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Pros and cons of a Coles personal loan


  • Flybuys members may get lower interest rate
  • No early exit fees
  • No need to put down collateral


  • No fixed interest rates available
  • Establishment fee charged
  • Monthly fee charged

Coles personal loans rates


Personal Loan (flybuys)

Real Time Rating™


/ 5
Interest Rate


% p.a

Variable up to 17.99%

Comparison Rate*


% p.a

Variable up to 18.6%



based on $30,000 loan amount for 5 years at 9.99%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 10.66%* would be $38,236*. Terms from - years

*Comparison rate is calculated based on an unsecured loan of $30,000 over 5 years.


Personal Loan (non flybuys)

Real Time Rating™


/ 5
Interest Rate


% p.a

Variable up to 19.99%

Comparison Rate*


% p.a

Variable up to 20.59%



based on $30,000 loan amount for 5 years at 12.99%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 13.64%* would be $40,946*. Terms from - years

*Comparison rate is calculated based on an unsecured loan of $30,000 over 5 years.

Coles personal loan calculator

Thinking about taking out a personal loan with Coles? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Coles personal loans compare with other options.

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Your estimated repayment

at interest rate 9.99 %

Total interest payable


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Features of a Coles personal loan

Coles provides unsecured personal loans of $5,000 and $50,000. Borrowers can pay it off over three, four or five years. An unsecured personal loan means you don’t have to secure your loan with an asset, such as a car or property, so there’s no risk of you losing your asset if things don’t work out.

This lender charges various fees on its personal loans including establishment fees, monthly ongoing fees, late fees and redraw fees. However, Coles does not charge an early repayment fee.

Coles only provides unsecured variable-rate personal loans. A variable interest rate means the rate could move up or down during your loan term, which could affect your repayments.

Coles personal loans – customer service

Customers can contact Coles by phone, email, live online chat and post. You can call Coles’ dedicated personal loans phone 24/7. Live online chat is available 8am to 7pm (AEST) on weekdays.

Who is eligible for a Coles personal loan?

  • Must be over the age of 18.
  • Must be a permanent Australian resident.
  • Must be employed as a permanent full-time or part-time employee, or self-employed.
  • Must earn at least $35,000 a year.
  • Must have a good credit rating.
  • Must have proof of identify and income.

How to apply for a Coles personal loan?

The application process takes about 15 minutes and can be done on the Coles website.

  1. Click ‘Get started’ on their website.
  2. Complete the online application form.
  3. Submit the application.
  4. Wait for a response. This may take about 60 seconds.

Coles personal loans review

Coles’ personal loans are suitable for those with a good credit history. Those who have Flybuys membership may be eligible for a lower interest rate and may also be able to earn Flybuys points on their personal loan.

Personal loan customers can borrow up to $50,000, with a maximum term of five years.

Coles charges an establishment fee, ongoing monthly fees and late fees. However, borrowers can pay off their loan early without penalty. If you’re applying for a Coles personal loan, it’s best to read the contract carefully before committing to the loan.

Coles’ interest rates are moderate compared with other personal loan lenders. If you’re a Flybuys member, the interest rates you may be eligible for are moderately low.

If you’re looking for the best personal loan rates for you, it’s a good idea to compare interest rates, fees and features from a few different lenders.

Learn more about 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.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

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.

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.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

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.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

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.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

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.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

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.