Latitude Financial Services Personal Loan
- Interest Rate (p.a.)
- 9.49% to 29.99%
- Comp. Rate (p.a.)
- 10.37% to 30.69%
- Min Loan Amount
- $5,000
Summary
Borrow over $5,000 with either a secured or unsecured personal loan from Latitude. Interest rates will depend on your credit score.
Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
3 things you should know about this loan
- Personalised interest rates. Your interest rate will depend on your financial situation, residency, assets, employment and credit score.
- Variable rates. The interest rate can change over the life of the loan based on the market, and can either increase or decrease.
- Secured or unsecured. You can either secure the loan with an asset or opt for an unsecured loan.
Pros
-
Tailored interest rate
-
Low minimum borrowing amount
-
Secured or unsecured
Cons
-
$13 monthly fee
-
Early repayment fees may be charged
-
Fairly high minimum and maximum interest rates
Details
Product details
| Product Name | Latitude Variable Rate Personal Loan |
| Interest Rate (p.a.) | 9.49% to 29.99% |
| Comp. Rate (p.a.) | 10.37% to 30.69% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $70,000 |
| Loan Security | Unsecured |
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.
- Be a Latitude Personal Loan customer.
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
- Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
- 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 9.49% p.a. to 29.99% p.a.
- Loan service fee of $13 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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