When it comes to personal loans, banks generally offer them at higher interest rates than non-bank lenders. These lenders aren’t required to increase the cost of their products to cover the cost of significant branch overheads or maximise profits to pass onto a variety of shareholders. However, both banks and smaller private lenders have robust online systems which usually make it simple and fast to apply.

Personal loans are designed to be flexible and are to be used for a wide variety of purposes. For instance, you may use one to help you fund your wedding, pay for your flights and accommodation for a trip interstate or overseas or even something as simple as consolidating existing high-interest debts. However, you won't be approved for your loan if you intend to use it for gambling purposes, for example.

No – when you compare with Savvy, you’ll gain access to a range of online lenders who can approve your application no matter where you live. You can find a lender and loan to suit your needs regardless of the location of your home.

Yes – although self-employed borrowers won’t be able to supply payslips in the same way as a PAYG worker, there are other ways to qualify for a personal loan. This will namely come in the form of tax returns and/or Notices of Assessment from the ATO, typically from the last 18 months to two years. Aside from this difference, though, the application process is almost identical for those who work for themselves.

Yes – this is known as personal loan refinancing and is a common practice for borrowers who want to switch their loan during their repayment term for a variety of reasons. This may be because their financial situation has improved throughout this period and they now qualify for a lower interest rate or something as simple as accessing a new feature on a different loan, such as a redraw facility. If your loan comes without any fees for early settlements, you can often refinance your loan without too much fuss.