Flexible Personal Loans

Find your ideal personal loan and shape it to your needs by comparing your options with Savvy.

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, updated on October 4th, 2023       

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The features and benefits of a flexible personal loan

Borrow what you need

Loan amounts are wide-ranging, with sums starting at just $2,000 and stretching all the way up to $75,000, which makes them versatile for many purposes.

Repay over one to seven years

You also get to choose whether to save on repayments by stretching it out up to seven years or cut down on overall interest and fees by opting for as few as one.

Access competitive rates

With fixed fees and no interest rates, borrowers carry a degree of certainty regarding their repayments and can budget effectively around them

100% online applications

On top of your ability to choose the bulk of your loan’s terms, you can do so at affordable rates starting from just 5.35% p.a. (6.14% p.a. comparison)

Choice of fixed or variable interest

We’re partnered with a selection of lenders that enable us to display offers for both fixed and variable interest rates, giving you more choice on your loan.

Set your own payment schedule

Most lenders will also enable you to have a say in the frequency at which you contribute to your personal loan: either weekly, fortnightly or monthly payments.

Pay your loan off early

You have the freedom to not stick to a rigid pay schedule, though, and can (in most cases) pay your loan in full before its end date and not incur any fees for doing so.

Redraw facilities

Some personal loans also come with redraw facilities that enable you to withdraw extra payments made towards your loan, bringing even more flexibility to the loan.

Types of personal loan

Why compare personal loans through Savvy?

What you could use your personal loan for

Frequently asked personal loan questions

How quickly will my personal loan be approved?

With Savvy, your personal loan can be approved, processed and have funds sent through to you in as little as 24 hours. 

Who is eligible to apply for a flexible personal loan?

While eligibility specifics may differ from lender to lender, the criteria you’ll be required to meet will include the following:

  • Must be at least 18 years old
  • Must be an Australian citizen or permanent resident
  • Must be earning at least $20,000 to $26,000 from stable income sources
  • No bankruptcies or defaults on your credit file
Can I apply for a flexible personal loan with bad credit?

Yes – personal loans are available to bad credit borrowers, although they aren’t as flexible as those for borrowers with good credit. This is because options are more limited, giving you fewer products and lenders to choose from, and borrowing is capped at around $10,000 for unsecured loans. Nevertheless, they can serve as a great financial solution for borrowers in positions like these.

Which factors can affect my interest rate?

Your interest rate is dependant on several different factors, which include:

  • Your credit rating – higher scores attract lower rates
  • Your past borrowing – can reduce your rate if you’ve paid off a similar loan in the past
  • Your job stability and income – safer jobs and higher income earners are usually rewarded with lower rates
  • Which rate you choose – fixed interest starts at a lower base rate than variable
  • Your loan security – attaching collateral will reduce your rate substantially
What fees will I need to pay?

The fees that you’re likely to pay on your personal loan include:

  • Application fee: $0 to $595
  • Ongoing fees: $0 to $10
  • Early repayment fee: $0 to $600 or over (depending on time left on loan)
  • Late payment fee: $15 to $35


As you can see, though, many of these fees are able to be avoided. Early repayment fees, for instance, are uncommon on personal loans, while many of our partnered lenders also don’t charge ongoing fees. You can compare these here with Savvy.

Am I able to submit my application with another person?

Yes – submitting a joint application can be a great way to maximise your chances of personal loan approval, as well as increase your borrowing power and lower your interest rate. This is usually done with a partner but can also be taken out with a family member or close friend.

You can also arrange for a close relation to act as a guarantor on your loan, which will have the same effect (if not greater). Under this example, your guarantor agrees to take on the loan debt if you become unable to do so. These are limited to those with comfortable or strong financial positions, though.

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.