Compare personal loans
When you’re looking to access personal financing on a flexible scale and not be burdened by a lump sum paid out upfront you’ll be required to repay, a line of credit could be the option for you. Find out more about line of credit personal loans and compare other offers with Savvy.
I want to borrow:
Over how long?
|Wisr Unsecured Personal Loan|
Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.More details
|Plenti Unsecured Personal Loan (Excellent Credit)|
Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details
|OurMoneyMarket Unsecured Personal Loan|
Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details
|Harmoney Unsecured Personal Loan|
Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
What is a line of credit personal loan?
A line of credit personal loan is a type of personal finance product that is closer in structure to a credit card. With this type of loan, you’re approved for a set limit and are able to withdraw funds at your leisure up to this amount at any given time. What makes these loans appealing to borrowers is that you aren’t forced into taking on the entire loan amount all at once and begin repaying it immediately; you can take from and repay your loan whenever you like, only paying interest on what you withdraw.
Like any other personal loan, a line of credit can be used for anything you’d like: conduct ongoing improvements around your home, pay for recurring medical expenses or simply to give you a helping hand with household bills. The borrowing power you’ll enjoy on this type of loan is also the same, with amounts ranging up to as much as $50,000. However, not all lenders will offer the same borrowing terms, so you should always compare offers to ensure that you’ll be able to access the amount you’re looking for.
It’s important to note that these loans can sometimes work out to be an expensive way of accessing personal finance, though. This is because credit line interest rates can, in some cases, be even higher than those of credit cards, which are in themselves higher than other loans like personal and car finance. Fees are also different, as credit lines come with extra costs that are difficult to avoid such as ongoing monthly fees and discharge or closing costs.
At Savvy, we help you compare some of the top personal loans from a range of flexible lenders across the country. These loans offer just as much freedom and flexibility, so it’s important to consider them when you’re making your mind up over which product to choose.
Why you should compare line of credit loans with Savvy
How do lines of credit compare to standard personal loans?
Standard personal loans are what’s known as term loans, which are taken on and repaid within a term established at the beginning of the loan. This differs to lines of credit, which can come with a set end date but often simply run until the borrower chooses to close the account or the lender determines that the line isn’t healthy enough to continue.