Latitude Financial Services
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.
Latitude Financial Services personal loan repayment calculator
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Pros and cons
- Can apply online
- Additional repayments allowed
- Flexible payment terms
- Establishment fees
- Ongoing fees
- No branch access
Latitude Financial Services personal loans rates
Fixed up to 21.99%
based on $30,000 loan amount for 5 years at 7.26%
up to $250 . $140 for loans < $5000. $250 for loans > $5000
Fully drawn advance
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Fixed up to 22.99%
based on $30,000 loan amount for 5 years at 9.24%
up to $250 . $140 for loans < $5000. $250 for loans > $5000
Fully drawn advance
Go to site
Features of a Latitude Financial Services personal loan
Latitude Financial Services cater to a wide range of borrowers. A Latitude Financial Services personal loan can either be secured or unsecured, and borrowers can choose between a fixed or variable interest rate.
Approved borrowers can take out a Latitude Financial Services personal loan of between $3,000 and $50,000. Loan terms range from one to 7 years, depending on the purpose of the personal loan and serviceability. Borrowers can choose between weekly, fortnightly and monthly repayments, and can choose the day of the week repayments are deducted.
Latitude Financial Services personal loans have a number of flexible features, such as redraw facilities and the option to make extra repayments.
Latitude Financial Services personal loans can be used for a range of different purposes including:
- Debt consolidation
- Car financing
- Wedding financing
- Boat financing
Latitude Financial Services personal loans – customer service
Latitude Financial Services doesn’t have any branches, but you can apply for a personal loan with Latitude Financial Services online. Borrowers can also contact customer service via:
- Online banking
Who is eligible for a Latitude Financial Services personal loan?
To be eligible for a Latitude Financial Services personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Have a regular income
- Have a good credit history for the last five years
- Be free from bankruptcy for the last seven years
How to apply for a Latitude Financial Services personal loan?
Applications for a Latitude Financial Services personal loan can be made online. The online application process takes 10 minutes to complete and involves the following steps:
- Once you’ve compared and selected a personal loan, apply on the Latitude Financial Services website
- Once completed, your application will be reviewed and you’ll get a response in 60 seconds
- Upon final approval, you can accept your contract online, and the funds will be credited to your loan account
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other financial commitments
Latitude Financial Services personal loans review
Latitude Financial Services personal loans are suitable for a range of purposes like debt consolidation, home improvements, events and holidays.
There are a few different types of personal loans on offer, and borrowers can choose from secured or unsecured personal loans with fixed or variable interest rates.
Latitude Financial personal loans come with a range of flexible features, and borrowers can choose between weekly, fortnightly and monthly repayments with terms up to seven years.
Borrowers can make additional payments, however early termination fees may apply. It’s also worth pointing out that Latitude Financial personal loans have an upfront establishment fee, an ongoing monthly fee and moderately high interest rates.
Before choosing a personal loan, it always pays to do your research and compare personal loan rates.
Latitude Financial Services top personal loans products
Can you refinance a $5000 personal loan?
Many personal loans, much like home 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.
Personal Loans Frequently Asked Questions
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
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.
How can I get a $3000 loan 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).
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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.
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.
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 even the same day, in some cases.
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 offers – consider contacting the lender before applying. >
How do I consolidate my debt if I have bad credit?
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Can I get an easy/instant personal loan?
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
Can I get a fast loan with bad credit?
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
How are credit ratings/scores calculated?
Different credit reporting bodies use different formulas to calculate credit scores. However, they use the same type of information – credit history and demographic profile.
So they’re going to look at how many credit applications you’ve made, who they were with, what they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (because it has reached its expiry date).
How long does it take to get a bad credit personal loan?
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
How are personal loans regulated?
Personal lenders are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.