Unsecured Fixed Low Rate (Excellent Credit Rating)
- Last updated on 03 Apr 2020
up to 19.99%
$3k to $70k
based on $33,000 loan amount for 3 years
- Can apply online
- Monthly fee charged
- Application fee charged
- Cannot apply in branch
- Has ongoing fees
Early Exit Penalty Fee
Missed Payment Penalty
Redraw Activation Fee
Available to 457 Visa Holders
Line Of Credit
$3k - $70k
3 month no repayment and no interest period is available for new personal loan customers borrowing $20k or more to consolidate debts
You must be a new customer, a home owner or mortgage holder, have excellent credit rating and wish to borrow more than $20000. Results from the calculators should be used as an indication only, and they do not represent either a quote or pre-qualification or approval for a loan. The calculator should only be used as a guide to see how loan repayments can vary when you change the loan amount, interest rate and loan term. Fees and charges are payable and the calculators do not take these into account.
Compare and review personal loans with similar features
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 over 2.5 million customers with a broad range of finance products including personal loans, credit cards and insurance.
Latitude Financial Services is an online-only operation, which means it doesn’t have branches. You can apply for loans online, and they also have a customer service line if you need to speak to someone.
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.
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
Most negative events that appear on a personal’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.
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).
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information 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. For some consumers, that will lead to higher scores; for others, lower scores.
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
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.
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 several 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.