$7,000 Personal Loans

Compare and choose from $7,000 loan products from our panel of diverse lenders right here with Savvy.

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, updated on October 4th, 2023       

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The features to enjoy on a $7,000 personal loan

Compare interest rates and save

You can find a great personal loan to suit your needs that doesn’t break the bank when it comes to interest and fees, with low-cost options cutting down on your overall spend.

Manageable repayments

With lower loan amounts come more manageable monthly repayments, which makes it easier for you to juggle your loan payments with other expenses.

Consolidate high-interest debt

One of the many possible uses for a personal loan is to consolidate smaller, high-interest expenses like credit card debts and avoid paying extortionate extra costs.

Pay your loan out early

We’re partnered with lenders who can give you the freedom to pay beyond the minimum, enabling you to save overall by shortening your term.

Choose your payment frequency

Borrowers get to decide whether to pay monthly, fortnightly or weekly based on their preferences and which option suits their income flow the most.

Money in your account in 24 hours

Part of the beauty of unsecured personal loans is the speed at which they’re processed, with instant, 60-second approvals and funds transferred inside 24 hours.

Types of personal loan

Why compare personal loans through Savvy?

The factors which affect your personal loan’s interest

Frequently asked questions about $7,000 personal loans

Which documents will I need to apply for my personal loan?

The documents you’ll need to supply as part of your personal loan application are:

  • Photo ID: your passport and/or driver’s licence
  • Your last two payslips (90 days of bank statements and your employment contract may be required)
  • Online banking account information
  • Details about your assets and liabilities
What is personal loan pre-approval?

Pre-approval occurs when a lender gives you a conditional approval outlining what they’d be willing to approve you for. This isn’t a formal approval and doesn’t mean that you’ll necessarily be approved for the same loan down the track.

However, what pre-approval does do is give you an idea of your potential borrowing power and budget when it comes to distributing the funds. Pre-approval usually lasts for three months, giving you time to scope out the market and plan how to utilise the funds when you eventually apply formally. You can also estimate how much you might be approved for by using our personal loan borrowing power calculator.

How do I know how much my loan will cost?

To determine the cost of your personal loan, you can use our personal loan repayment calculator and input your comparison rate and desired term for a $7,000. This will give you the monthly and overall amount required to pay.

However, if you don’t have your comparison rate yet, you can simply use an average rate by adding 2% to the above minimum. While this doesn’t necessarily represent the rate that you’ll receive on your loan, it gives you a rough estimate of what it might cost.

Am I able to take out a $7,000 loan if I’m unemployed?

If you can afford your monthly repayments, yes – we work with specialist borrowers who can cater to unconventional borrower situations, including those who don’t have a job and derive most of their income through Centrelink.

It’s important to note that JobSeeker on its own isn’t considered an acceptable source of income by lenders, as payments cease once you find employment. If you’re unemployed or retired and derive a comfortable living from investments, however, you can be approved for a standard loan if you can support its repayments.

How long can I take to repay my loan?

While personal loans range up to seven years in length, you won’t be approved for a $7,000 personal loan over a long term. Loan terms are approved based on the size of your loan sum, so a loan of more than five years, for example, likely wouldn’t be approved as it wouldn’t be considered worth the risk of defaulting by your lender.

A $7,000 loan is more likely to be repaid over a short term from one to three years, but this’ll depend on your financier. You can be approved for up to five years if you have a strong borrowing profile, however.

More about $7,000 personal loans

How do I compare $7,000 personal loans?

There are many ways you can go about comparing different personal loan offers, which you can do right here with Savvy. We’re partnered with flexible lenders from around Australia to give you high-quality comparisons and provide you with all the key details you need to make an informed call on the best finance deal for your needs. You wouldn’t choose to buy the first car or house you saw, so why should personal loans be any different? The key areas to factor into your thinking are:

Repayment terms

For smaller loan sizes of $7,000, it’s important to be able to select your preferred repayment term, as it can be the difference between costing you and saving you hundreds of dollars. Not all lenders will allow you to take as little as one year to repay your debt, enforcing minimums of two to three years in some cases. For example, a $7,000 loan at 10% p.a. repaid over two years would cost you $752 in interest but opting for a one-year term for the same loan would only result in an interest spend of $385. Your repayments would be almost doubled each month, but it’ll save you in the long run.

Interest rates

Of course, the rate you’re offered on your loan should have a significant bearing on your decision, as it’s one of the two direct main cost factors in your finance deal. The higher your rate, the more you’ll be required to pay. Fortunately, it’s simple to compare loans based on their interest rates, as lenders always put this figure front and centre of their advertising. Calculating the cost of different personal loans, you can see a $7,000, two-year deal would cost almost $170 more with a 13% p.a. rate compared to 11% p.a.

Applicable fees

There are several fees which can apply to personal loans that are important to compare between different offers. While interest is still a major factor, fees can often be the greatest influence on the cost of a smaller loan such as a $7,000 finance deal. Establishment fees can cost up to $595, which is 8.5% of the loan cost in itself, while ongoing fees of up to $10 add up to $120 over the space of just 12 months. However, some lenders won’t charge one or both of these, so it’s crucial to look at this when comparing. Late fees of $15 to $35 will apply regardless, so you should always aim to avoid these for the sake of your hip pocket and credit score.

Comparison rates

If you want a more accurate picture of the cost of your loan beyond your interest rate alone, all loans also come with a comparison rate. This figure incorporates both interest and fees into one percentage to give you a more indicative reflection of how much you’ll be paying for your loan. While it includes fees like establishment and ongoing charges, conditional costs such as late or early repayment fees won’t factor into this calculation, as these are largely conditional and may not ever need to be charged.

Eligibility criteria

You should always ensure the lender you’re applying to has eligibility criteria which you’re able to satisfy. These are generally readily available on their sites, so you should review them or get in touch with lenders if you’re unsure of whether you qualify for financing. While these points differ, the general criteria you’ll have to meet are:

  • You must be at least 18 years old
  • You must be an Australian citizen, permanent resident or accepted visa holder
  • You must be holding stable employment and earning at least $20,000 p.a. from consistent sources
  • You must have a strong credit history without any prior defaults or bankruptcies

Additional repayments

Having the freedom to make additional payments is incredibly valuable on personal loans, as it’s a way of helping you pay your agreement off sooner and save money in the process. Even paying $50 extra per month can make a difference, as it could save you $131 and shorten your term by three months on a $7,000, two-year loan at 12% p.a. Some lenders will charge you an early repayment fee for doing so, though, so you should always make sure you don’t cop a substantial fee in the process and compare lenders thoroughly beforehand.

Other features

There are other useful features which can come with personal loans, too. If you plan on making additional payments, you may want the flexibility and security of a redraw facility to give you access to those additional funds should you need them down the track. This saves on the hassle associated with looking for another finance deal, although withdrawing from your loan will undo any work done to shorten your term and save to an extent. On top of this, you should always keep an eye out for lenders who can accommodate your preferred payment frequency of either monthly, fortnightly or weekly.

How can I save on my $7,000 personal loan?

There are many ways you can go about reducing your finance bill even when it comes to a $7,000 loan. Some of the main ways to do this are:

  • Make additional repayments: by contributing more than the required amount each week, fortnight or month, you can reduce your overall loan term and the amount of interest and fees you pay overall. For instance, by paying $75 extra each month on a $7,000, two-year loan at 10% p.a., you’d save over $150 and trim your term length by four months.
  • Select a short loan term: the shorter your loan term, the less you’ll pay in interest and fees overall. This is because interest is calculated based on your outstanding principal, meaning the quicker your debt falls, the quicker the amount of interest you’ll be liable to pay will decrease in equal measure. If your loan comes with monthly fees, a shorter term will automatically save you compared to long-term finance.
  • Compare your options with Savvy: it’s crucial to consider as many offers and lenders as you can before committing to a particular product or service. By comparing your options from a range of online Australian lenders, you can be more confident in making an informed call on which one is the best for your needs. Find the lender with the lowest rate and fees, suitable loan terms and any other added features which are important to you.

Will I need to provide security for my $7,000 personal loan?

No – there’s no need for you to put up a valuable asset as collateral for your loan when taking out financing as small as $7,000. It isn’t required up to $75,000, with lenders now offering large unsecured personal loans to borrowers who either can’t, or don’t wish to, provide any security as part of their agreement. The advantage of these loans is that they’re more widely available from a greater number of lenders and can be processed more quickly than secured finance.

However, there are several distinct benefits to offering up an asset like your car as security, the most important of which is that they typically come with lower rates and fees than unsecured loans. This can save you more than $100 overall in some cases, depending on your interest rate and loan term. However, it’s important to note that, in most cases, you won’t be able to take out a $7,000 secured loan. These are typically capped at a minimum of $15,000 to $20,000, making your decision simpler as a borrower.

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.