For all customers that have a good credit score, we may offer a low interest personal loan starting at 7.65% p.a. This is sometimes cheaper than the rates offered by the big banks. These loans can be secured or unsecured. The loan term varies from 3-5 years and the repayments can be made weekly, fortnightly or monthly.
Most low interest loans we offer have no annual fee, no monthly fee and no early termination or exit fee. The application process is fast with most of the outcomes provided within 24 business hours from the time of application. We do not do upfront credit checks so an application with us does not go on your credit field.
The process for a low interest loan involves submitting an application and providing us with the supporting documents. We then do a soft/hidden check on you to get a copy of your credit file and then compare your situation with the lending criteria of all the lenders on our panel to find the best match for you. Once we have found the lender we then submit the application through to them.
This process saves you the time of comparing all the lenders. Importantly, as well as finding you a great rate, we carefully assess you against the different criteria of each lender to ensure a great match for your circumstances. Most lenders will do a credit enquiry as soon as you submit an application and you might end up with too many enquiries and failing their lending criteria.
Minimum eligibility criteria include 18 years or over in age, Permanent Australian Resident and employed with a regular income. Centerlink benefits can only be considered as a secondary income.
To apply, you need to submit an application online and provide us 90 days of bank transactions which can be generated automatically using our secured link. We will also require a copy of your drivers licence or birth certificate, Medicare card and a document/bill with your current address on it.
For employed clients we will require your 2 most recent payslips. For Self Employed/Contractors/Sub Contractors clients we will require at least your most recent tax return.
Once we have received all the required documents you will have an update within a business day.
When reviewing an application we will check the details you have provided to us against your bank statements and will check if the applied loan is suitable for you. Responsible Lending criteria applies.
On approval, we provide a free, no-obligation quote and if satisfied, you can move onto taking the loan offer. Usually most loan contract documents can be easily signed electronically so there is no paper work involved.
Once we receive the signed documents, funds will be disbursed into your account straight away.