Cheap Personal Loans

Compare personal loan offers from around Australia with Savvy to help you find the cheapest rates and deals today.

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, updated on July 4th, 2024       

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The features and benefits of cheap personal loans

Competitive interest rates

By comparing a wide range of personal loans from reputable Australian insurers, you can pick out the offer with the lowest available rate with confidence.

No-fee options

We’re partnered with lenders who are willing to disregard almost all personal loan fees on their finance deals, enabling you to save hundreds over your repayment period.

Customisable loan terms

You get to decide how affordable your repayments are, with interest-minimising terms as low as one year and cheaper instalment options up to seven available.

Fixed or variable interest rates

Additionally, you can compare personal loan offers which fix their interest rates and those which leave them variable, both of which can save you money in different circumstances.

Free early repayments

Most lenders will also enable you to pay above and beyond the minimum required amount, which could slash your loan term and save you hundreds, if not thousands.

Get approved for up to $75,000

You’ll also get to borrow just about any amount you need, from as little as $2,000 all the way up to $75,000 (depending on your choice of lender).

Secured or unsecured loans

Secured loans can save you much-needed money on interest and fees, but unsecured loans are faster and easier to apply for; you get to choose between the two.

Use funds however you like

Best of all, you can utilise your funds in any way you like: to fund improvements around your home, pay for your wedding or honeymoon or even simply dental expenses.

Types of personal loan

Why compare personal loans through Savvy?

Cheap personal loans explained

What should you look for to find a cheap personal loan?

The two main factors that you have to take into account when looking for a cheap personal loan are interest rates and any associated fees or charges.

Interest rates

Knowing what to look for in a cheap personal loan can save you both time and money so, before beginning the application process, ensure you’ve done the maths to work out how much you stand to benefit.

Interest Rates: The main factor that determines how cheap a personal loan ultimately is, your interest rate will be calculated based on a number of factors such as your credit score, employment and income stability. The more favourable these are, the lower your rate is likely to be.

Headline Rate: The interest rate you’re charged by the lender for the life of the loan. The headline rate does not take extra fees and charges into consideration.

Comparison Rate: The interest rate you’re charged by the lender, with their primary fees and charges included. The comparison rate more accurately reflects the true cost of the loan, so it's a good idea to use this when calculating personal loan costs rather than solely interest rates.


Some of the most common fees and charges that you need to look out for include:

Establishment fees: This fee is charged to cover expenses relating to setting up and opening your personal loan, with the cost built into your ensuing repayments. These can cost up to around $600 when charged on a personal loan, but some lenders don't charge these.

Administration/ongoing fees: These are charged on an ongoing basis throughout your loan repayments to cover other administration costs. They're inexpensive at up to just $10 per month when charged, but these can add up over the course of a longer loan term; a five-year loan with $10 monthly fees would end up setting you back around $600 in this area alone.

Early repayment fees: These can apply in certain circumstances when you pay above the minimum and complete your loan payments ahead of schedule. Their cost is calculated based on the time left to run on your loan at the point of completion, but usually aren't charged.

Late repayment fees: These will be charged if you submit an instalment late, typically five days or more after its intended due date. These can vary in cost between $15 and $35.

Finding a loan which strike a balance between the cost of its interest rate and fees is imperative when you’re looking to secure a cheap personal loan.

What else makes a personal loan cheap?

While the interest rates and fees associated with personal loans are the most important, there are some further considerations to be made.

If you really want to find a cheap personal loan, you’re going to have to find one that works best for your specific circumstances. When doing so, considering the following factors will help:

How much you can borrow: Always check how much you’re allowed to borrow at the advertised interest rate. Rates may get higher or lower depending on whether you reach minimums or exceed maximums.

Whether you require a secured or unsecured loan: A secured loan will almost always have a lower interest rate than an unsecured personal loan. Keep this in mind when comparing loans and providers.

How your interest is calculated: Will your loan feature a fixed or variable interest rate? Choosing the right one could keep the total cost of your personal loan down.

The flexibility of repayments: If you plan on repaying your loan early, ensure you won't be penalised for doing so. You’re not going to plan on missing a repayment, but late fees are also worth knowing just in case.

What you’ll need to get a cheap personal loan

To be able to apply for any personal loan, you’re going to have to meet the eligibility criteria laid out by the lender.

To be eligible for a personal loan in Australia generally requires:

  • You’re at least 18 years old
  • You’re an Australian citizen, permanent resident, or hold the required visa
  • Earn at least $20,000 to $26,000 annually from stable income sources

To be able to prove the above, you’re going to need the following:

  • Driver's licence/passport as proof of identity
  • Income statements such as your payslips
  • Information on your current assets and liabilities
  • A recent utility bill as proof of address
  • Your online banking details

If your application for a personal loan is approved and you’ve accepted the terms laid out in the offer, you’ll usually receive your loan amount credited on the same day. Just remember that the cheapest personal loan on the surface isn’t always the loan that works out the cheapest overall. Before making a final decision, you should always compare numerous personal loans and take into account the overall costs. That's where Savvy can help you, as we make it simple to compare loans from around Australia by breaking down offers into a simple-to-read format.

Other cheap personal loan queries answered

Where can you get a cheap personal loan?

Cheap personal loans are offered by a range of banks and alternative lenders. Compare costs between traditional banks, online banks, peer to peer lenders and online independent loan providers to find the cheapest loan for you.

What can you use a personal loan for?

When you’re applying for a cheap personal loan, you’ll often have to let the bank or lender know what it’s for. Personal loans can be used for a range of reasons including household appliances, legal fees, cars, electronics, holidays and even education costs.

Is it cheaper to pay off your personal loan early?

More often than not, yes – many lenders offer borrowers the opportunity to pay above and beyond the minimum required amount each month without charging them to do so. This will often result in an early payout, which will reduce the interest and fees you pay on your loan by shortening your term. For instance, you could trim ten months off your loan term and save over $1,000 in interest by paying an extra $100 each month.

Does your credit score matter?

Yes, your credit score matters when it comes to getting a cheap interest rate on a personal loan. Most lenders will use your credit score to determine the interest rate that they are able to offer you. The better your credit score, the cheaper your interest rate could potentially be.

Should you borrow more if offered?

If a lender offers you a larger loan amount than you initially apply for, you must carefully consider the additional interest and fees. While it may seem like the lender is doing you a favour, the overall cost of the personal loan is likely to be more expensive.

Is it cheaper to apply with a guarantor?

In most cases, yes – a guarantor is another person, usually a parent or grandparent, who agrees to guarantee the repayment of your loan regardless of whether you're able to do so. By adding this extra security blanket to your loan, your lender will likely feel much safer in lending to you, which can result in higher borrowing ranges and lower rates.

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.