Coles Personal Loan
- Interest Rate (p.a.)
- 10.90% to 17.99%
- Comp. Rate (p.a.)
- 11.19% to 18.91%
- Min Loan Amount
- $2,000
Summary
Flybuys members get an exclusive discount on your interest rates. Higher interest rates apply for non-Flybuys members.
If you’re a flybuys member and a regular Coles shopper, the Coles Personal Loan offers a discount on its interest rate. Rates for members start from 10.90% p.a., while for non-members it starts from 12.99% p.a.
3 things you should know about the Coles Personal Loan
Before you consider the Coles Personal Loan in detail, here are the four most important things you need to know:
- Flybuys members enjoy a lower interest rate starting from 10.90% p.a.
- Non-members rate starts from 12.99% p.a.
- Coles shoppers earn an additional 1 flybuys point per $1 spent, to a maximum of 1,000 bonus points per month.
Pros
-
Lower interest rate for Flybuys members
-
Free redraws
-
Free rate estimate
Cons
-
Late payment fee of $30
Details
flybuys member rates
| Product Name | Coles Personal Loan Flybuys Members |
| Interest Rate (p.a.) | 10.90% to 17.99% |
| Comp. Rate (p.a.) | 11.19% to 18.91% |
| Interest Rate Type | Variable |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Non-flybuys member rates
| Product Name | Coles Personal Loan Non-Flybuys Members |
| Interest Rate (p.a.) | 12.99% to 19.99% |
| Comp. Rate (p.a.) | 13.28% to 20.90% |
| Interest Rate Type | Variable |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $20,000 |
| Loan Security | Unsecured |
Main points to consider with the Coles Personal Loan
You can apply for a credit limit between $2,000 and $50,000. Unlike a standard personal loan, the Coles Personal Loan is more like a line of credit. After being approved, you will be issued a Coles Personal Loan Debit Mastercard, giving you access to the full amount of your loan. You can withdraw the loan amount as cash or access it by using your Debit Mastercard to shop. Loan terms range between 3 to 5 years, and you will need to make monthly repayments by direct debit. The loan is subject to a variable interest rate which will be personalised based on the information you provide in your application.
Features of the Coles Personal Loan
When you take out a Coles Personal Loan, you can expect the following features:
- Flybuys exclusive. All Flybuys members pay interest rates from 10.90% p.a. while non-Flybuys members interest rates start from 12.99% p.a. Flybuys is free to join and you can do it online at experience.flybuys.com.au
- Flexible loan amount. Apply for any amount between $2,000 and $50,000. The maximum amount you can apply for will be calculated during the application process.
- Short loan term. The Coles Personal Loan features your choice of loan term between 3 to 5 years.
- Unsecured finance. As an unsecured personal loan, you will not need to put up any of your assets as collateral for the loan.
- Free redraws. More like a line of credit than a traditional personal loan, the Coles Personal Loan allows you to redraw for free any amount you have already repaid without having to reapply.
- Debit Mastercard. When your loan application is approved, you will be issued a Coles Personal Loan Debit Mastercard to access your loan funds in cash or by making purchases with your card.
- Variable interest rate. The Coles Personal Loan features a variable interest rate starting from 12.99% p.a. for non-Flybuys members and 10.90% p.a. for Flybuys members. The interest rate you receive will be based on the information you provide in your application.
- Free rate estimate. The online application process will give you an initial estimate of your personal interest rate without running any credit checks.
- Fixed repayment amount. You will need to make monthly repayments by direct debit from your nominated bank account.
- No exit or extra repayment fees. You are able to pay extra off your loan or pay it off early if it suits without incurring extra fees.
- Bonus points. Enjoy earning bonus Flybuys points by shopping at Coles. You will earn one additional point per $1 spent at Coles using your Coles Personal Loan Debit Mastercard, up to a maximum of 1,000 points per month.
Coles Personal Loan rates
flybuys Members
- Interest rate: From 10.90% p.a.
- Comparison rate: From 11.19% p.a.
- Loan rate type: Variable
- Maximum Loan Amount: $50,000
Non-flybuys Members
- Interest rate: From 12.99% p.a.
- Comparison rate: From 13.28% p.a.
- Loan rate type: Variable
- Maximum Loan Amount: $20,000
Fees
- Application fee. $199
- Late payment fee. $30
- Exit or early repayment fee. No fees
How to apply for the Coles Personal Loan
Before you apply for the Coles Personal Loan, make sure you fit the eligibility requirements and have all the required documents to hand. This will speed up the application process and get you on your way to finance approval.
Eligibility requirements for the Coles Personal Loan:
- Permanent Australian resident
- Aged 18 or older
- Annual income of at least $35,000
Documents required for a Coles Personal Loan:
- Australian driver's license
- Proof of income, either by payslips, bank statements or tax return depending on your employment circumstances
Ready to apply? First, take the time to compare your personal loan options to ensure you choose the personal loan that's right for you. If you choose a Coles Personal Loan, click "Go to Site" on this page to start the online application process.
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Your reviews
Stacey Finder
Hi there, looking for more information? Ask us a question.
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Jeni Finder
August 17, 2019
Hi Mohammad,
Thank you for getting in touch with Finder.
With Coles personal loan, you are required to make repayments monthly on each payment due date, as advised in your statement. You can repay your Coles personal loan by setting up direct debit directly with your financial institution to your Coles personal loan or via BPay.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
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Mohammad
August 17, 2019
How can I make repayment to Coles personal loan?