Symple Loans Personal Loans
Founded in 2018, Symple Loans is an Australia-based lending fintech focused on consumer personal loans. The company operates out of its head office in Melbourne.
As a “marketplace lender”, Symple funds its loans with capital provided by private and institutional investors. The company is focused on the “super prime” segment of the market - targeting financially disciplined customers with market leading interest rates well below what traditional lenders offer.
Symple holds Australian Credit License and Australian Financial Services License (Number 509222), a member of The Australian Financial Complaints Authority (AFCA) and Fintech Australia.
Symple Loans personal loan repayment calculator
Total interest paid
Total amount to pay
Symple Loans personal loans rates
Go to site
Variable up to 9.99%
Personal Loan - Excellent Credit
based on $30,000 loan amount for 5 years
of loan amount up to 5%
Fully drawn advance
Pros and cons of a Symple personal loan
- Strong credit borrowers may get lower interest rate
- Online application
- No early repayment fees
- Poor credit borrowers may get higher interest rate
- Establishment fee charged
- Monthly fee charged
Features of a Symple personal loan
Symple provides unsecured personal loans of between $5,000 and $50,000. Borrowers can pay a loan off over a maximum loan term of seven years.
Symple charges a one-off establishment fee, which is not a flat charge. Instead, the fee amount depends on how much you borrow. Symple also charges ongoing fees, late fees and dishonour fees. There are no penalty fees for early repayment.
This lender’s personal loan rates may vary depending on your credit history. Its lowest rates are very low when compared with other unsecured loan options on the market, but its highest rates are very high.
Symple personal loans – customer service
Symple is a 100% digital lending company, so it operates no physical branches. Customers can contact Symple by phone, online enquiry, email and SMS messaging. You can call Symple from 9am to 5pm (AEST) on weekdays.
If you can’t reach a representative in those hours, you can also schedule a call-back from Symple at a time that suits you.
Who is eligible for a Symple personal loan?
- Must be over the age of 18.
- Must be applying as an individual (no joint applications).
- Must be an Australian citizen or permanent resident, and living in Australia.
- Must be employed and earn at least $25,000 per year.
- Not currently bankrupt.
- Self-employed borrowers must have been trading for at least two years and be able to provide their most recent tax return details.
How to apply for a Symple personal loan?
The application process takes about seven minutes and can be done through Symple’s website.
- Get your estimated interest rate and review the quote.
- If you decide to proceed, make and submit a formal application on Symple’s website.
- You should get a response in one minute, based on the provided details.
- If approved, you may receive the funds within one business day.
To help with your application, prepare the following documents before applying:
- Proof of ID (such as your driver’s licence or passport)
- Internet banking credentials (to send Symple your bank statements)
Symple personal loans review
Symple is an option for people looking for a non-bank alternative that has a focus on digital technology.
As Symple is an online-only lending platform, it may be suitable for borrowers who are tech-savvy and don’t mind applying for and managing their personal loan online.
Symple personalises its interest rates according to a borrower’s risk profile. This means strong credit borrowers may get very low interest rates, while those with poor credit history may get very high interest rates.
It’s worth noting that Symple’s one-off establishment fee is based on the borrower’s loan amount. The more you borrow, the higher the establishment fee. Symple also charges other fees. With this in mind, it’s best to read the loan contract carefully if you are applying for a Symple personal loan.
If you’re in the market for a personal loan, it’s worthwhile to compare personal loan interest rates, fees and features from several different lenders before deciding which one is best for 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.