Latitude Financial Services Personal Loan
- Interest Rate (p.a.)
- 9.99% to 29.39%
- Comparison rate (p.a.)
- 11.10% to 30.29%
- Min Loan Amount
- $5,000
Summary
A secured personal loan that stands out with a competitive 6.99% p.a. interest rate and no monthly fees.The IMB Secured Personal Loan has a competitive 6.99% p.a. interest rate and an application fee in the top half of lower fees on our database. The loan also has no ongoing monthly fees, helping to reduce the overall cost.
However, its main drawback is its lack of flexibility. You can't make extra repayments without being penalised, a significant downside compared to other loans on the market. It has a Finder Score of 7.6 out of 10.
Finder exclusive:
$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.
Pros
-
Tailored interest rate
-
Low minimum borrowing amount
-
Secured or unsecured
Cons
-
$16.50 monthly fee
-
Fairly high minimum and maximum interest rates
Details
Product details
| Product Name | Latitude Variable Rate Unsecured Personal Loan |
| Interest Rate (p.a.) | 9.99% to 29.39% |
| Comparison rate (p.a.) | 11.10% to 30.29% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $200,000 |
| Loan Security | Secured or Unsecured |
How does Latitude Variable Rate Unsecured Personal Loan compare?
- A competitive interest rate. The 6.99% p.a. interest rate is in the top half of lower rates in our database.
- A lower than average application fee. Its $250 application fee is in the top half of lower fees we compare.
- No ongoing fees. This loan has no ongoing monthly account keeping fees, which is a competitive feature.
- Inflexible repayments. You cannot make extra repayments without being penalised, which is less flexible than many other loans we compare.
How does Latitude personal loan works?
You can choose to get a secured or unsecured personal loan from Latitude. It offers personalised interest rates based on your credit score and on a range of factors such as your employment status, your residential status and whether you’re a homeowner or have a mortgage.Eligibility criteria
To be eligible for the loan, you must meet the following criteria:- Be over 18 years old.
- Be a permanent resident or citizen of Australia.
- Be employed and receive regular income.
- Be able to demonstrate good credit history for the last 5 years.
- Be free from bankruptcy for the last 7 years.
How to apply
You can apply for the loan through the Latitude Financial Services website. You can check the interest rate you're eligible for without impacting your credit score. You need to provide payslips, bank statements and identification documents. You will receive a response in 60 seconds, and if approved, receive funding within 24 hours. Keeping your documents at hand will help speed up the process.Features of this loan
- Variable rate. With a variable rate, your interest payments may either increase or decrease based on the market interest rate.
- Personalised rates. Your interest rate is based on your personal circumstances and credit score. How long you've been employed, whether you own a home or have a mortgage and your residential status all influence your interest rate. If your risk profile is low, you will receive a lower rate. If your risk profile is higher, your rate will also be higher.
- Extra repayments. You can make extra repayments with no early termination fee if you're on a variable rate. Fixed rate loans will come with a $500 penalty if you repay with more than 3 months left on the loan.
- Flexible repayments. You can make weekly, fortnightly or monthly repayments. You can also choose the day of the week on which your repayments should be deducted.
- Terms up to 7 years. The length of your loan can range from 2 years to 7 years.
How much does the Latitude personal loan cost?
These are the costs associated with this loan:
- Loan principal.
- Variable personalised interest charges ranging from 9.99% p.a. to 29.39% p.a.
- Loan service fee of $16.50 per month.
- Payment handling fee of $1.95 for using BPAY.
Other fees that may apply include the following:
- Late payment fee of $45
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