The features and benefits of a $10,000 personal loan
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Compare rates and save
You can lock in an affordable rate for your personal loan by comparing your options from a wide range of leading Australian lenders.
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Choose your loan term
Part of the flexibility that personal loans bring is allowing you to choose the term over which you make repayments, from as short as one year up to five to seven.
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Pay on your own schedule
You also get to decide whether to make contributions on a monthly, fortnightly or weekly basis, which you can structure around your income requirements.
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Free early repayments
You’ll have the freedom to pay out your loan ahead of schedule if you wish to, giving you the ability to save a significant amount of money overall.
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Unsecured financing
There’s no requirement for you to put up a valuable asset of yours to serve as collateral for your loan, making it a more freely accessible product for those without suitable security.
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Use your funds however you wish
Part of the beauty of personal loans is that you can distribute your funds in any way you like, ranging from simply helping with household bills to planning your next getaway.
Why apply for a personal loan with Savvy?
How long will it take for my $10,000 loan application to be approved?
While many personal loans can be approved within just two hours and funded in 24, the reality is that there are a variety of factors which can impact the time it takes to process your loan application. Some of these are in your hands as the applicant, while others are down to the processing power of your lender. On top of having a strong borrowing profile, the variables which can impact the speed of your application include:
- Your loan’s affordability: whether your lender deems the loan you’ve applied for to be clearly affordable for you based on your financial situation can have a bearing on how long it takes to approve. If they can see it’s within your capabilities as a borrower, you’re more likely to be approved straight away, rather than having them take more time to assess further documentation or counteroffer with a lesser amount.
- Whether you have your documents handy: a common reason for delays in the personal loan application process is applicants not having the correct documentation. This may be due to mistakenly submitting an older payslip or simply not providing copies of everything they need. Without all of your documents, your application can’t be formally assessed, with email or phone correspondence further dragging out the process. Double-check your lender’s required documents before you start the process to avoid this happening.
- The time of day and week you apply: although it may not seem significant, applying earlier in the day can make a difference to your application. By submitting your forms in the morning, you can often move closer to the front of the queue and have your chances of processing taking place over multiple days reduced. The same applies to the point of the week: a Friday afternoon application may drag out over a weekend, but Monday applications are far less likely to.
What type of personal loan is best for me?
The best loan available is different for each person. It depends on your financial situation and preferences as a borrower.
For many people, the best option will be a standard unsecured personal loan. These are the most widely accessible finance type, with a wider range of lenders offering them compared to secured finance.
Additionally, more borrowers can qualify for unsecured finance, as secured loans come with stricter criteria surrounding the value, age and condition of the asset you put up as collateral (typically your car). It may be the only choice between the two regardless of this, though, as some lenders enforce a minimum of $15,000 to $20,000 on their secured loans.
However, if you have a car or another valuable that's worth $10,000 and meets your lender's criteria, opting for a secured loan could allow you to access lower interest rates and fees, saving you money in the process. When you apply with Savvy, we'll talk you through your available options before we lock in a competitive loan deal.
Another option is a personal line of credit. These act as a more flexible alternative to the standard personal loan in that you can withdraw funds when you need them up to a set limit. These arrangements have no set end date and only charge you interest on the amount you withdraw. However, rates are higher on these loans and fees can be charged even if you don’t use them in a given month.
Types of personal loans
Personal loan repayment 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.
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
Top tips for increasing your borrowing power
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Work on maximising your credit rating
A higher score will lead to more confidence in your ability to manage a larger loan. If you’ve repaid a similar loan previously, your chances of approval will be better.
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Maintain stable employment and income
Showing that your employment is stable and income is consistent will help you get approved for your loan, particularly if you’re full-time or part-time.
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Reduce your expenses
Running over your finances with a fine-tooth comb will help you take stock of your funds. Cut down on unnecessary spending that eats into your borrowing power.
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Build your savings where possible
If you’re able to do so, increasing your savings can also improve your chances of approval for a larger sum. Saving, rather than spending, shows financial discipline.
Ways to maximise your personal loan approval chances
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Improve your credit score
Perhaps the most effective way to enter the application process with the best chance of approval is to have a good credit score. This reflects your past borrowing and servicing of debt with a numerical figure, with higher scores meaning a positive track record and a greater sense of trustworthiness inherent in you as a borrower.
You can improve this by paying off your outstanding debts, lowering credit card limits and getting rid of any you don’t need.
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Choose a shorter term
The shorter your loan term runs, the lesser the risk posed to your lender of something happening which causes your income, and your ability to repay your loan as a result, to be hampered. As such, they prefer borrowers to take on loans of shorter terms, which also doubles as a way for you to cut down on the cost of your loan’s interest and fees.
You should only take out a loan on terms that suit your ability to repay them, though.
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Apply as a co-borrower
If your personal situation is such that your chances of approval for a $10,000 are touch and go, you could benefit from taking out a loan with a co-borrower. This option is generally explored by couples who are looking to make a shared purchase and is a great way to increase your borrowing power.
This is because two income streams on a loan is seen by lenders as being safer when it comes to risk mitigation: if one borrower loses their job, for example, there’ll still be another to continue to pay the loan.
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Use a guarantor
Another way to increase your borrowing power and chances of approval is to apply with a guarantor. This is a person who signs onto your loan with you and agrees to take on its repayments should you become unable to.
In most cases, this is a parent or close relation who’s in a strong position financially and can afford to service the loan in the unlikely event that you aren’t able to do so yourself.
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Avoid multiple applications
Finally, it’s important that you only take your applications one at a time throughout the process. Applying for multiple in succession will show up on your credit file, which can alert lenders and potentially reduce your chances of approval in the future. As such, you should only ever apply for one loan at a time.
If that application is unsuccessful, you should give yourself time to pinpoint why that is and remedy it before diving into your next application.
Apply for your personal loan online
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Complete our simple online application form
First and foremost, you’ll need to fill out our quick and easy online form. Tell us about yourself, your finances, the loan you’re after and why you need it in just a few minutes.
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Compare your options with Savvy
Once you’ve done this, you’ll be able to assess the products on offer from our partnered lenders. A member of our team will reach out to help you choose the best available offer.
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Send your documents and formally apply
If you’re happy with one of the options available, you can go ahead and formally apply. We’ll handle this for you; simply send the required documents through our online portal and we’ll do the rest.
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Get approved and sign your contract
We’ll let you know when you’re formally approved, which can happen in a matter of hours, and all you’ll need to do is sign your loan contract electronically to receive your funds as soon as the same day.
Personal loan eligibility and documentation
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen or permanent resident (or, in some cases, an eligible visa holder)
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Income
You must be earning a stable income that meets your lender’s minimum threshold (this can start from as little as $20,000 per year)
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Employment
You must be employed on a permanent, casual or self-employed basis
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Credit score
You must meet your lender’s minimum requirements related to your credit score and not be bankrupt or under a Part IX debt agreement
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal information
Your full name, date of birth, address and contact details
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Photo ID
Such as a driver's licence or passport
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Payslips
Your last two consecutive payslips (or your last tax return if you're self-employed)
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Assets and liabilities
Information about any assets you own (such as a car or house) and liabilities in your name (such as other loans)
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Bank statements
90 days of bank statements may be requested, but not always
