Top us loans companies australia 2022-2023
Find your ideal personal loan with Savvy and save with rates from just 5.35% p.a. (6.14% p.a. comparison).
Personal loans with rates starting from 5.35% p.a.
Whether you’re looking to cover unexpected medical bills, fund an expansion of your home or even help pay for your next family getaway, you can find the best personal loan for your needs right here with Savvy. We’re partnered with reputable lenders from around the country offering some of the most competitive rates on the market, so you can pick out the top deal for you right here. Start your personal loan journey with us today.
I want to borrow:
Over how long?
| OurMoneyMarket Unsecured Personal Loan | ||||||||||||||
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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.Less details |
- No extra repayment or early exit fees
- Up to $75,000 in loan amounts
- Funding approved within 24 hours
| Harmoney Unsecured Personal Loan | ||||||||||||||
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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.
Personal loan features and benefits
Competitive interest rates
With rates as low as 5.35% p.a. (6.14% p.a. comparison), you can save hundreds, if not thousands, on your personal loan over your term.
Borrow up to $75,000
You can borrow as little as $2,000 all the way up to $75,000, making your loan suitable for a wide range of purposes tailored to your needs.
Flexible loan terms
You’ll also have the option to dictate the cost of your repayments by selecting a loan term anywhere between one and seven years.
Fast approvals within 24 hours
Once you submit your application, you can receive a response within just 60 seconds and have the money transferred to your account inside 24 hours.
Useful extra features
We can match you with lenders who offer features such as flexible repayment schedules and no early repayment fees to enhance your finance experience.
Fixed or variable rates
Personalised interest rate
Each applicant is given their own unique interest rate for their personal loan based on the loan they’re looking for and their profile as a borrower.
No security needed
Our lending partners offer unsecured personal loans, meaning you won’t have to put forward a valuable asset like your car as collateral for the loan.
Why so many Australians find their personal loan with Savvy
What you can use your personal loan for
Personal loan repayments calculator
It’s important to have an idea of what different loans might cost you overall before you apply. Fortunately, Savvy’s personal loan repayment calculator is simple to use and tells you everything you need to know about how much different offers might add up to overall based on a variety of different factors.
What information do I need to apply for my personal loan?
Eligibility
First and foremost, it’s crucial to find out whether you’re actually eligible for your personal loan. Fortunately, our lenders are flexible with their qualification criteria, which helps more Australians apply for financing. The criteria you’ll need to meet include:
- 18 years or older and a citizen or permanent resident
- Holding stable employment and earning at least $20,000 to $26,000 annually
- Having no prior history of defaults or bankruptcy
Personal loans Australia
Market update for personal loans: August 2022
The month of August has seen yet another 0.5% rise in the national cash rate by the Reserve Bank of Australia (RBA) in an attempt to combat inflation, setting this rate at 1.85% in what is its highest peak since April 2016.
The Australian Bureau of Statistics (ABS) also released their lending indicators for June of this year at the start of the month, revealing the total value of new fixed-term loan commitments fell by 15.2% compared to those taken on in May, totalling $1.95 billion compared to $2.30 billion.
This represents the second-sharpest percentage decrease in new loan commitments in the ABS’ current series behind April 2020, which saw total new commitments fall to just $1.18 billion at the start of the pandemic, which can be put down in part to rising interest rates.
June also saw a marked fall in the value of new loan commitments taken out to purchase vehicles by 14.4% (which is also the largest decrease aside from April 2020) after a 3.2% increase the month prior, while loans for personal investment fell by a staggering 37.1% compared to May (which experienced a 10.2% rise).
Although the rising cash rate can have a direct impact on interest rates offered by lenders, this doesn’t mean you won’t be able to get approved for a low-rate, affordable personal loan, so it’s still important to compare your options thoroughly with Savvy.
Consider the range of options available to you right here and start the personal loan application process today to help you reach your financial goals sooner.
What are personal loans and how do they work?
Personal loans are one of the most common types of finance in Australia. They enable borrowers to be approved for a lump sum of money which can be used essentially for any purpose they wish, with some of the most common reasons listed above. They work in the same way as any other standard loan product: you’re given a lump sum which is to be repaid in either weekly, fortnightly or monthly instalments over a set period of between one and seven years.
On top of your repayments, you’ll be required to pay interest, which is calculated daily based on your outstanding loan debt. This means the interest you pay will decrease with each instalment as your outstanding debt decreases. For instance, on a $30,000 at 7.5% p.a. paid monthly over five years, you would pay $187.50 in interest after the first month but approximately $184.91 the next month, due to the fact that your loan principal has decreased.
How much can I borrow with a personal loan?
Personal loans tend to come with a borrowing range of as little as $2,000 up to a maximum of $75,000, although some lenders will cap this at $50,000 instead. This only applies to unsecured finance, though, as secured loans can be taken out for as much as $100,000 (depending on the value of your attached asset). However, there’s a range of factors which can impact your individual borrowing power beyond the type of loan you take out. It’s important to be across these before diving into your application. The main variables to consider are:
- Your income: of course, you’ll need to be earning enough to support your loan repayments. In most cases, higher income-earners will be capable of borrowing more than lower income-earners.
- Your expenses: income can only get you so far, though, as your regular expenses will eat into your usable funds. Whether they be other loan repayments or costs such as utilities and shopping, these will have an impact on the amount you can afford each month and your approved loan amount as a result.
- Your credit score: the better your score, the more likely you are to be approved for a larger sum. Lenders view credit scores as an indication of your reliability as a borrower, particularly if you’ve successfully repaid similar loans previously, so they’ll feel more confident in approving an application for a greater amount.
What types of personal loan can I choose from?
There are several different types of loans you can choose from when considering your options with Savvy. It’s important to know the differences between each product before you apply, as one may be more suited to your needs than the others. These loans are:
| Fixed rate loan | Unsecured loans | Secured loans | |
|---|---|---|---|
Borrowing range: | $2,000 to $75,000 | $2,000 to $75,000 | $15,000 to $100,000 |
Key benefits: | Repayment stability, protected against rate rises | No need for asset collateral, rapid processing time | Lower interest rates, greater borrowing power |
Key drawbacks: | Miss out on rate decreases | Slightly higher rates than secured, can come with higher fees | Eligible asset required, higher minimum amount |
Useful if: | You’re looking for certainty and accurate budgeting around repayments | You need a loan approved fast without any risk of losing an asset if you default | You can use your car or another asset to reduce the cost of your loan |
How much will different interest rates cost me?
Interest rates are crucial factor to consider when deciding on which loan is right for you. Even small differences in interest rates over the course of your loan term can result in a significant difference overall. The below table demonstrates the impact interest can have on a $30,000, five-year loan each month and overall:
| Interest rate | Monthly repayments | Overall interest paid | Total saving |
|---|---|---|---|
7% p.a. | $594.04 | $5,642.16 | N/A |
6.5% p.a. | $586.98 | $5,219.07 | $423.09 |
6% p.a. | $579.98 | $4,799.04 | $843.12 |
5.5% p.a. | $573.03 | $4,382.09 | $1,260.07 |
*Calculations do not include fees. Example interest rates aren’t necessarily reflective of current market rates.
What fees will I have to pay on my personal loan?
On top of interest, most loans come with a set of fees which may apply. However, depending on the lender you choose, some (or all) of these can be waived, potentially saving you hundreds of dollars over the course of your loan. Here’s a breakdown of the fees to look for on personal loans:
| Personal loan fee | Minimum cost | Maximum cost |
|---|---|---|
Ongoing monthly fees | $0 | $10 |
Application fee | $0 | $595 |
Early repayment fee | $0 | $600+* |
Late payment fee | $15 | $35 |
*Early repayment fees are based on factors such as the size of your loan, your interest rate and the portion of your term left to run. This fee is the most common to be waived by personal loan lenders.
A simple way to compare interest and fees all at once is by looking at loan comparison rates. These are percentage figures which are calculated by adding the cost of your loan’s fees onto its interest rate, giving you a more comprehensive and “truer” indication of the overall cost of your loan. Not all fees will be included in this figure, though, as charges such as early or late repayment fees are conditional on a particular set of circumstances taking place, whereas establishment and ongoing fees are charged (or not charged) regardless.
What else can I use a personal loan for?
You aren’t limited when it comes to how you can make use of your personal loan funds. In addition to some of the reasons above, you might take a personal loan out to fulfil the following purposes:
- alleviate the financial pressure brought on by unexpected or steep medical expenses
- pay for optional procedures such as cosmetic surgeries
- cover veterinary bills for your pet
- cover expenses related to your studies, such as for textbooks or accommodation
- helping you pay for expensive jewellery such as an engagement ring
- ease the burden of pricey school fees
How do I apply for a personal loan?
While the personal loan application process will differ slightly between lenders, it’ll largely remain the same across the board. With more lenders investing in efficient online processing and application portals, there’s never been an easier time for you to submit your forms and get approved. Your application is likely to follow these key steps:
- Compare your options with Savvy: Be safe in the knowledge that you’re choosing the right loan for your needs by comparing a range of offers right here with Savvy before you apply.
- Fill out your lender’s application form: Click through and fill out an application form to let them know about you and the loan you need. You may need to supply initial and supporting documents here.
- Receive approval and sign your contract: Once they’re satisfied with your application, you can sign your loan agreement digitally and return it to have your funds advanced to your account.
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