Secured Fixed Low Rate (Excellent Credit Rating)

Real Time Rating™

3.77

/ 5

RateCity Says: Be rewarded for your excellent credit rating with this competitive fixed rate personal loan offering fast funding and flexible repayments.

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Advertised Rate

6.49%

Fixed up to 19.49%

Comparison Rate*

7.75%

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Loan amount

$3k to $70k

Real Time Rating™

3.77

/ 5
Repayment

based on $48,500 loan amount for 3 years

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Calculate repayment for Latitude Financial Services product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,486

based on $48,500 loan amount for 3 years

Based on your details, Latitude Financial Services is available through brokers

MICHAEL KIANG

5.0
7 Reviews

Get expert advice from a home loan specialist.

MICHAEL is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in a day

Our brokers call during business hours between 9.00am to 6.00pm.

Azm Khan

5.0
43 Reviews

Get expert advice from a home loan specialist.

Azm is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in an hour

Our brokers call during business hours between 9.00am to 6.00pm.

Glenn Rowan

5.0
29 Reviews

Get expert advice from a home loan specialist.

Glenn is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in 33 minutes

Our brokers call during business hours between 9.00am to 6.00pm.

Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • Lower than average rate
  • Flexible repayment options
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Requires security to be held
  • Cannot apply in branch

Latitude Financial Services Features and Fees

Latitude Financial Services Low Rate Secured (Excellent Credit Rating) Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$3k - $70k

Security type

Secured

Loan term

1 year to 7 years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Ongoing Fee

$13 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$300

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Phone

In branch

Other Benefits

Early Exit Penalty Fee is $300 within the first half of your loan term and $0 within the second half of your loan term.

Pros and Cons

  • Interest rates ranked in the best 20%
  • Lower than average rate
  • Flexible repayment options
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Requires security to be held
  • Cannot apply in branch

Latitude Financial Services Low Rate Secured (Excellent Credit Rating) Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$3k - $70k

Security type

Secured

Loan term

1 year to 7 years

Secured by

Vehicle

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Ongoing Fee

$13 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$300

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Phone

In branch

Other Benefits

Early Exit Penalty Fee is $300 within the first half of your loan term and $0 within the second half of your loan term.

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FAQs

What is comprehensive credit reporting?

Comprehensive credit reporting is a system which includes both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

How long are $3000 loans?

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.

What is a secured bad credit personal loan?

A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.

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.

When was comprehensive credit reporting introduced?

Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they're able to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is consistent or a mere one-off.

Can I get a $2000 loan on Centrelink?

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.

Will comprehensive credit reporting change my credit score?

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.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

What is a credit rating/score?

Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

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

What causes bad credit ratings/scores?

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.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

What's a credit report?

A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history. 

Are there $2000 emergency loans?

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

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying 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.