Online Personal Loans

Find and compare deals from a range of flexible online lenders with Savvy today.

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, updated on October 4th, 2023       

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The benefits of online personal loans

Competitive rates

You can opt for either a secured or unsecured personal loan and compare offers with competitive interest rates tailored to your profile.

Borrow up to $75,000

Personal loans are designed to fit just about any need, big or small, and our lenders combined can offer any amount from as little as $2,000 all the way up to $75,000.

Repay your loan over one to seven years

You’ll get to decide on the length of your loan term also, with longer terms boasting more affordable repayments and short lengths increasing your overall savings.

Set your repayment schedule

You’ll also choose how often you make your repayments, with monthly, fortnightly and weekly instalments available for you to structure them to suit your own income schedule.

Choose a fixed or variable rate

We compare both fixed and variable rates amongst our lenders, with fixed interest being locked in from the start and variable rates open to fluctuation across your loan.

100% online application

From the moment you commence your comparison process to signing your loan agreement, you can complete your application online and even from your smartphone.

No deposit necessary

Unlike other types of finance, there’s no requirement for you to make a lump-sum deposit as part of your personal loan, nor will you need to pay any large fees upfront

Unrestrictive usage of funds

One of the many advantages of securing a personal loan is that you can utilise the funds however you like, from paying for medical bills to covering educational expenses.

Types of personal loan

Why compare personal loans through Savvy?

Applying for your personal loan online

Our Process

Compare your options with Savvy

Assess the products on offer from our partnered lenders and choose the option that’s most affordable and suited to your needs.

Submit your application and documentation

Once you land on your lender’s site, you can gather up your required documents and submit digital copies of them alongside your lender’s form.

Receive an outcome and sign your agreement

After you’ve been approved, your lender will send through a copy of your loan agreement for you to sign electronically, from which point you can receive your funds.

How to compare online personal loans

Common online personal loan queries

Is my information safe?

Yes – your data will be safe when you apply for financing via your lender’s website. Lenders are required to have highly effective and strong security features for maintaining the privacy of their customers, which is no different from our partnered online lenders. If you’re still unsure, you can reach out to your lender and find out more about the ways that they house and protect your information.

What eligibility criteria will I have to meet?

The basic eligibility criteria that apply across the board for personal loans are:

  • You must be at least 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be employed and working on a consistent basis
  • You must be earning at least $20,000 annually from stable sources
  • You mustn’t have a history of bankruptcy or defaults
Which documents will I need to submit with my application?

There are several key pieces of documentation that you’ll be required to submit alongside your application form, which include:

  • Your driver’s licence and/or passport
  • Your last two payslips (some lenders will ask for your employment contract and/or 90 days of bank statements)
  • Centrelink income statements (when applicable)
  • Online banking account information
  • Details on assets and liabilities
Should I borrow the maximum I can afford with an online personal loan?

Not always – you should never apply for extra funds just for the sake of it. If you need the maximum amount, then you should consider your ability to service the loan into the future before committing to it.

Can I get an instant online personal loan?

You can't get funded instantly, but applying for your online personal loan through Savvy is a great way to get a rapid outcome. Generally, the smaller the loan, the faster it is to process. We can help you get an instant online personal loan to suit your needs by enabling you to compare from our range of reputable online lending partners from around the country.

Online personal loans explained

What are some of the benefits of online loans?

When it comes to comparing personal loans, those offered by online lenders or other lenders with the infrastructure to support online applications come with a range of advantages for you as a borrower. Of course, you should always compare offers with Savvy so you can have the best chance of entering the application process with a clear understanding of which loan is best for you. With clear comparison information at your fingertips, you can select your loan with more confidence. Some of the primary benefits of online loans include:

Faster, more convenient processes

Perhaps the most obvious benefit of applying online is the convenience which the overall process brings. This applies to all financiers offering loans in this manner, from the big banks to small private lenders. Having the ability to complete your application from the comfort of your home, either your computer or smartphone, saves you from having to take time out of your day to visit your local branch. With the busy lives that many of us lead, saving even a few hours can make a significant difference to your day or week.

Options beyond the big banks

If you’re sticking to products offered by bank and credit union branches in your city or town, the quality of comparison won’t be nearly as great and you could end up costing yourself hundreds of dollars more overall. The online market is another story, though, with an incredibly wide range of lenders and loan offers open to borrowers no matter where you live. The sheer volume of deals available helps you maximise your chances of finding one which suits your individual needs.

Lower interest rates

The most important way that many online lenders can benefit you is through your hip pocket. Because of their higher overheads, physical institutions such as banks typically charge higher interest rates and fees. It’s a different story for online financiers, though. With no need to cover the cost of maintaining branches or paying a vast number of shareholders, online lenders often have the lowest rates on the market and regularly waive potentially costly fees so you can save on your loan.

Less stringent qualification criteria

In many cases, banks can enforce strict eligibility criteria which can rule out a wide range of people who perhaps don’t line up as the perfect applicants in their eyes. In these situations, you’re more likely to find luck applying for an online loan through a private lender who can accommodate your situation. Self-employed borrowers who don’t have the exact information a bigger lender requires or applicants who have struggled with credit in the past both have options through online financiers.

More personalised service

Finally, banks are built to service a vast range of products and employ efficient systems to ensure that they’re able to cope with extremely high demand. For smaller lenders who specialise in one product and don’t have the same workload, there’s a greater capacity to assess and approve applications on a case-by-case basis and interact with you as a borrower on a more personal level. Many applicants may prefer this when applying for their loan.

Which types of personal loan can I apply for online?

It’s important to have a firm grasp of which personal loan types are available to you. Fortunately, with the sheer number of offers available online, you’ll be able to apply for just about any kind of personal finance you like. The main types of loan to consider when approaching the application process are:

Unsecured personal loans

The most widely available finance type, unsecured loans don’t require any form of collateral to secure them, making them more suitable for a wider portion of the borrowing population. You can generally borrow up to a maximum of $75,000 and take as many as seven years to repay your debt. They’re fast to process and can be turned around in just one day (and sometimes faster), so they can serve as a quick solution to your financial needs. However, they generally come with higher rates and fees than secured loans.

Secured personal loans

As the name suggests, these loans do make use of an asset to serve as collateral for the loan agreement between you and your lender. This is most often a car or another vehicle, but some lenders may accept other valuable assets like jewellery or artwork. With an asset in tow, you can potentially borrow as much as $100,000 on your personal loan and take advantage of lower interest and fees, which come about as a result of your lender seeing the agreement as a safer one. However, collateral criteria are often strict, so your car may not qualify with your lender. 

Personal lines of credit

In contrast to the other loans, a line of credit affords you a great deal more flexibility to access the funds whenever you need them. Your line of credit allows you to be approved up to a pre-determined limit, after which you can withdraw any funds you need. This avoids the requirement to manage a large lump sum from the beginning and also enables you to only pay interest on the money you’ve used. However, rates and fees are often steeper than unsecured loans, so you’ll have to consider the cost of the arrangement.

How can I use a personal loan?

Personal loans are flexible by design, enabling you to make use of them in a wide variety of ways. Some of the potential ways you can spend your personal loan funds include:

  • Consolidate a range of high-interest and other debts to make them more manageable and potentially save on interest and fees
  • Pay for much-needed renovations and improvements around your home, such as installing a pool or redoing your garden
  • Cover the cost of your next holiday, whether you’re taking a simple trip up the coast or planning an expansive overseas adventure
  • Help you afford your dream wedding or a fitting funeral for a family member
  • Pay for any unexpected expenses arising from medical bills either for you, your family or even your pet
  • Allow you to continue to afford your children’s school fees even if you find yourself short on the funds you need for the upcoming year
  • Simply help you out with the household bills for the month or the next few months to ease the financial burden on you

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.