Compare Latitude Financial Services Personal Loans
Originally known as GE Capital Finance, Latitude Financial Services had a change of name and ownership in 2015.
As a leading consumer finance business with a presence in Australia and New Zealand, Latitude Financial provides some 2.6 million customers with a broad range of finance products including personal loans, digital payments, credit cards and insurance.
Latitude Financial Services is an online-only operation. You can apply for loans online, and they also have a customer service phone line.
Latitude Financial Services personal loan repayment calculator
Total interest paid
Total amount to pay
Latitude Financial Services personal loans rates
Go to site
up to 18.99%
Secured Fixed Low Rate (Excellent Credit Rating)
based on $30,000 loan amount for 5 years
Fully drawn advance
up to 19.99%
Unsecured Fixed Low Rate (Excellent Credit Rating)
based on $30,000 loan amount for 5 years
Fully drawn advance
- Can apply online
- Additional repayments allowed
- Flexible payment terms
- Establishment fees
- Ongoing fees
- No branch access
Features of a Latitude Financial Services personal loan
Latitude Financial Services cater to a wide range of borrowers. A Latitude personal loan can be either be secured or unsecured, but all have fixed interest rates.
Borrowers can take out a Latitude personal loan of between $3,000 and $50,000. Loan terms range from one to seven years. Borrowers can choose between weekly, fortnightly and monthly repayments, and can choose the day of the week repayments are deducted.
Latitude personal loans have the option to make extra repayments but there is no redraw facility.
Latitude charges an upfront fee, ongoing fees, late repayment fees and an early termination fee if you end the personal loan before halfway of the loan term.
Latitude personal loans can be used for many purposes including:
- Debt consolidation
- Car financing
Latitude Financial Services personal loans – customer service
Latitude Financial Services doesn’t have any branches, but you can apply for a personal loan with them online. Borrowers can also contact customer service via:
- Online account
- Phone, Monday to Friday, 9am - 5pm (AEST)
Who is eligible for a Latitude Financial Services personal loan?
To be eligible for a Latitude Financial Services personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be a permanent Australian resident
- Be currently employed on a permanent basis and have a regular income
- Have a good credit history for the past five years
- Be free from bankruptcy for the past seven years
How to apply for a Latitude Financial Services personal loan?
Applications for a Latitude Financial Services personal loan can be made online. The online application process takes 10 minutes to complete and involves the following steps:
- Once you’ve compared and selected a personal loan, apply on the Latitude Financial Services website.
- Once completed, your application will be reviewed and you’ll get a response in 60 seconds.
- Upon final approval, you can accept your contract online, and the funds will be credited to your loan account within 24-48 hours.
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other financial commitments
Latitude Financial Services personal loans review
Latitude Financial Services personal loans are suitable for a range of purposes like debt consolidation, home improvements, weddings and holidays.
There are a few different types of personal loans on offer, and borrowers can choose from secured or unsecured personal loans with fixed interest rates. Variable interest rates are not available.
Latitude Financial personal loans come with a some flexible features, and borrowers can choose between weekly, fortnightly and monthly repayments with terms up to seven years.
Borrowers can make additional payments, however early termination fees may apply. It’s also worth pointing out that Latitude Financial personal loans have an upfront establishment fee, an ongoing monthly fee, late repayment fees and moderately low to high interest rates.
Before choosing a personal loan, it always pays to do your research and compare personal loan rates.
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Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising credit applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which make take of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.
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 No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to pay extra onto your personal loan or medium amount loan could bring you benefits, such as reducing the total interest you’re charged on your loan, or clearing your debt ahead of schedule.
Check your loan’s terms and conditions before putting extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
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.
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.
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.
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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.