Plenti is a technology-led lending company, providing personal, automotive and renewable loans to creditworthy borrowers. Previously known as RateSetter, Plenti changed its name in 2020.
Plenti is an online-only operation, which means it doesn’t have branches. You can apply for loans online, while they also have a customer service line if you need to speak to someone.
Plenti personal loan repayment calculator
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Plenti personal loans rates
Fixed up to 9.39%
based on $30,000 loan amount for 5 years at 6.27%
up to $499
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Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner.
Fixed up to 11.39%
based on $30,000 loan amount for 5 years at 8.38%
up to $499
Fully drawn advance
Go to site
Fixed up to 15.89%
based on $30,000 loan amount for 5 years at 10.39%
up to $499
Fully drawn advance
Go to site
About Plenti personal loans
Plenti offers secured and unsecured personal loans from $2,001 to $45,000, for periods of six months to five years. Borrowers can pay down Plenti personal loans in monthly instalments over the nominated loan term until the debt is repaid. This personal loan allows you to make extra repayments with no penalty, which may save you interest and help pay your loan off quicker.
Borrowers have the choice between variable and fixed personal loans. The fixed terms for personal loans from Plenti range from 3 to 5 years, while variable loan terms are from 1 to 2 years. There are no exit fees or early repayment penalties but there is an upfront application fee.
The Plenti RateEstimate allows you to put in your details before you apply so that you can see how much your repayments will be before you commit to the loan. This process will also show you all the fees and charges you will need to pay so that you're aware of everything before committing to the loan.
Who is eligible for Plenti personal loans?
To be eligible for a Plenti personal loan you’ll need to meet the following criteria:
- Be 21 years or older
- Be an Australian citizen or permanent resident
- Earn at least $30,000 per year
- Have proof of this income
- Have a positive credit record
- Hold a provisional or full driver’s licence
How to apply for a Plenti personal loan
Borrowers can apply online for a Plenti personal loan through their website. The application process takes around 10 minutes to complete and involves the following steps
- Find out your personalised interest rate – this will not affect your credit score and takes about 1 minute.
- Apply for a personal loan online.
- You should receive pre-approval within two business days.
- Complete online loan settlement process.
- Once you’ve accepted your loan offer, the funds will usually come through the same day (if accepted before 2pm).
At the time of application, you’ll need to provide the following documentation:
- Driver’s licence
- Bank details
- Proof of income and employment
- Details of expenses and any other financial commitments
Plenti personal loan review
Plenti stands out from competitors by offering some of the most competitive rates on the market, but the rate borrowers are given will ultimately depend on the information provided in the application. To be approved, customers will need to meet the eligibility criteria set by Plenti.
Borrowers won’t receive their rate until approved. However, you can get a rate estimate before you apply without it affecting your credit score. After approval you can expect the funds in about one business day. The Plenti RateEstimate is a helpful tool for potential borrowers and is yet another way that Plenti personal loans stand out in the Australian market.
Plenti does charge an application fee for variable or fixed loans that can be moderate to high. It’s worth keeping this in mind for your budget before you apply for a loan
Before applying for a Plenti personal loan, always do your research and compare your options to make sure you’re getting a personal loan that suits your budget, needs and lifestyle.
Learn more about Plenti
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Should I get a fixed or variable personal loan?
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.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
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.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What is the average interest rate on personal loans for single parents?
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.
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
Can unemployed single parents get personal loans?
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.
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.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, 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.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Are there low doc personal loans?
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.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can I get guaranteed approval for a bad credit personal 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.