Personal Loans Australia

Thinking of applying for a personal loan? Here’s what you need to know before you do.

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, updated on October 4th, 2023       

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Features and benefits of our personal loan

Compare and secure a low rate personal

You can save on your personal loan through Savvy when you compare a range of competitive interest rate offers, as you can choose the lowest with more confidence.

Borrow up to $75,000

From a minimum of just $2,000, you can borrow for a wide range of purposes all the way up to $75,000 for your personal loan.

Money in your account in 24 hours

Our lending partners offer rapid responses within 60 seconds and can have your loan funds transferred to you in the space of 24 hours.

Repay your loan over one to seven years

Selecting the term over which you repay your personal loan enables you the power to shape your repayments to your liking, big or small.

Choose your payment frequency

Additionally, you can opt to pay back your loan on a monthly, fortnightly or weekly basis depending on which best suits your needs.

Free extra repayments

We can match you with lenders who afford you the flexibility to pay your loan off ahead of schedule and save hundreds, if not more, in the process.

Personal interest calculation

Each applicant will be given their own unique interest rate as part of their application, which you can check ahead of time with our lenders.


Applicants must be citizens or permanent residents, earning a minimum of $20,000 p.a. (although this varies) with a portion of this coming from full-time or permanent part-time employment and be at least 18 years old.

Types of personal loan

Why compare personal loans through Savvy?

Personal loans explained further

Frequently asked questions about personal loans

If I’ve just moved to Australia, can I get a low rate?

Potentially not – if you’re a new permanent resident of Australia without having lived here in the past, your lender won’t have access to your credit file from the previous country/s you’ve lived in. As such, you’re likely to be treated with more caution as a borrower. However, your rate can still be made to be more affordable if you’re able to demonstrate that your income is stable and you can comfortably service the loan.

How do self-employed workers apply for personal loans?

Because sole traders generally can’t supply income documents like payslips, you can apply for a personal loan with your tax returns from the two most recent years to essentially replace these. If you can’t supply these, you can apply for a low doc personal loan, which utilises alternative documentation like your ABN, income declaration, BAS and profit and loss statements. These loans come with higher interest rates and more restrictions on borrowing, however.

Are there loans in Australia available for borrowers with bad credit?

Yes – we can help you find a personal loan even if your credit score isn’t perfect. It’s important to note, though, that you’ll have to have a clean record when it comes to past defaults and bankruptcy, which means you may have to wait until these are removed from your credit file (after five years).

How can I get a cheap personal loan?

Aside from having a good credit score to cut down on your interest rate, there are several ways you can cut down on the overall cost of your cheap loan. Making additional repayments is one way to do this as you’ll pay off your loan ahead of schedule, cutting down on the period of time spend paying interest and fees in the process. This means that picking a shorter loan term will have the same effect. Finally, building up your savings is another way to demonstrate financial discipline and increase your lender’s confidence in you as a borrower.

What documents will I need when I apply?

The documents you’ll need to supply when completing your application are:

  • Driver’s licence and/or passport (or other valid photo ID)
  • Employment contract
  • Two most recent payslips
  • Information on assets and liabilities


In addition to these, your lender may require you to submit 90 days’ worth of bank statements. If you receive any Centrelink benefits, you’ll also have to supply statements relating to these.

How do I work out how much I can borrow?

You can access our easy borrowing calculator to determine what size personal loan you’ll be able to take out, which will be based on what you can afford in terms of repayments.

Is it better to use a personal loan or a credit card?

This depends on what you’re using them for. If you’re making smaller purchases up to around $2,000 that can be paid off within a short timeframe (usually 30 days), a credit card can be a useful way to access funds without paying interest. However, they have much higher interest rates than personal loans do, so anything that might be at risk of bleeding over into the following month or months could incur a significant amount in interest and fees. Personal loans are also faster and easier to be approved for if you need the money more urgently.

Are there any upfront personal loan costs?

No – while your application fee is calculated at the start of your loan, you won’t be required to pay this upfront. This fee is built into your repayments and will only need to be paid individually if you pay off your loan earlier than your term ending.

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.