A personal loan can help cover a wide range of costs, from home renovations and debt consolidation to major purchases or unexpected expenses.
The application process is relatively straightforward, but knowing what lenders look for, what documents you’ll need and how to prepare beforehand can help you apply with more confidence.
How to get a personal loan with Savvy: the step-by-step process
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Tell us what you need
Start by completing our online application form with some basic information about you, your finances, how much you want to borrow and what the loan is for. It only takes a few minutes and gives us what we need to start looking at suitable options.
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Upload your supporting documents
You’ll need to provide documents that help confirm details such as your identity, income and employment. These can be uploaded online through our application portal, so there’s no need to visit a branch or send paperwork by post.
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Talk through your options
Once we understand your situation, your personal loan broker will get in touch to compare suitable options from our lender panel. They’ll talk you through the loan they recommend, including the rate, repayments and any fees, so you can decide whether it works for you.
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Choose your loan and apply
If you’re happy to proceed, your broker will prepare and submit the application to the lender on your behalf. They’ll make sure everything required is included and keep you updated while the lender assesses it.
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Sign your loan documents and receive your funds
Once the lender gives formal approval, you’ll be sent the loan documents to review and sign electronically. After everything is finalised, the funds can be transferred to your account, sometimes as soon as the same day.
Why apply for a personal loan with Savvy?
What to do before you apply for a personal loan
Check you meet the basic eligibility requirements
Before applying, make sure you meet the basic requirements. These vary between lenders, but you’ll generally need to be at least 18, live in Australia with an eligible residency or visa status, earn a regular income and meet the lender’s credit criteria.
If your credit history isn’t perfect, that doesn’t automatically rule you out. Savvy works with lenders that consider bad credit personal loans and applications from some discharged bankrupts.
Decide whether you need a secured or unsecured loan
Unsecured personal loans don’t require you to provide an asset as security and are the most common option for general personal borrowing.
A secured personal loan uses an eligible asset, such as a car, as security. This can help you access a lower interest rate or borrow a larger amount, although the asset may be at risk if you don’t repay the loan.
Which option suits you will depend on what you’re borrowing for, whether you have an eligible asset to use as security and the loan terms available to you.
Work out what you can comfortably afford
Before deciding how much to borrow, look at your income, regular expenses and existing debts to see what repayment would comfortably fit within your budget.
Our personal loan repayment calculator can help you estimate your weekly, fortnightly or monthly repayments based on different loan amounts, terms and interest rates.
Look at the interest rate and overall cost
The interest rate is one of the biggest factors affecting your repayments and how much you pay over the life of the loan. Depending on the loan, the rate may be fixed for the full term or variable, meaning it can change over time.
The comparison rate factors in certain fees and charges as well as interest, giving you a better indication of the overall cost when comparing similar loans.
Should you get pre-approved before applying for a personal loan?
Personal loan pre-approval can give you an early indication of how much you may be able to borrow, the rate you could receive and what your repayments might look like before you go through a full application. This is based on a soft credit check, so it won't affect your credit score,
Getting pre-approval is optional, but it can be useful if you want a clearer budget before making a purchase or simply want to understand your options first. Just remember that it’s conditional, so you’ll still need to complete a formal application before the loan is approved.
How much can I borrow with a personal loan?
Unsecured personal loans can reach up to $75,000 with some lenders, while secured personal loans may be available up to as much as $100,000. However, the specific amount you’re able to borrow will depend on a range of factors. Lenders will look at:
- Your income and expenses
- Your credit score and repayment history
- Whether you're a homeowner
- Your outstanding debts, including study loan debts
- Your credit card limits
- Whether you're applying alone or with a partner
- The number of dependants you have
- The value of your asset security, if you're taking out a secured loan
Your Savvy broker will let you know how much you're eligible to borrow once they've reviewed your initial application.
What documents will I need to get approved for a personal loan?
The exact documents you’ll need can vary by lender, but most applications will require:
- Personal details, including your name, date of birth and address
- Photo ID, such as a driver’s licence or passport
- Your two most recent consecutive payslips
- Details of your assets and existing debts
- Up to 90 days of bank statements, if requested
When you apply with Savvy, you can upload your documents online through our secure application portal.
How long does it take to get approved for a personal loan?
Turnaround time on your personal loan depends on your situation and the lender, but many applicants with a complete application can receive approval within a few hours. Funds may also be available the same day, although some applications can take a couple of business days to finalise.
Here's how long each stage generally takes through SavvY:
| Stage | Typical timeframe |
|---|---|
| Complete the application | A few minutes |
| Upload and verify documents | Same day |
| Broker compares options | Within hours |
| Lender assessment and approval | A few hours to a couple of business days |
| Funds reach your account | Same day to a few business days after approval |
A number of things can affect how quickly your application moves:
- How quickly you provide the required documents
- Whether you provide complete and accurate information upfront
- Whether your income is straightforward to verify, as self-employed applicants may need extra documentation
- Whether you’re applying for a secured loan, which may require the asset to be valued
- What time and day you apply, as applications submitted later in the day or during a weekend may take longer to progress
Top tips for maximising your personal loan approval chances
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Improve your credit score
A stronger credit score can give lenders more confidence in your ability to manage repayments. It may also help you qualify for a larger loan amount or more competitive interest rates and fees.
Before applying, check your credit report for any errors and make sure existing debts and bills are being paid on time.
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Only apply for what you can afford
Lenders will assess whether the repayments comfortably fit within your income and expenses, so applying for more than you can realistically afford can reduce your chances of approval.
Working out a suitable loan amount beforehand can also help you avoid taking on repayments that put unnecessary pressure on your budget.
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Reduce unnecessary expenses and credit limits
Reviewing your budget before applying can help identify expenses you may be able to reduce. It can also be worth reviewing unused or unnecessarily high credit card limits, as lenders may take these into account when assessing your existing financial commitments.
Lower ongoing expenses and debts can leave more room in your budget for loan repayments.
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Apply with a co-borrower
Applying with a partner or eligible family member can sometimes strengthen an application because the lender can assess both applicants' income and financial position.
However, both borrowers are responsible for repaying a joint personal loan, so it is important to understand the commitment before applying. Some lenders may also accept a guarantor in certain circumstances.
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Keep your finances stable
Lenders generally prefer to see stable income, employment and living arrangements because these make it easier to assess your ability to repay the loan.
If possible, avoid making major financial changes immediately before applying, such as taking on new debt, opening multiple credit accounts or changing jobs without a clear income history.
"Getting all your ducks in a row is really important when it comes to your personal loan. The most common delays in the process are submitting incorrect or incomplete documents and simply not replying in a timely fashion. Being able to chat to your broker when they or your lender need information from you can help your application keep moving along."
The importance of being organised in the application process
