Coles Financial Services is an Australian non-bank personal loan lender and part of the Coles Group, one of Australia’s biggest supermarket chains. As well as personal loans, Coles provides financial products such as credit cards and insurance.
While Coles Financial Services has no physical branches, its customer support team is based in Sydney.
Coles personal loan repayment calculator
Total interest paid
Total amount to pay
Coles personal loans rates
Go to site
up to 17.99%
Personal Loan (flybuys)
based on $30,000 loan amount for 5 years
Fully drawn advance
up to 19.99%
Personal Loan (non flybuys)
based on $30,000 loan amount for 5 years
Fully drawn advance
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
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.
- Click ‘Get started’ on their website.
- Complete the online application form.
- Submit the application.
- 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.
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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
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.
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.)
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.
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.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
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.