Latitude Financial Services
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
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Pros and cons
- Can apply online
- Additional repayments allowed
- Flexible payment terms
- Establishment fees
- Ongoing fees
- No branch access
Latitude Financial Services personal loans rates
Fixed up to 21.99%
based on $30,000 loan amount for 5 years at 7.26%
up to $250 . $140 for loans < $5000. $250 for loans > $5000
Fully drawn advance
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Fixed up to 22.99%
based on $30,000 loan amount for 5 years at 9.24%
up to $250 . $140 for loans < $5000. $250 for loans > $5000
Fully drawn advance
Go to site
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.
Latitude Financial Services top personal loans products
Learn more about Latitude Financial Services
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.
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.
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.
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 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 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.
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 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.
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 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 can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, 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.
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.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
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.