Personal Loans

Compare a range of personal loans with Savvy and save with some of the lowest rates on the market.

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, updated on October 16th, 2023       

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Personal loan features and benefits

Compare rates and save

With competitive interest rates available through our trusted partners, 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.

Types of personal loan

Why compare personal loans through Savvy?

Personal loan repayments calculator

It’s important to have an idea of what different loans might cost you overall before you apply. Fortunately, Savvy’s personal loan repayment calculator is simple to use and tells you everything you need to know about how much different offers might add up to overall based on a variety of different factors.

Your estimated repayments


Total interest paid: $1233.43
Total amount to pay: $5,143.99

What information do I need to apply for my personal loan?

Personal loans Australia

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.

What types of personal loan can I choose from?

There are several different types of loans you can choose from when considering your options with Savvy. It’s important to know the differences between each product before you apply, as one may be more suited to your needs than the others. These loans are:

Fixed rate loan Unsecured loans Secured loans
Borrowing range:
$2,000 to $75,000
$2,000 to $75,000
$15,000 to $100,000
Key benefits:
Repayment stability, protected against rate rises
No need for asset collateral, rapid processing time
Lower interest rates, greater borrowing power
Key drawbacks:
Miss out on rate decreases
Slightly higher rates than secured, can come with higher fees
Eligible asset required, higher minimum amount
Useful if:
You’re looking for certainty and accurate budgeting around repayments
You need a loan approved fast without any risk of losing an asset if you default
You can use your car or another asset to reduce the cost of your loan

How much will different interest rates cost me?

Interest rates are crucial factor to consider when deciding on which loan is right for you. Even small differences in interest rates over the course of your loan term can result in a significant difference overall. The below table demonstrates the impact interest can have on a $30,000, five-year loan each month and overall:

Interest rate Monthly repayments Overall interest paid Total saving
7% p.a.
6.5% p.a.
6% p.a.
5.5% p.a.

*Calculations do not include fees. Example interest rates aren’t necessarily reflective of current market rates.

What fees will I have to pay on my personal loan?

On top of interest, most loans come with a set of fees which may apply. However, depending on the lender you choose, some (or all) of these can be waived, potentially saving you hundreds of dollars over the course of your loan. Here’s a breakdown of the fees to look for on personal loans:

Personal loan fee Minimum cost Maximum cost
Ongoing monthly fees
Application fee
Early repayment fee
Late payment fee

*Early repayment fees are based on factors such as the size of your loan, your interest rate and the portion of your term left to run. This fee is the most common to be waived by personal loan lenders.

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.

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.

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-employed workers. Similarly, staying in the one location will reduce the risk of fluctuating rent or mortgage costs.

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?

Applying for a personal loan with a guarantor means you'll be submitting your application with 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 existing personal loan debts).

Helpful personal loan guides

Still looking for the right personal loan?

Read more about the ways you can use personal loans, as well as how they might work for you, with us.