Best Personal Loans

Compare a range of personal loans from trusted Australian lenders to help you find the best available offer for your needs with Savvy.

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, updated on October 4th, 2023       

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The features and benefits of Savvy's personal loans

Compare rates and save

The best loans start with affordable interest, with rates beginning at basement levels to save you a tremendous amount over the course of your loan.

Repayment terms up to seven years

Top offers will also afford borrowers the option to choose a wide range of potential terms over which to repay their loan, from as short as one year up to seven.

Amounts available up to $75,000

Personal loans come with great flexibility when it comes to the amount you can borrow, with funds available up to a maximum of $75,000 to suit a wide range of needs.

Free early repayments

Speaking of flexibility, having the freedom to contribute above and beyond the minimum required amount each instalment can help you slash the cost of your loan.

Customisable pay schedule

Borrowers can also generally choose the frequency at which they contribute to their loan amount, either on a monthly, fortnightly or weekly basis.

Personal loans without any security

There’s no obligation for you to supply any collateral against your loan if you don’t want to, or can’t, making unsecured loans a great and accessible option for borrowers.

Choice of fixed or variable interest

You can choose between the stability and certainty of fixed rates and the potential for savings on a variable rate when comparing different personal loan offers.

Rapid approval and transfer

All of this is able to be achieved and completed at a breakneck pace, with instant outcomes in 60 seconds and funds sent to your account in 24 hours.

Types of personal loan

Why compare personal loans through Savvy?

How do I choose the best personal loan?

Frequently asked questions about the best personal loans

How do I qualify for the best personal loans?
  • First of all, all applicants will need to be at least 18 years of age at the time of applying.
  • When it comes to applying for the personal loans on the market, you’ll need to hold stable, full-time employment with a comfortable salary well beyond the minimum of around $20,000.
  • Additionally, you’ll need a strong credit history (particularly with similar financing repaid in the past) and no record of defaults or bankruptcy.
What can I use personal loans for?

There’s essentially no limit to how you can make use of your personal loan funds. That’s because they’re unsecured (for the most part) and are versatile by design. Some of the ways you can potentially spend your personal loan funds include:

Can I get a personal loan with bad credit history?

Bad credit as a borrower comes with far greater restrictions on the types of loans you’re eligible to apply for. This primarily manifests itself in three ways: capping your borrowing power at $10,000 to $12,000, restricting the maximum loan length to two to three years and setting your interest at a much higher rate. Personal loans are still a viable option for bad credit borrowers with a partner who need funds, but they’re not as flexible as standard loans.

Which documents will I need to apply?

You’ll need to present a combination of the following documents as part of your personal finance application:

  • Photo ID (driver’s licence and/or passport)
  • Your last two payslips (plus potentially your employment contract and/or 90 days of bank statements
  • Your online banking details
  • Your current asset and liability details
What are some of the other ways to access the best personal loan interest rate?

Two ways that you can look to slash your interest rate are by submitting a joint application or applying with a guarantor. Joint personal finance, whereby you combine your application with another person such as your partner, comes with lower interest thanks to the shared responsibility of repaying it with two incomes instead of one. Guarantors, who agree to take over a loan should the borrower become unable to, add a significant layer of security to personal loans and are rewarded with significantly lower rates.

What is a personal loan comparison rate?

A personal loan’s comparison rate is a figure which incorporates both its interest and set fees such as ongoing and establishment costs. This gives you a more accurate indication of the cost of the loan, rather than solely relying on its interest rate. You should always compare loans based on comparison rates for this reason, among the other factors which will influence your decision.

Can I get a personal loan with a redraw facility?

Yes – many personal loan financiers offer deals which come with redraw facilities. This is a feature which enables borrowers to withdraw additional funds which have been paid towards their loan debt, meaning they won’t be required to apply for another loan to access the funds they need. It’s important to note, though, that redrawing your funds can lengthen your loan term and result in you paying more overall.

What are green loans and are they worth applying for?

A green loan is a type of loan designed for the purchase or installation of environmentally friendly goods and systems. They typically offer a rate discount as part of the deal to encourage people to improve their “green” habits to help the environment. This may include energy-efficient appliances, solar panels, water conservation systems or even bicycles. Not all lenders offer green loans, though, so you should look to compare those who do if you need a loan for this purpose.

More about the best personal loans and how to find them

How do I choose the best personal loan for my needs?

When finding the best personal loan for you, it’s important to approach the process with a clear understanding of your needs. Applying blindly or without knowing how a personal loan truly works could leave you short on the funds you require or with a greater loan debt than you needed to take out. Consider the following steps to help you pick out your ideal personal loan.

Work out how much you need to borrow and what you can afford

Before all else, you should determine why you need your personal loan and the amount required to cover whatever costs need covering. You may wish to take out a loan to consolidate a range of outstanding debts, renovate your home or simply help you pay for your next family holiday.

The second step here is to crunch the numbers and work out what you can actually afford to take on as a borrower. This calculation can include factors such as your income, expenses, employment, credit score and more in coming up with an approximate number you should be able to comfortably support. You can use Savvy’s borrowing power calculator to give you an estimate of what lenders might be able to approve you for if you were to apply.

With this in mind, you’ll be able to enter the comparison process with more clarity on which lenders are suitable for you based on their potential borrowing ranges. For instance, if you were looking to take out a smaller loan of just $2,000, you’d be able to immediately rule out the lenders who set their minimum amounts at $5,000 or more. The same applies to borrowers who wish to borrow more than $50,000, as only some lenders allow applicants to access that much money.

Decide what type of personal loan you want

There are several types of personal loan, so you should always have a clear understanding of the differences between them. Knowing how they differ from one another will help you decide which is the most suitable for you. The main types to consider are:

  • Unsecured personal loans are the most basic and common type of personal finance. You can simply apply for a loan without the need to supply any assets or collateral and generally borrow up to as much as $75,000. Because of the lack of security, these loans are typically faster to be approved and financed, although they tend to come with higher interest rates and fees.
  • Secured personal loans do come with the requirement for an asset to be attached to the loan as collateral, meaning this will be acquired and sold to recoup funds in the event you become unable to pay off the loan. This is very much a last resort, though. These loans are characterised by cheaper rates and fees and expanded borrowing ranges up to $100,000, although the time taken to process them may be greater.
  • Personal lines of credit differ from standard loans in that you’re approved to withdraw funds up to a set limit whenever you like, rather than receiving and managing a lump sum. You’ll only be required to pay interest on the balance used, albeit often at a higher rate than usual and with other fees for maintaining the account. They also don’t tend to come on set terms, meaning they can be kept open on a revolving basis as long as they’re viable.

Think about the type of interest rate you’d like

There are two types of interest rate which can apply to personal loans: fixed and variable rates.

Fixed interest is the most common on personal loans, locking your rate in from the start and protecting you from any rises in your lender’s rate across your term. They also allow for more accurate and stable budgeting around your instalments.

On the other hand, variable rates can change from month to month in line with the RBA cash rate and how your lender decides to respond to it. While they can allow for savings if rates fall, you may end up paying more and not have the ability to budget as well.

Consider different types of lenders

While it’s most important to invest time and effort comparing specific deals, you might also have a preference as to the lender you decide to go with for your loan. Some of the key differences between different types of lenders are as follows:

  1. Banks: the biggest lenders on the market. Banks can provide a wide range of services across all sorts of product areas and some of the bigger ones have advanced, robust customer support systems. However, they can often be the most expensive in terms of personal loan rates and fees, which is one of the most important factors to consider.

  2. Credit unions and building societies: customer-owned or mutual financial institutions often serve as a cheaper alternative to banks, as they come without any need to pass profits onto shareholders (given that they don’t have any). While you still may have branch access, it’s likely to be less than that of a bank and services are also more limited.

  3. Online lenders: the newest entrants into the marketplace, online non-bank financiers have set out to make a difference and offer the most affordable deals to Australians. Because they exist wholly online, there’s never any need for you to visit any branches (which is a negative if you prefer physical locations) with advanced online infrastructures to rival banks in some cases and often come with less stringent lending criteria compared to the banks.

Compare loans with Savvy

Of course, perhaps the most effective way to boost your chances of finding the best loan for your needs is by comparing with Savvy. We’re partnered with reputable lenders from around the country to help you conduct high-quality comparisons and learn at a glance what each financier can offer you as a customer. It’s never ideal to dive into the application process blindly and not know which lender is the perfect option for you, as doing so could potentially save you hundreds of dollars, if not more.

How do I compare personal loan offers?

Interest rates 

Perhaps the easiest feature of any personal loan to compare is the interest rate. This is the figure most prominently displayed on lender sites and is very much a selling point for loans, given the competitive nature of the market. In truth, it’s important to find as low an interest rate as possible, as these are the most substantial contributors to the cost of your loan. It’s not the only feature to compare, but it’s a mightily important one. 


Another way to distinguish the best personal loans from the rest is by assessing the fees associated with each personal loan. These can also set you back a considerable amount if you’re not careful, so comparing is crucial here. The fees you’re likely to find on your loan, and their typical price ranges, are as follows: 

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

Repayment flexibility 

One of the aspects you should always look for is whether your loan affords you the freedom to make additional repayments free of charge. As mentioned earlier, you can save a tremendous amount of money overall by making extra contributions to your loan. For instance, on a $20,000, three-year personal loan at 7.5% p.a., you can save over $350 in interest alone and shorten your term by five months by paying $100 extra each month. 

Available loan terms 

A major part of finding the best personal loan for you is having access to a loan term that suits your repayment needs. While loans range in length from one to seven years, not all lenders will offer terms as short or long as that. If you only need a small loan and wish to repay it as quickly as possible, for example, you should find and compare lenders who offer one-year terms. You should always compare loans to find those which enable you to pay at your speed. 

Minimum and maximum amount 

Similarly, lenders don’t always offer the same amount for personal loans. While potential amounts range from $2,000 to $75,000, what you’ll need to ensure as a borrower is that the lender you choose offers the amount you’re looking for, which is also simple enough to do when comparing. This is especially the case at the lower end of the scale, as many lenders set their minimum loan amount at $5,000, ruling out any potential smaller loans. Borrowers will need to be mindful of this when comparing personal loans with Savvy. 

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.