Latitude Financial Services

Unsecured Fixed Low Rate (Excellent Credit Rating)

Advertised Rate

7.99%

Fixed up to 22.99%

Comparison Rate*

9.24%

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Loan amount

$3k to $70k

Real Time Rating™

3.59

/ 5
Repayment

based on $30,000 loan amount for 5 years at 9.24%

Advertised Rate

7.99%

Fixed up to 22.99%

Comparison Rate*

9.24%

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Loan amount

$3k to $70k

Real Time Rating™

3.59

/ 5
Repayment

based on $30,000 loan amount for 5 years at 9.24%

Pros and Cons

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Cannot apply in branch

Features and Fees

Latitude Financial Services Low Rate Unsecured (Excellent Credit Rating) Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$3k - $70k

Security type

Unsecured

Loan term

1 year to 7 years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Ongoing Fee

$13 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

Fee Applies

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Online

Phone

In branch

Other Benefits

Early Exit Penalty Fee is $300 within the first half of your loan term and $0 within the second half of your loan term.

Pros and Cons

  • Flexible repayment options
  • No security required
  • Can apply online
  • Use the loan for any worthwhile purpose
  • Fast time to funding
  • Service fee charged
  • Cannot apply in branch

Latitude Financial Services Low Rate Unsecured (Excellent Credit Rating) Features and Fees

Details

Total repayments

Interest rate type

Fixed

Borrowing range

$3k - $70k

Security type

Unsecured

Loan term

1 year to 7 years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Weekly, Fortnightly, Monthly

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Ongoing Fee

$13 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

Fee Applies

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Debt Consolidation

Renovation

Holidays

Medical Bill

Shares

Student Loan

Wedding

Application method

Online

Phone

In branch

Other Benefits

Early Exit Penalty Fee is $300 within the first half of your loan term and $0 within the second half of your loan term.

FAQs

What documentation is needed for a self-employed personal loan?

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 information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can prove less affordable than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.

Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension. 

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score – either positively or negatively.

Under comprehensive credit reporting, credit providers will share more information 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. For some consumers, that will lead to higher scores; for others, lower scores.

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.

How long will I have bad credit?

Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • How long you want to pay it back
  • Purpose of your loan

Who calculates your credit rating/score?

Credit ratings/scores are calculated by credit reporting bodies. The main bodies are Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service.

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay a (different) $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 15 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

Are there any interest-free emergency loans?

The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.

There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.

How do I know if I've got a bad credit history?

You can find out what your credit history is like by accessing what’s known as your credit rating or credit score.

What's a credit report?

A credit report is a record of your credit history – your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver’s licence number and employment history.

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.

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).

What is a bad credit rating/score?

Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.

Equifax gives scores between 0 and 1,200:

  • 833 to 1,200 = Excellent
  • 726 to 823 = Very good
  • 622 to 725 = Good
  • 510 to 621 = Average
  • 509 or less = Below average

Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:

  • 800 to 1,000 = High end
  • 700 to 799 = Great
  • 500 to 699 = Average
  • 300 to 499 = Room to improve
  • 299 or less = Low

Experian gives scores between 0 and 999:

  • 961 to 999 = Excellent
  • 881 to 960 = Good
  • 721 to 880 = Fair
  • 561 to 720 = Poor
  • 0 to 560 = Very poor

The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.

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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

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).

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007