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Plenti Loans
Plenti is one of Australia's leading providers of consumer loans. You can get a car loan or a green loan, as well as a rate estimate before you apply. Their rates are also personalised, which can mean a lower interest rate if you have a good credit score.
Plenti took first place in multiple categories, including the coveted Overall position. It also topped the board for entrants in the Fees and Customer Service categories.
Plenti offer a variety of loans with personalised interest rates. While you can still apply even if your credit score isn't perfect, the rates offered will likely be higher. Rates for personal loans start from 7.99% p.a., with an application fee from $0 to $595. You can borrow from $5,000 up to $50,000. The rate for their car loan starts from 7.19% p.a., and your costs will include a credit assistance fee of $249 up to $799. Plenti's car loan amounts range from $10,000 up to $100,000. If you want to make an environmentally friendly purchase, you can apply for a green loan. Interest rates start from 9.49% p.a., and you will be charged a monthly fee of $8.99 and an establishment fee. The loan amounts available range from $5,000 to $45,000.
Main points to consider with a consumer loan from Plenti
Plenti's consumer loans are funded by either a single investor or by multiple investors, rather than a bank. Plenti offers competitive risk-based rates on its loans. Rates are determined by factors such as how much you'd like to borrow, the loan term and your financial situation. If you're looking to take out a personal loan and want a competitive rate, you may want to consider consumer lender Plenti.
There are a few different loan options available from Plenti, including personal loans and car loans. There are also green loans to help you make environmentally friendly purchases.
How does borrowing from Plenti work?
Plenti acts as an intermediary between you as a borrower and the person or group of people funding your loan. To be approved, you just need to meet the eligibility criteria set by Plenti. The interest rate depends on the information provided in your application, so you won't receive your rate until you're approved. However, you can get a rate estimate before you apply, which won't affect your credit score.
Once you have been approved for a loan, you can expect the funds in as little as one business day.
Features and costs of products offered by Plenti
Plenti offers a range of financing options, depending on what you need a loan for. Each product is outlined below, along with its corresponding features.
Personal loans:
Features
The following features are associated with a Plenti personal loan:
Rate estimate. You can secure a rate estimate before you submit a full application without affecting your credit score.
Unsecured and secured options. Depending on your circumstances and preferences, you can opt for either a secured or an unsecured personal loan.
Range of loan purposes. Use your funds for almost any legitimate purpose, including weddings, holidays, home renovations and more.
Loan amount. Borrow from $5,000 to $50,000.
Fast turnaround. Rate estimates can be given in minutes. You'll find out if you're approved one business day after submitting a full application, and you can expect funds in your account one business day after accepting the loan contract.
Flexible repayments. There are no fees for early repayment or to make extra repayments. You can also increase your ongoing monthly repayments at any time.
Online account management. To manage your account, you can simply log in to your Plenti account online.
Costs
While fees and charges will vary depending on the loan type, the loan term and your personal circumstances, costs associated with a Plenti personal loan typically include the following:
Interest rate. From 7.99% p.a.
Comparison rate. From 7.99% p.a.
Application fee. From $0 to $595
Car loans:
Features
The following features are associated with a Plenti car loan:
Rate estimate. You can secure a rate estimate before you submit a full application without it affecting your credit score. This process will also show you all the fees and charges you will need to pay so that you're aware of everything before committing to the loan.
Transparent fee structure. Once you apply for your desired loan amount and loan term, a calculator will show you what fees and charges will be applied to your loan in a pie chart.
Quick approval process. Once you've filled out your loan application, you will know whether you've been approved within the next 48 hours. Once your loan has been approved, the funds will be in your account the next business day.
Unsecured and secured options. When you apply, you'll have the option to secure your loan with the vehicle, which can reduce your repayments.
Loan term. This loan has the option of a 3 years, 5 years or 7 years loan term.
Monthly repayment structure. With a monthly repayment structure, you can easily figure out how much you need to set aside to pay off your loan.
Pre-approval. If you've decided you need a car loan but you haven't found a car, Plenti will approve you a month in advance so that you can find the car you want.
Loan amount. Borrow from $10,000 to $100,000.
Interest rate type. All car loan rates are fixed, so your repayments will not change over the life of the loan.
Additional repayment penalty-free. You can make additional repayments on this loan free of charge.
Business car finance. Businesses cannot secure car finance with Plenti. However, individuals can acquire a small business vehicle, e.g. Uber drivers.
Costs
While fees and charges will vary depending on the loan type, the loan term and your personal circumstances, costs associated with a Plenti car loan could include the following:
Interest rate. From 7.19% p.a.
Credit assistance fee. A fee from $0 to $649 is charged at loan set-up.
Late repayment fee. This is charged if you're unable to make a payment on time.
Monthly fees. A $0 account management fee is charged monthly.
Green loans:
If you want finance to make an environmentally friendly purchase, such as solar panels, you can consider a green loan from Plenti.
Features
The following features are associated with a Plenti green loan:
Rate estimate. You can secure a rate estimate before you submit a full application without it affecting your credit score.
Competitive rate. A green loan from Plenti has a lower interest rate than traditional personal loans or credit card.
Energy-efficient loan uses. Green loans can only be used for energy-efficient products and installations. These include solar panels or home batteries, solar pool-heating units, energy-efficient lighting, energy-efficient air conditioning units, hybrid low emission cars, air source heat pumps, power factor correction, and variable speed and frequency drives.
Quick approval process. Once you've filled out your loan application, you will know whether you've been approved within the next 48 hours. Once your loan has been approved, the funds will be in your account the next business day.
Loan term. This loan has a 3 to 7 years loan term.
Flexible repayments. Plenti won't charge you if you choose to repay your loan early.
Loan amount. Borrow from $5,000 to $45,000.
Additional repayment penalty-free. You can make additional repayments on this loan free of charge.
Costs
Fees and charges will vary depending on the loan amount, the loan term and your personal circumstances. However, you might expect to pay:
Interest rate. From 9.49% p.a.
Comparison rate. From 10.60% p.a.
Establishment fee. This is a one-off fee at loan set-up.
Late repayment fee. If you're unable to make a payment on time, you may be charged a fee.
Monthly fees. Monthly fees start from $8.99.
How to apply
If you're ready to apply for a Plenti loan, click "Go to site" and submit an application. Get your personal, financial and employment details to hand.
Be aware that Plenti have strict eligibility criteria that include:
An Australian citizen or Australian permanent resident
Aged 21 or over
Able to prove a regular source of income over $30,000
Employed in current role for more than 3 months
Have a very good credit history for the last two years with no defaults
You're not in financial hardship with other financial providers
You do not have pending, current or previous bankruptcy
Frequently asked questions
These are the most common questions we're asked about Plenti's loans.
When considering what loans to invest in, lenders will only see a reference number attached to your application, not any personal details.
The actual loan amount you're approved for will depend on the information you provide in your application. Plenti provides loans from $2,001 to $100,000, depending on the type of loan you're looking for.
You can opt for either a secured or unsecured loan. If you choose to attach a guarantee, you may be offered a lower rate.
Your interest rate will be determined by the information in your application and set in your loan contract. You will be sent all fees and charges when you apply. Typical fees to expect include a credit assurance fee that will be payable to Plenti and a risk assurance charge payable to the provision fund. A monthly loan management fee may also be payable.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.
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