How much will you save with these personal loan hacks?

Personal Loan Hacks

Personal loan hacks your bank doesn’t want you to know about

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

So, you've found the right personal loan. Maybe it's helped you get that car you'd always wanted, maybe you took that holiday you'd been talking about, or maybe you'd consolidated debts from some of your existing loans. Whatever you took your loan out for, and whatever personal loan you're now paying down, these personal loan hacks can help you save. Whilst every effort has been made to ensure the accuracy of these calculations in this article, the results should be used as an indication only.

Switch to fortnightly repayments

When you elect to make monthly repayments, you’ll be making 12 repayments each year. If you make fortnightly repayments, you’ll essentially be paying the same amount each month, but you’ll be making one additional repayment each year.

This is because there are 52 weeks in a year, meaning you’ll be making 26 fortnightly repayments – making monthly repayments would be equal to you making 24 fortnightly repayments.

The benefit of this method is that you won’t notice any difference in your ongoing repayments, but you’ll essentially be paying your loan off sooner and saving on interest.

On a $20,000 unsecured loan at 14% p.a. interest rate over 7 years your monthly repayments would be $374.80 with the total amount paid sitting at $31,483.22. If you were to make fortnightly payments of $187.40 you would save 11 months on repayments and only repay $29,832.26.

By switching to fortnightly you would save $1650.96

Round up your direct debits

An easy way to manage your repayments is through direct debits – you’ll never forget to make a repayment if it’s automatically deducted from your bank account. This is also an easy way to make extra repayments on your loan.

If your fortnightly repayments are $235, round it up to $250, or even $240 – whatever you can afford. Even that extra $5 every repayment is going to make a huge difference at the end of your loan term.

On the same $20,000 unsecured loan at 14% p.a. interest rate over 7 years, by making an extra contribution of $50 you'll be able to save over $2000 in interest. You'll also shave over a year of your repayments.

Refinance to a lower fee or lower rate loan

Refinancing your personal loan is possible, but it’s easy for borrowers to get complacent and think switching loans or lenders is more difficult than the return they’ll receive. But, if you see a loan available for a better rate, it's worth doing some quick calculations to work out if refinancing your personal loan is worth it.

Remember to take into account any early repayment fees that you might be charged on your current loan, as well as any application fees or other additional fees that you might be charged on the new loan.

Ready to refinance? Compare your options

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
loading

Compare up to 4 providers

Refinance your personal loan to a balance transfer credit card

If you’re in the final stages of your loan term and don’t have far to go, you could consider transferring your personal loan debt to a balance transfer credit card. There are a few card providers who will let you balance transfer this type of debt, and offer you interest-free terms for as long as 24 months.

If you budget your repayments and are able to repay your debt within the terms of your new card, you can save considerably on interest repayments. The credit card you take on could give you an ongoing means of spending, as well, after you repay your debt.

Keep in mind that repayments you make to your card will be allocated to the debt being charged at the highest interest. So, if you make purchases on your card during the balance transfer period, repayments you make will go towards them before paying off your debt. This needs to be considered before making purchases on your card during this period.

What lenders will let you balance transfer a personal loan?

Budget to pay off your loan early

When you take on a personal loan you agree to certain loan terms, and if you repay your loan before the agreed terms it’s considered repaying your loan early. Some lenders may charge you fees for doing this, while others may let you repay your loan early for no penalties whatsoever.

If your lender is part of the latter, you could budget to make lump sum repayments and pay off your loan early. You could save yourself hundreds in interest charges depending on when you repay your loan.

Getting the lowest rate and the lowest fees isn't the only way to save on your personal loan. Use these hacks to reduce what you pay in interest and get in control of your personal loan debt earlier than you thought you could.

Image: Getty Images

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site