360 Finance Personal Loans
360 Finance offers personal loans, car loans, home loans, business finance and insurance.
Although 360 Finance’s head office is in Brisbane, the lender has customers throughout Australia, with customer support offered over the phone and online.
360 Finance also has relationships with other financial institutions, including the country’s big four banks, ANZ, Commonwealth Bank, NAB and Westpac. It will search through its list of lenders to find a personal loan that might best meet a customer’s needs.
360 Finance personal loan repayment calculator
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360 Finance personal loans rates
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Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- Very low rates on some secured personal loans
- New car loans have no ongoing fees
- Can apply online
- Application fee may be charges
- Ongoing monthly fees may be charged
- No branch access
Features of 360 Finance personal loans
360 Finance offers a wide variety of personal loans:
- Car loans (used and new car loans)
- Bike loans
- Boat loans
- Caravan loans
- Equine equipment loans
- Jet ski loans
360 Finance personal loans can either have variable or fixed interest rates, with terms of one to seven years.
Customers can choose between:
- Secured personal loan: This type of loan uses an asset as collateral. A secured loan often has a lower interest rate than an unsecured loan.
- Unsecured personal loan: This type of loan doesn’t have collateral, so usually a customer’s credit history and current financial situation will be taken into consideration by 360 Finance.
Repayment on 360 Finance personal loans can be made weekly, fortnightly or monthly.
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 and email, from 8am-6pm Monday to Friday.
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
- Have proof of employment
360 Finance does offer personal loans to the self-employed (although extra documents may be needed).
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
- 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 offers a range of personal loans to suit a wide 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 very low interest rates. However, to make sure you get the best deal, 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 wave these. Early exit fees may also be charged and there are missed payment penalty fees as well.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
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.)
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.