Direct Personal Loans

Find a personal loan suited to your needs from a range of direct lenders all in one place with Savvy.

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, updated on October 4th, 2023       

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It's always important to compare as many options as possible in the early stages of your loan, particularly with the high amount of direct lenders operating in the market today. Fortunately, you can find out more about them, how they work and compare a range of affordable direct personal loans right here with Savvy.

How do I find a direct personal loan?

You can find a direct personal loan suited to your needs right here with Savvy. We provide an extensive comparison service that provides access to all the most important details regarding the top personal loan options on the market right now. Our rate table allows you to compare personal loans in the areas that matter to you most when it comes to personal finance, which include:

  • Interest rates: find the best rates to help you save hundreds on your personal loan over your repayment period
  • Fees: be aware of the fees you’re likely to incur and how much they’ll cost you (the comparison rate provides an indication of this in combination with your interest rate)
  • Loan term: you may want to repay your loan over as little as one year or as long as seven, so assess the lenders that can offer the lengths you desire
  • Maximum and minimum amount: personal loans generally range from $2,000 up to $75,000, so you should look out for loan offers that provide you with the figure you need
  • Loan security: see whether your personal loan is being offered with or without security to ensure you’re across its requirements

Once you’ve found the right lender through our rate table, you can reach out to your chosen lender knowing exactly what you want out of your personal loan and get a quote. It’s important to be as thorough as you can in this process, as it can be deflating to find a great deal on a personal loan after you’ve just signed up for a different one.

Types of personal loan

Why compare personal loans through Savvy?

How do I speed up the personal loan approval process?

Frequently asked questions about direct personal loans

How much can I borrow with a direct personal loan?

You can borrow up to $75,000 towards your direct personal loan however, your borrowing power is dictated by several factors, including:

  • Minimum/maximum amount: each lender will have a set range of amounts you’ll have to adhere to in your application
  • Your income and expenses: the key to success in your application is to ask for an amount you can manage comfortably on top of your existing expenses
  • Your loan security: unsecured personal loans are more restrictive when it comes to borrowing amounts than secured loans, which can reach up to $100,000
  • Your credit score: as an indication of your borrowing track record, how good or bad your rating is will play a role in how much you can borrow
Can I apply for a direct personal loan with my partner?

Yes – these are called joint personal loans and can be a great way for partners to build shared responsibility in repaying a debt together. These are more likely to be approved and can increase your borrowing power thanks to their reliance on two incomes rather than one.

Can I get a direct personal loan with bad credit?

Yes – there are plenty of lenders who cater their services to customers with bad credit. These lenders will be more concerned overall with the current and recent state of your finances rather than your credit score in determining your suitability for a personal loan. However, it’s important to note that interest rates for these loans can be much higher than those of standard personal loans, in some cases reaching above 20%.

Can I get guaranteed approval for my direct personal loan?

No – there are no reputable lenders in Australia that offer personal loans with guaranteed approval. This is because lenders must always assess applicants on a case by case basis to determine whether they’re fit to repay a loan.

How do I get a direct personal loan with no credit check?

You can’t – credit checks are an essential part of the personal loan application process and are unavoidable. Different types of loans, such as cash loans or bad credit personal loans, won’t assess your credit file specifically looking for your credit score, though; they’re more interested in whether there are any recent defaults and garnering further essential identifying information such as residential history.

How can I get a direct personal loan instantly?

While personal loans don’t come with instant approval, small personal loans, or cash loans, can. These are for smaller amounts of between $300 and $5,000 and are able to be approved, processed and paid within one business day thanks to their more generous eligibility criteria relating to credit scores and income. Loan terms typically last anywhere between 16 days and two years. Be mindful of the fact that these come with high fees that will mount up if you take longer to repay the loan.

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.