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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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.
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
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 finance 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 pay off the new loan.
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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
Some lenders are able to approve applications with little documentation 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.
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.