Coles moves in to personal loans

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Coles Financial Services is now offering personal loans, on top of its existing offering of insurance, credit cards and prepaid cards.

Coles is gifting 20,000 bonus Flybuys points to borrowers who apply for a Coles personal loan between now and October 31, 2018.

To qualify for the bonus points, you also have to activate your account within 30 days of the loan approval date.

In the Flybuys world, 2,000 points is valued at $10 of real-world money, making 20,000 points potentially worth $100 off your next supermarket purchase. The amount can be added to Flybuys points you already have, potentially opening up different rewards.

If you’re a Flybuys member, the interest rate on a Coles personal loan ranges from 11.99 per cent to 17.99 per cent (comparison rate 12.94 per cent to 18.91 per cent).

If you’re not a Flybuys member, you’ll be charged between 12.99 per cent and 19.99 per cent (comparison rate 13.93 per cent to 20.90 per cent).

Coles personal loans have an establishment fee of $199 and a monthly fee of $10.

You can borrow between $5,000 and $50,000 and choose a loan term of between three to five years.

To qualify for a Coles personal loan, you must earn at least $35,000 per year and be a permanent Australian resident.


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