loans.com.au Personal Loans
Loans.com.au is an online-only personal loan lender based in Brisbane. Loans.com.au does not operate any branches. Rather, its loan processes and services are provided online.
Since its establishment in 2011, Loans.com.au has served thousands of customers across Australia.
Loans.com.au uses a team of loan specialists to provide a range of personal loans to its customers. Because it does not have large overheads, it is able to offer reasonable personal loan interest rates and fees.
loans.com.au personal loan repayment calculator
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loans.com.au personal loans rates
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- Personalised rates
- No ongoing fees
- Early payout allowed
- Poor credit borrowers may pay higher rates
- Charges an establishment fee
- No branch access
Features of a Loans.com.au personal loan
Loans.com.au uses a team of loan specialists to offer flexible personal loan solutions. Customers can choose from a range of loans and decide to make repayments weekly, fortnightly or monthly.
Loans.com.au personal loans have a maximum amount of $100,000 and loan terms of three, four or five years.
Loans.com.au does not charge any ongoing fees or discharge fees, but does charge an above-average establishment fee.
In terms of personal loan interest rates, Loans.com.au tends to be low, but rates may depend on your financial situation and credit history.
Loans.com.au personal loans – customer service
Customers can contact Loans.com.au by phone, email and online chat. Customers can also complete a form to request a call from a customer service or financial specialist.
Loans.com.au phone lines are open from 7am-7pm (AEST) on weekdays.
Who is eligible for a Loans.com.au personal loan?
- Must be at least 18
- Must be an Australian permanent resident or citizen
How to apply for a Loans.com.au personal loan?
- Click ‘Apply’
- Enter your personal details
- Complete the online application
- Submit the online application
Loans.com.au personal loans review
Loans.com.au offers tailored personal loan solutions, making them potentially suitable for a wide range of borrowers. Loans.com.au offers personal loans of up to $100,000 with a loan term of three, four or five years.
In terms of fees, Loans.com.au is reasonable. Although it charges an above-average establishment fee, there are no ongoing fees and no early exit fees. Borrowers can make additional repayments in order to pay their loan early.
Loans.com.au personal loan rates vary depending on your financial situation, credit history and loan needs. Loans.com.au’s current personal loan interest rates start very low, but can change with each borrower. Those with poor credit may be given a higher rate than those with perfect credit.
To find the best personal loan rates before you apply, it’s best to compare personal loan rates available to you.
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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.