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Last updated on April 8th, 2022 at 02:59 pm by Thomas Perrotta

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.

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site-logos Wisr Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments		  
site-logos 8.20%
fixed up to 17.95% p.a.		9.04% 
fixed up to 18.87% p.a. based on $30,000 over 5 years		3 to 7
Years		$5,000 to
$64,000		$611.17
over 60 months
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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.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments		  
site-logos 7.39%
fixed up to 8.79% p.a.		7.39% 
fixed up to 9.91% p.a. based on $10,000 over 3 years		3 to 5
Years		$5,000 to
$50,000		$599.57
over 60 months
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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.

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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments		  
site-logos 5.85%
fixed up to 20.99% p.a.		6.48% 
fixed up to 23.83% p.a. based on $30,000 over 5 years		1 to 7
Years		$2,000 to
$75,000		$577.89
over 60 months
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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.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments		  
site-logos 5.35%
fixed up to 19.09% p.a.		6.14% 
fixed up to 19.99% p.a. based on $30,000 over 5 years		3 to 7
Years		$2,000 to
$70,000		$570.96
over 60 months
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Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

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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

Online fast approvals

Maximise your savings

You can find the cheapest and best deals for your situation simply by comparing from a wider range of choices.

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Award-winning partners

We partner with lenders who have been recognised for their quality of service and products to give you better options.

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No messy paperwork

You can complete both your comparison and entire application process online, saving on the hassle that physical documents can bring.

How do lines of credit compare to standard personal loans?

Frequently asked line of credit personal loan questions

What’s the difference between a line of credit and an overdraft?

An overdraft works like a line of credit, except it’s applied for, and attached to, your bank account to enable you to withdraw beyond $0. Overdrafts are generally available for lower maximum amounts than what you might be able to access through a line of credit, but interest rates can be lower. They otherwise serve the same purpose, so you should compare which is better suited to your needs.

Will I be required to pay fees on my loan if I don’t use it?

Yes – you’ll still be charged monthly account-keeping fees regardless of whether you withdraw from your available funds in a given month. This means that if your account lays dormant for several months, even though you won’t be paying interest, you’re likely to rack up fees across that time.

Can I be approved for a line of credit loan online with bad credit?

You can be – however, the lenders who are able to accept line of credit applications from bad credit customers are even fewer. Also, because of your credit score, you’re likely to receive a much higher interest rate on your account, which can cost you a lot of money if you aren’t able to keep on top of the funds in your account.

Are personal lines of credit secured in Australia?

Not always – the majority of personal lines of credit in Australia are unsecured, which means you won’t need to worry about putting up an asset of yours as collateral for the loan. While this increases the score, it puts paid to any perceived risk of losing your car or another chosen asset and grants you more flexibility in the way you can utilise your funds.

How soon can I be approved?

Lines of credit are able to be approved just as quickly as any other personal loan: you can receive an instant outcome within as few as 60 seconds after submitting your application and have your account fully opened and accessible within one day. Because of this, you can get up and running and spend your funds however you wish in no time at all.

Should I take out a line of credit for my business?

A business line of credit is one of several financing options available to business owners. They’re particularly popular with businesses because of the fact that they’re easily accessible and can be kept open for an extended period without needing to reapply repeatedly or make constant repayments towards a lump sum. These are often secured, but can still be obtained without any collateral, which means that they’re available for vast amounts more than personal finance.

Is it better to use a credit card instead?

Depending on how you use them, a credit card could be the better option. If you’re only looking to spend around $2,000 to $3,000 at any given time, it’s plausible that you’ll be able to fully pay off your credit card each month and avoid incurring any interest. This is because they come with interest-free periods that you can take advantage of. However, it’s important not to let your debts pile up in either finance type, as steep interest can set you back.