lendlab Personal Loan
- Maximum loan amount
- $100,000
- Term of loan
- 2 to 7 years
Summary
Borrow upwards of $10,000. Borrowing limits and interest rates depend on your credit rating and security offered.
lendlab is a high-tech personal loan, car broker and loan comparison website. It offers both secured and unsecured personal loans. The application process only takes a few minutes and the process is 100% online. lendlab provides a personalised rate quote based on your credit profile and additional information (without impacting your credit score). This means that your borrowing limits are based on factors such as your financial circumstances, purpose of the loan, credit rating and security offered. Opting for a secured personal loan could allow you to get a better deal and higher loan amount.
Details
Product Details
| Product Name | lendlab Personal Loan |
| Minimum loan amount | $10,000 |
| Maximum loan amount | $100,000 |
| Loan term | 2 to 7 years |
How does the lendlab personal loan work?
Once you've completed an application form for a lendlab personal loan and provided the supporting documents, lendlab will assess your current financial circumstances to determine which interest rate is applicable to you. If you have a good credit score, you could qualify for a low interest personal loan. If your credit score is less than perfect, you may be required to pay a higher interest rate or provide security.Once your application is approved, lendlab will email you a loan contract. Depending on your circumstances, this could be a contract for a loan with lendlab or one of its lending partners. If you agree to the terms of the contract, lendlab will deposit the funds into your nominated bank account the same day or overnight.
lendlab personal loans are available from $10,000 to $100,000. lendlab personal loans can be used for multiple purposes including debt consolidation, home improvements, travel, cosmetic surgery and funeral expenses.
Eligibility criteria
In order to qualify for a loan through lendlab, applicants must be:- 18 years old or over
- An Australian citizen or permanent resident
- Receiving a regular income or Centrelink payments that make up less than half of your income
How to apply
Borrowers can apply for lendlab personal loans completely online. You'll need to provide the following documentation:- Driver's licence or birth certificate
- Medicare card
- Document/bill with your current address on it
- Internet banking details to view 90 days of bank transactions
- Two recent payslips (if you're self-employed you need a copy of your 2 most recent tax return and the notice of assessments)
- Income statement from Centrelink if you receive Centrelink benefits as an additional income only
lendlab will respond to applications within 1 to 2 business days.
While lendlab may be an option worth considering for your circumstances, remember to compare other $5,000 loan options prior to submitting an application.
Features of this loan
The following features apply to lendlab loans:- Loan amount. Minimum of $10,000. Maximum of $100,000.
- Loan term. Loans are available on terms from 2 to 7 years.
- Secured or unsecured. lendlab provides both secured and unsecured personal loan options. Providing security may reduce your rate or increase the maximum amount that you are able to borrow. Secured loans are generally cheaper.
- Competitive rates. Compare over 40 lenders to find a loan that suits you. Interest rates vary depending on your financial circumstances and credit history.
- Apply online. lendlab application process is 100% online. Applications can be completed 24/7.
- Quick application. Applications only take a few minutes to complete and funds can be provided in under 24 hours.
- No upfront credit checks. Comparing personal loans via lendlab doesn't impact your credit score.
- Centrelink accepted. Applicants who receive Centrelink payments may still be able to apply for finance, provided that Centrelink does not make up more than half of their income.
How much does the lendlab Personal Loan cost?
Because lendlab offers a range of personal loans to applicants with different financial backgrounds, fees and charges will vary. However, lendlab charges:- No early termination fee. None of lendlab's loans come with a fee for repaying your loan early.
- No annual fee. Most of lendlab's loans do not come with an annual fee.
- No monthly fees. Most of lendlab's loans do not come with monthly fees attached.
Please note that if you opt to finance from one of lendlab's lending partners, you may have to pay the above fees.
Other fees and charges may also apply. These will be outlined in a loan's contract. Therefore, it's always important to read a contract thoroughly prior to signing.
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