Yes – you’ll find it worthwhile to make use of a personal loan calculator while in the process of preparing your application. This tool will give you a clear understanding of the costs of different loans based on their sizes, repayment terms and interest rates. You can play around with Savvy’s calculator to help you find the right balance for your loan before you apply. Of course, this doesn’t mean you’ll be approved for the preferred deal, but it gives borrowers something to aim towards.

Yes – however, you won’t be able to do so with People’s Choice, as their criteria only extend to citizens and permanent residents of Australia. There are a variety of personal loan financiers who can approve applications for temporary residents, so you’ll need to compare your options thoroughly to find one which suits your needs.

You can – this is especially valuable if your business is in the startup phase and doesn’t qualify for finance with a dedicated business lender. However, if you’ve been in operation for at least six months and are generating at least $5,000 in revenue monthly, you’re likely to be better off applying for a business loan rather than a personal loan for business, as they come with much higher borrowing ranges.

Yes – you’ll be able to apply with a close family member such as your partner, sibling or parent. Doing so can improve your personal loan, as it can reduce the level of risk the lender feels in you as borrowers and open you up to a greater borrowing power and lower interest rate as a result (although not always the case).

Yes – provided you can show your lender that you’ll be able to manage your loan’s repayments comfortably alongside your other expenses, single parents can be approved for personal loans. There may be more scrutiny around the application given that you’ll be supporting a household on one income, but with a stable employment, income, residential and credit history, you stand a strong chance of approval.