a crucial step to take, as having a clear understanding of the types of offers available on the market is always important as a way to maximise your chances of locking in an affordable deal which suits your needs. You can compare loans right here with Savvy, as we’re partnered with a range of reputable financiers to give you the highest quality of comparisons possible before you apply. Start the personal loan comparison process by addressing the following points:

Type of loan

First of all, it’s important to decide what type of personal loan to take out. The first key decision is whether to opt for an unsecured or secured loan. The latter involves attaching an asset such as your car or savings to the finance deal to serve as security, which means the asset can be sold off to recoup any lost funds if you become unable to pay off your debts. Unsecured finance sidesteps this requirement, making them faster and more accessible to a wider range of people, but interest rates are higher on these loans and borrowing is generally capped at $75,000 (compared to $100,000 for secured loans).

Alternatively, you might wish to take out a personal line of credit instead. These are structured differently from standard loans, as you’re approved for a set limit and can withdraw funds whenever you wish, rather than manage a lump sum from the outset. Because of this, they’re seen as more flexible than regular loans, as you can take money when you need it. You’ll only need to pay interest on the amount you use (albeit at a higher rate) and lines are often revolving, meaning you can keep them open as long as they’re viable. You’ll typically have to pay fees even if you don’t access it in a given month, though.

Interest rates

Interest rates are another crucial factor to consider when deciding on which loan is right for you. This not only relates to the rate itself (the lower, the better) but also the type of interest. Personal loans can come with either fixed or variable interest and it’s worthwhile knowing the difference between the two.

Fixed interest is locked in from the start of your loan and doesn’t fluctuate at all. This means your repayments will remain the same across your term no matter what happens to your lender’s interest rate over that time, protecting you from rate rises but blocking rate decreases. This makes them more suitable if you wish to budget around your repayments well into the future.

Variable rates, on the other hand, are open to fluctuation. For instance, if the RBA reduces the national cash rate and your lender decides to pass that on to you, the cost of your repayments will decrease alongside the total interest portion. However, you run the risk of having interest rates increase on you during your term and may not be able to budget as effectively.


There are several different fees which can apply to your personal loan (which are detailed below), so it’s always worth your time making the effort to compare them between different finance deals. For instance, a loan with $10 monthly fees would cost you $600 over a five-year term, so opting for one which doesn’t charge any ongoing costs could prove the difference between spending that money and being able to save and spend it on another worthwhile purpose.

Comparison rates

A simple way to compare interest and fees all at once is by looking at loan comparison rates. These are percentage figures which are calculated by adding the cost of your loan’s fees onto its interest rate, giving you a more comprehensive and “truer” indication of the overall cost of your loan. Not all fees will be included in this figure, though, as charges such as early or late repayment fees are conditional on a particular set of circumstances taking place, whereas establishment and ongoing fees are charged (or not charged) regardless.

Loan amounts

As mentioned, unsecured loans can be approved for up to $75,000 and secured finance for up to $100,000. However, different lenders offer different borrowing ranges, both in terms of minimum and maximum loan amounts. Many lenders cap their unsecured loans at $50,000, while some lenders are willing to approve applications of as little as $2,000 when others require applications of at least $5,000. If your desired amount falls on the higher or lower end of the scale, you should give greater thought to which lender you choose.

Loan terms

Additionally, lenders offer different available loan terms. For instance, while many will offer the full range of one to seven years, some lenders will require borrowers to repay over a minimum of three years or a maximum of five. You should always consider how long you’d like to take when comparing loans, as it’ll help you choose a lender which can accommodate your needs.

Additional features

On top of this, there are several features which borrowers may specifically look for when choosing their preferred personal loan. The main one of these is free additional repayments, or early repayments without fees, as paying ahead of schedule can help you save hundreds on interest and fees (if not more). Some lenders allow you to withdraw these additional repayments down the track with a redraw facility, which may also come in handy. Finally, being able to choose between weekly, fortnightly or monthly repayments helps you tailor your payment cycle to your needs.

What else can I use a personal loan for?

You aren’t limited when it comes to how you can make use of your personal loan funds. In addition to some of the reasons above, you might take a personal loan out to fulfil the following purposes:

How do I apply for a personal loan?

While the personal loan application process will differ slightly between lenders, it’ll largely remain the same across the board. With more lenders investing in efficient online processing and application portals, there’s never been an easier time for you to submit your forms and get approved. Your application is likely to follow these key steps:

  1. Compare your options with Savvy: Be safe in the knowledge that you’re choosing the right loan for your needs by comparing a range of offers right here with Savvy before you apply.
  2. Fill out your lender’s application form: Click through and fill out an application form to let them know about you and the loan you need. You may need to supply initial and supporting documents here.
  3. Receive approval and sign your contract: Once they’re satisfied with your application, you can sign your loan agreement digitally and return it to have your funds advanced to your account.