Search and Compare Low Rate Personal Loans in Adelaide

Name: Personal Loans Adelaide
Creator: Savvy
Published: 2021-03-31T14:03:15+10:30

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It won't affect your credit score.

Written by , updated on October 4th, 2023

The features of personal loans for Adelaide borrowers

Competitive interest rates

You can lock your interest rate in starting from low rates for both secured and unsecured personal loans, helping you save on your finance deal.

Borrow up to $75,000

Personal loans come in all shapes and sizes, making them suitable for expenses as small as $2,000 and as grand as $75,000 in any area you like.

Repay over up to seven years

Part of the benefit of personal loans is that you can also decide on how much your repayments cost each month, setting your loan length between one and seven years.

No-fee options

Some of our lending partners can offer you a personal loan without any setup or ongoing fees charged at all, saving you hundreds of dollars overall.

Fixed or variable interest

We also compare both fixed and variable interest options, enabling you to choose between repayment stability and the potential for savings if rates fall.

Select your repayment frequency

In addition to choosing your loan term, you can also decide on whether to make contributions on a monthly, fortnightly or weekly basis in line with your needs.

Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Why compare personal loans through Savvy?

100% free

There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.

Paperless applications

You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.

Reputable lending partners

We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.

Your personal loan application checklist

Your credit history

Proof you can afford your loan

Proof of identity

Need more information about Adelaide personal loans?

What can I use a personal loan for in Adelaide?

There are many reasons you may choose to take out a personal loan. These include:

Wanting to plan an experience, like a holiday or a wedding
Conducting renovations around your home
Being caught out by an emergency expense, like an unexpected medical bill or urgent car repairs
Needing to make a large purchase, like furniture or a car
Choosing to consolidate your existing debt
Pay for educational expenses

How will applying for a personal loan impact my credit score?

When you apply for a personal loan, your lender will check your credit history. This enquiry will be formally recorded on your file and could cause your credit score to dip slightly. As such, you should always consider every application carefully and only seek credit when you really need it.

The good news is that if you do apply and are approved, your score could actually improve in the long run. By making your repayments in full and on time, you will show that you are financial responsible. This will make you more attractive to lenders and could make it easier to get credit in the future.

Most of my income comes from Centrelink – can I still get a personal loan in Adelaide?

Most lenders will require you to be receiving some form of income to be eligible for a personal loan. However, some will have more specific criteria, like minimum income levels and documentation requirements, where others will be more flexible.

As such, receiving Centrelink benefits could make it a little harder to find a personal loan. However, you should still have options and be able to find a lender who is willing to consider your situation.

I’m new to my job – can I still get a personal loan in Adelaide?

In addition to earning a minimum amount, some lenders will want to see that your source of income is stable. As such, if you are new to your job, or on a short-term contract, they may not consider you. However, there are lenders who are more flexible and may still approve you if you meet all their other criteria.

I don’t have the best credit history – what are my options?

While a good credit history helps, a bad one is not necessarily a barrier to getting a loan. If your credit score is under 500, you may need to look for a bad credit loan provider. However, you should be aware that these companies usually offset their financial risk by charging higher interest rates and fees.

I’m already repaying a personal loan, but need more money – can I apply for another?

Generally speaking, having more than one personal loan is not the best financial practice. It can also affect your credit rating, as multiple applications will be recorded on your file.

However, if it’s really critical you find extra funds, there should be lenders willing to consider your application. But, you need to be certain it’s absolutely necessary and you can afford the repayments.