360 Finance is part of A. P. Eagers, Australia’s largest and oldest listed automotive retail group.
360 Finance is a broker and can find you personal loans, car loans, home loans, business finance and insurance that might best meet a customer’s needs. The broker has relationships with other financial institutions, including the country’s big four banks, ANZ, Commonwealth Bank, NAB and Westpac.
Although 360 Finance’s head office is in Brisbane, the lender has customers throughout Australia, with customer support offered over the phone and online.
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Pros and cons
- Moderately low rates on some secured personal loans
- New car loans have no ongoing fees
- Can apply online
- Application fee may be charged
- Ongoing monthly fees may be charged
- No branch access
360 Finance personal loans rates
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based on $30,000 loan amount for 5 years
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Features of 360 Finance personal loans
360 Finance brokers a variety of personal loans from over 20 lenders:
- Car loans (used and new car loans)
- Bike loans
- Boat loans
- Caravan loans
- Hobby equipment loans
- Jet ski loans
- Medical procedures
The minimum personal loan amount offered by 360 Finance is $2,000. Personal loans brokered by 360 Finance can have variable or fixed interest rates, with terms of one to seven years. Repayments can be made weekly, fortnightly or monthly and customers can choose between secured or unsecured personal loans.
As 360 Finance is a fee-for-service broker, a service fee may apply.
360 Finance – customer service
360 Finance doesn’t have any branches, with customer service being offered either over the phone or online.
Customer service staff are available by phone from 8am-5pm (AEST), Monday to Friday, email and online enquiry form.
Who is eligible for a 360 Finance personal loan?
To be eligible you must:
- Be 18 years or over
- Be an Australian permanent resident or citizen
- Have a reasonable credit history
- Demonstrate a minimum of three months’ work history
360 Finance does offer personal loans to self-employed Australians, depending on circumstances.
If a borrower has previously been bankrupt, they may still be eligible, however additional information will be needed.
How to apply for a 360 Finance personal loan?
To apply for a 360 Finance personal loan, you’ll need provide the following details:
- Proof of Australian residency or citizenship
- Driver licence
- Proof of income
- Information about your credit history (including any credit defaults)
Usually once you fill in an online form, a 360 Finance customer service representative will be in touch to discuss your application.
360 Finance personal loan review
360 Finance is a fee-for-service broker, which can connect borrowers to a range of lenders and personal loans for a variety of customers.
The interest rates on 360 Finance personal loans vary significantly between the types of loans it offers. Generally, secured loans have much lower interest rates than unsecured loans.
Compared to its competitors, 360 Finance offers many personal loans that have moderately low interest rates. However, to make sure you get the best deal for you, it’s worth comparing their rates carefully with other lenders.
When it comes to fees, they vary significantly between the types of personal loans 360 Finance offers. Some charge upfront fees as well as monthly fees, while others waive these. Early exit fees may also be charged and there are missed payment penalty fees as well. 360 Finance may charge a service fee for their broking services.
Learn more about 360 Finance
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What interest rates are charged for personal loans?
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Can I get a fast loan with bad credit?
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
How long are $3000 loans?
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.