Fast Personal Loans 

Find and compare a range of personal loans fast with Savvy and kick your application into gear before you know it.

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, updated on October 4th, 2023       

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The benefits of fast personal loans

Competitive interest rates

Your personal loan will come with an interest rate tailored to your profile, allowing you to compare a range of deals before you sign on the dotted line.

Borrow between $2,000 and $75,000

Personal finance can be obtained for almost any purpose you need, big or small, with loans available for as little as $2,000 all the way up to $75,000.

Select your own loan term

Additionally, you get to have a say in the time over which you repay your personal loan, with short terms from one year and longer lengths up to seven available.

60-second loan approval

You’ll find out as soon as 60 seconds after submitting your application whether it was successful, giving you peace of mind that the funds will be there for you to access.

Secured and unsecured options

We compare both personal loans which require an asset to be fixed as collateral and those which are unsecured, giving you more choice when it comes to loans.

No deposit necessary

There’s no requirement for you to make a deposit or pay any upfront fees; you’ll be able to access 100% financing up to your maximum affordability.

No account keeping fees

We not only compare options with affordable interest, but also those which charge low or no ongoing fees (as well as others with no establishment fees either).

Get approved fast, pay out fast

You won’t be required to stick to your minimum pay schedule; by making extra repayments above the minimum, you can save yourself hundreds of dollars overall.

Types of personal loan

Why compare personal loans through Savvy?

The fast personal loan application process

Top tips for getting your personal loan approved fast

Have all of your documents ready

By preparing all of your documentation ahead of time, you can make sure your lender has everything it needs to assess you as a borrower without the need to come back to you and ask for further or different documents. This can hold up the process of being approved, so it’s worth your while double-checking what your lender needs before pressing on with your application.

Apply within your means

Lenders will be able to determine almost immediately whether you’ll be able to afford to take on the loan you’re applying for by assessing your income, its stability and your credit history. Applying for more than you can feasibly manage can lead to setbacks in your application, if not an outright rejection, so you can use our borrowing power calculator to give you an estimate of what you could be approved for.

Maintain stable employment and income

The more trust your lender has in your ability to support your loan repayments, the faster you can have your application approved. Paying back a substantial lump sum over time isn’t always straightforward when your income and employment aren’t consistent. Lenders want to be absolutely certain that you’ll be comfortable in paying off your loan, otherwise you’re unlikely to be approved quickly (or at all).

Show a verifiable history of repaying similar loans

Because managing your funds over several years to repay a loan requires discipline, lenders want to be confident that they can trust you to fulfil your end of the deal. If you’ve paid off similar loans in the past without any issues, this can show lenders that you’re a trustworthy borrower who’s displayed the ability to pay off finance agreements. This may lead to a swifter approval by your lender.

Choose an unsecured loan product

While it may not have a significant impact on the speed of the process, unsecured loans are generally faster to process and approved than secured finance. This is because loans with collateral attached take longer for lenders to assess due to the fact that the asset will be required to cover the value of the loan and must carry enough value in itself to be able to be sold and recoup lost funds.

Apply earlier in the day or week

It may not sound like much but getting your application in the queue earlier in the day or week can have an impact on the speed at which it can be processed. Applying on a Monday morning maximises your chances of having the loan approved and paid in 24 hours, but a Friday afternoon application is likely to only be fully processed on Monday at the earliest, dragging it out over several more days.

Common questions about fast personal loans

How else should I compare personal loans?

There are many other ways you can go about comparing personal finance offers from lenders across Australia. The main areas to consider when choosing the right personal loan for you are:

  • Interest rates
  • Fees
  • Loan amounts
  • Loan terms
  • Repayment flexibility
  • Other useful features (such as redraw facilities and being able to choose your payment frequency)
Who’s eligible to take out a personal loan?

When applying for a personal loan, you’ll typically be required to meet the following eligibility criteria:

  • Must be 18 years or older
  • Must be an Australian citizen or permanent resident
  • Must hold stable employment
  • Must be earning at least $20,000 annually from consistent sources
  • Must not have a history of defaults or bankruptcy (can be accepted with bad credit loans)
How much will my personal loan cost?

There are several factors that affect the cost of your personal loan, the most significant of which is your interest rate. This will be set based on the level of risk your lender deems you to be as a borrower, which will account for factors such as your credit score and employment and income stability. You’ll also pay more for loans repaid over longer loan terms, as there’ll be a longer time spent paying interest and fees. These fees can range from the following prices:

  • Ongoing fees: $0 to $10
  • Establishment fee: $0 to $595
  • Early payment fee: $0 to $600+
  • Late payment fee: $15 to $35
Will applying jointly with my partner speed up the process?

It can do – submitting a joint personal loan application can boost your chances of approved significantly, as well as your borrowing power, as they're considered safer due to relying on two income streams in place of one. You may find this increases the overall speed of the application, although lenders may have to sort through twice the number of documents.

If I’m self-employed, can I still get a fast personal loan?

Yes – if you meet the eligibility criteria set in place by your lender, you can still be approved for financing quickly even as someone who runs their own small business. There’ll be different documentation requirements, namely requiring you to supply tax returns and Notices of Assessment in place of payslips, but if you can show your lender that you’re able to comfortably and consistently meet the requirements of the loan, you can be approved as quickly as any other borrower.

Fast personal loans explained

How fast can I get a personal loan approved?

In most cases, you can have your loan approved as soon as two hours after you apply and funded in as little as 24 hours. Even though these loans are fast and don’t require any collateral for the most part, lenders are still required to do their due diligence when it comes to assessing your application. There are responsible lending guidelines in place in Australia which prevent lenders from approving applications made by borrowers for loans which put them at substantial risk of default. As a result of this, they’ll always take the time to consider your income, how you earn it and your credit history.

Of course, these only represent the minimum potential timeframe for personal loan approvals. The variables listed above will all impact the duration of your application process, meaning your experience applying for finance could be substantially different from the next person. Different lenders will also hold different capabilities when it comes to how quickly they can process your application, with some taking up to one to two days to provide you with an outcome and others offering it within hours.

What are my options for fast personal financing?

There are several types of loan product which can be accessed quickly to help you cover whatever costs need covering. It’s important to appreciate the differences between each of these before diving into the application process, as you may find that one is better suited to your needs than the others. You can compare a range of personal loans right here with Savvy to help you decide on which is the best for your situation based on all the key details you need to make the right call.

Your options for fast personal financing include:

Secured personal loans

Secured loans are those which require an asset to be attached as collateral for the loan, which serves as security for the lender in the event the borrower becomes unable to repay their loan. As mentioned, because this security must be valuable enough to recoup funds, lenders will want to ensure it’s in good enough condition and is high enough quality to do so. This can elongate the process in some situations. However, you may have a better chance of approval if you attach your car as collateral, for instance, as well as net a lower interest rate and higher borrowing power.

Unsecured personal loans

On the other hand, unsecured loans represent one of the fastest types of finance available on the market. Because your lender doesn’t need to look at any assets as part of your application, instead relying on the strength of your profile, it can be processed more quickly and with fewer documents and less information. It’s important to note, though, that you’re likely to receive a higher interest rate and have your borrowing power capped at a lower rate ($50,000 to $75,000 compared to $100,000). If it’s speed you’re after, though, this is likely to be your best option.

While it won’t affect the speed of your application, it’s also crucial to compare the types of interest rate you can receive as part of your loan agreement. The two types of interest which can apply to personal loans are:

Fixed interest

In most cases, the rate applied to your loan will be a fixed one. This means it’ll be locked in from the outset of your agreement, preventing the cost of your repayments from changing at any point during your term. The primary benefit of fixed interest comes with the stability they bring, as they’re easier to budget around into the future. They also protect you from any increase in your lender’s rate during your term. There’s less capacity for you to save without rate decreases, though.

Variable interest

Some lenders offer variable interest on their loan products instead, which remains open across your loan and can change with the market. Because of this, borrowers can benefit from these rates if they’re in an environment where rates are expected to fall across their term. However, because they’re open to fluctuation, they can’t be relied upon in the same way as fixed rates when it comes to planning out your finances months into the future.

How do I apply for a personal loan?

The process of applying for a personal loan is simple these days, with almost all lenders enabling prospective borrowers to submit their applications via an online portal. This is part of the reason why most loans are so quick to approve and fund, as much of the process is automated. The steps to follow when preparing your application are:

  • Compare offers with Savvy: before you dive into your application, you should always ensure you’re confident in choosing the loan which is best for you. Find out all the key comparison information, such as loan amounts, term lengths, interest rates, fees and more with Savvy and select the loan you want to apply for.
  • Gather your documents: to save on any potential delays, you should prepare all of the required documentation in advance of submitting your application. While lenders may differ slightly in what they might need, you’ll typically have to supply photo ID, payslips and/or bank statements and information on any assets, liabilities and expenses.
  • Fill out your application: once you’ve chosen your lender, you can go ahead and start the process of applying. This should only take you between ten and 20 minutes to complete in most cases. Once you’ve done this, you can send it off and await an outcome from your financier.
  • Get approved and funded: if successful, you’ll be approved for financing and may be asked for further documentation. If this all checks out, you’ll be sent a loan agreement to sign electronically and return, after which your funds can be released directly into your nominated account.

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.