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Last updated on April 8th, 2022 at 01:05 pm by Thomas Perrotta

Compare personal loans for teachers

Teaching can absorb much of your free time, particularly when end of term reports are due, so it’s important that you’re still able to compare personal loans for teachers. You can do that right here with Savvy, with low rates and flexible features on offer to help you choose the best loan for your needs fast.

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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
Go to site

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
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
Go to site

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
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
Go to site

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
Go to site

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.

The benefits of personal loans for teachers

Competitive rates from 4.45% p.a. (4.45% p.a. comparison)

Whether you’re looking at a secured or unsecured loan (5.35% p.a., 6.14% p.a. comparison), you can compare personal loan deals starting at basement rates.

Borrow what you need

Personal loans can be utilised for big or small purchases and expenses, making them suitable for smaller expenses from $2,000 up to significant outlays of $75,000.

Set your own repayments

You get to choose whether to make your repayments on a weekly, fortnightly or monthly schedule and the period over which you repay your loan, from one to seven years.

Part-time and casual income accepted

If you’re only teaching part-time, or relief-teaching casually, you can count your stable, consistent income sources towards your personal loan and get approved.

No-fee options available

We partner with lenders who enable you to repay your personal loan without worrying about any additional establishment, ongoing or early repayment fees.

Simple application process

From start to finish, your application will only take you five to ten minutes to fill out and send through, with a form and a few pieces of documentation the only things required.

Why teachers choose Savvy for comparing personal loans

How you should compare personal loans

Common queries from teachers about personal loans

Can I get a personal loan if I’m teaching on a visa?

Yes – there are some lenders operating in Australia who can offer personal loans to temporary residents. Teachers working in Australia temporarily will typically have the required visa type to be eligible for a personal loan, so it’s a matter of comparing lenders to find which ones can offer you financing. An important factor to consider is that you’re only eligible to take out your loan over a term at least a few months shorter than your visa term.

Am I able to be approved if I’ve just changed schools?

Yes – lenders can accept your application for finance even if you’ve recently started a new job. Because they look for consistency in your income, it’ll help if you’re moving from one permanent job to the next with a similar salary. However, if you’re starting another job as a relief teacher, you’re likely to be required to work fairly consistent hours there for at least six months before you’re eligible to borrow. Lenders are more wary about probationary periods, so you’re likely to receive a much better rate outside of this period.

Should I choose a secured or unsecured loan?

Both unsecured and secured loans come with advantages for borrowers. Unsecured loans are quicker and easier to apply and get approved for, given that they don’t require an eligible asset to be used as collateral and be assessed for its suitability. Secured loans do utilise this and are offered at lower rates as a result, with expanded borrowing potential up to $100,000 also a feature (compared to $75,000 for unsecured loans).

What can I use my loan for?

You can utilise your personal loan in any way you like. Whether you need to purchase equipment or material for your work such as books or a laptop, help fund your next holiday or consolidate existing high-interest debts, personal loans can help you meet your financial goals and allow you to pay for expenses at your own pace.

Is it easier to get a personal loan with my partner?

Yes – applying for a personal loan with a co-borrower will instil more confidence in your lender that you’ll be able to repay your loan comfortably. This is because repayments are supported by two incomes rather than one, which increases your overall disposable income. This can also result in you receiving a discounted interest rate and expanding your borrowing power overall. As such, if you’re looking to tackle shared expenses anyway, it might be worthwhile doing so with your partner’s name on the loan too.

Which documents will I need to apply?

There are several key documents you’ll need when applying for personal financing, which can vary slightly between lenders but will always include:

  • Your last two payslips
  • Photo ID such as your passport and/or driver’s licence
  • Information on your current liabilities and assets
  • Your internet banking details
If I’m a single parent, can I still be approved?

Yes – provided you can afford to support the repayments of the personal loan you’re applying for, you can be approved even as a single parent. Lenders are most interested in ensuring that the loan’s repayments are manageable for you, which means that you’ll need to prove that your disposable income is enough each month to cover your loan’s repayments.

How quickly can I receive my money?

Once you’ve completed and sent through your application, you’ll receive an instant outcome in as little as 60 seconds confirming whether you’ve been approved or not. From there, you’ll receive your final loan contract shortly afterwards, which you can sign digitally and send back. After your lender receives the contract, they can release the funds to you by transferring them directly into your account 24 hours after you applied.