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
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Fixed up to 18.99%
Secured Fixed Low Rate (Excellent Credit Rating)
based on $30,000 loan amount for 5 years
Fully drawn advance
Fixed 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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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 may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
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.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
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.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.