$6,000 Personal Loans

Find out what the best loan to suit your needs is, as well as considering your other options, by comparing offers with Savvy.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on October 4th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Personal Loans Banner

The features and benefits of a $6,000 personal loan

Compare rates and save

You can find a personal loan deal at a low interest rate for your borrowing profile in a highly competitive market, with a wide range of lenders and offers to compare.

Repay over as little as one year

You get to choose the term over which you repay your personal loan, with loan lengths available from as short as one year to help you cut down on interest and fees.

Lower interest spend

Because you’re only taking out $6,000, the cost of interest on your loan is likely to be substantially lower than it would be on a larger loan.

Set your own pay schedule

In addition to choosing the time over which you repay your loan, you’ll also decide whether to make your payments on a weekly, fortnightly or monthly basis.

Low or no fees

We’re partnered with lenders who can offer little to no additional spend in the form of fees, which can also save you hundreds of dollars.

Flexible usage

Whether you’re looking to renovate your home, plan your next holiday or even get a cosmetic procedure done, your personal loan can be used for just about anything.

Types of personal loan

Why compare personal loans through Savvy?

How to increase the speed of your $6,000 personal loan application

Frequently asked questions about personal loans

Do Centrelink benefits count towards my income?

Yes – if you earn a low income, you can have more than just your employment income included in your loan calculations. There are many lenders who include Centrelink payments as part of your income, but not all benefits are considered acceptable in this instance. More conditional payments such as JobSeeker, Youth Allowance, Austudy and ABSTUDY are based on your age, employment and study status, all of which are prone to change at any time. JobSeeker can be used as a supplementary benefit when combined with Family Tax Benefits, however.

What are the fees I might need to pay on my loan?

Below are the main fees you’re likely to be required to pay on your personal loan:

  • Ongoing fees: $0 to $10
  • Establishment fee: $0 to $595
  • Late payment fees: $15 to $35


As you can see, though, some (or all) of these are often disregarded by lenders, so it’s important to compare your options as thoroughly as possible to help you save overall. As a general rule, though, the size of personal loan will mean that your fees will be applied as a percentage of your loan amount.

Should I take out a personal loan for a $6,000 car?

You can – you might look to do this if the car you’re looking to buy is particularly old, has a checkered past when it comes to repairs or just isn’t in a good way. However, if it’s in good working condition and is less than 20 years of age, you can take out a car loan through Savvy to access a lower interest rate and pay less in fees. You can submit a quick online quote today and speak to one of our friendly consultants about your car finance options before you know it.

Will I be able to repay $6,000 over more than five years?

Probably not – the term you’re approved for correlates to the amount you’re borrowing. A longer term for a loan on the smaller end of the scale like $6,000 isn’t usually an option that lenders will approve. You’re likely to be limited to less than five years for this type of loan, which will still have manageable repayments and cost you less in interest and fees. Five-year terms of this type are often reserved for prime borrowers with good credit and a stable income.

$6,000 Personal Loans

How long should I take to repay my $6,000 personal loan?

There’s no right or wrong answer regarding how long you should take to repay your loan; each person will be different when it comes to how comfortable they might feel with certain repayments. What doesn’t change, though, is the fact that you should always look to repay your loan as quickly as you’re comfortable with. This is because longer loan terms lead to a greater spend on interest and fees, potentially setting you back hundreds of dollars more.

As an example, a $6,000 loan at 10% p.a. repaid over three years would cost you $970 in interest alone before taking any fees into account. However, even with an increase to 15% p.a., you’d only pay a fraction under $500 in interest for the same loan over one year. The disparity in repayment size is significant, of course ($194 over three years compared to $542 over one), but the overall saving of almost $500 could make the 12 months of greater outlay worth the effort.

Factoring fees into this equation also show the benefits of a shorter loan term. If your loan came with $10 ongoing monthly charges, you’d be required to pay a full $240 more over a three-year term compared to 12 months. This is why it’s important to compare as many offers as possible before selecting your lender, which you can do right here with Savvy.

How should I compare $6,000 loans?

There are many ways you can go about comparing different personal loans, so you should look at each of these factors when considering which offer is best for you. With Savvy, you can find all the key details you need at your fingertips to make an informed choice on the right personal loan for your needs. The main points to compare when choosing your loan are:

Interest and fees

As mentioned, interest and fees can make a substantial difference to the cost of your loan. Even though you’ll only be borrowing a small amount, even minor increases between rates on separate loan offers can make a difference to the overall cost of financing. For instance, a $6,000, two-year loan at 12% p.a. would set you back $779 in interest, while the same loan at 10% p.a. would only cost $645, a saving of over $130. The same applies to fees, with a $5 difference between monthly costs over two years representing an additional saving of $120.

Term lengths

One of the most important factors when comparing your loan options is ensuring you’ll be able to take as much time as you need to comfortably repay your loan. Many looking to borrow $6,000 will want to have it repaid as soon as possible, so you should prioritise lenders who allow you to stagger your instalments across 12 months rather than enforce a minimum of two or three years. Additionally, some lenders may be willing to approve you for longer terms of up to five years if your profile and credit history show that you’re capable of managing your repayments.

Repayment flexibility

Wherever possible, you should also look to secure a loan which enables you to pay above the minimum required amount for each instalment without penalty. Having the freedom to do so without the threat of an expensive fee looming large is highly valuable to many borrowers, as it can reduce the time taken to repay your loan and cut down on the interest and fees you’d otherwise have to pay. For instance, even paying just $50 extra each month on a $6,000, two-year loan at 11% p.a. would save you $117 and have your loan paid off three months sooner.

Other added features

There are ways you can further customise your loan to suit your needs. Many personal loans these days come equipped with redraw facilities, which enable you to draw from any additional payments made across your loan term to add flexibility to your agreement. On top of this, you should have a clear idea of whether you wish to pay on a monthly, fortnightly or weekly schedule, so you’ll have to pick a lender who offers you the ability to choose the one you’re looking for.

What are the qualification criteria for personal loans?

Another key aspect to compare between lenders is their eligibility criteria. These essentially serve as the rubric by which your lender assesses your application, guaranteeing all of their customers meet a certain baseline in terms of their financial situation. You should always guarantee, before diving into the application process, that you meet all the criteria your lender sets in place. While the specifics may differ between different financiers, the main points will remain largely the same across the board. The main eligibility criteria you’re likely to be required to meet are:

  • You must be at least 18 years of age at the time you apply for financing
  • You must be an Australian citizen or permanent resident (or, in some cases, an accepted visa holder)
  • You must be employed and working consistent hours (at least six months for casual workers and up to two years for self-employed)
  • You must be earning a minimum of $20,000 annually to apply (although many lenders will require between $22,000 and $26,000)
  • You must have a good credit history with no record of any defaults, bankruptcy, debt agreements or court judgments

How do I apply for a personal loan?

Similarly, the steps you’ll need to take in the process of getting your application approved won’t be identical between different lenders but, for the most part, they’ll remain largely the same. It’s useful to familiarise yourself with these steps so you can anticipate how long it might take and what you’ll need to do to get your application over the line. The process of applying for a personal loan will look like the following:

  1. Compare personal loans with Savvy: you should always start the process by thoroughly comparing your options, which you’ll be able to do all in one place with Savvy. Find the loan which best suits your needs based on different rates, fees, term lengths and other important features and click straight through from our site to get the process started.
  2. Fill out your application form: from there, you can jump straight into completing your lender’s online loan application This tells them more about you, your profile, your financial situation and the type of loan you’re after. In most cases, this will only take you around ten to 15 minutes to complete, after which you can send it off for assessment.
  3. Supply your required documents: alongside your application form, you’ll often be required to submit all of your documentation. This may come after your form is already assessed and conditionally approved in some cases, but you should always ensure you have your documents ready to go before you start the process. Double-check your lender’s requirements before applying to confirm you have all the correct information.
  4. Receive approval and funding: if they’re happy with your application, you’ll be notified of its success. This can sometimes be in as little as one to two hours after you apply, meaning you can be safe in the knowledge your funds are available to you fast. If all the required documentation is sorted, you’ll be sent a loan contract to sign and return confirming the details of your agreement. Once you’ve done this, your funds can be advanced to your account.

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.