Originally established in England in 2009, Plenti set up shop in Australia in 2014 with the aim of creating a more efficient, customer-focused financial system. It was previously called RateSetter but changed its name in 2020 to Plenti.
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
Variable up to 7.89%
based on $30,000 loan amount for 2 years at 6.25%*
up to $499
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Winner of Excellent credit personal loans, RateCity Gold Awards 2021
Variable up to 9.89%
based on $30,000 loan amount for 2 years at 9.57%*
up to $499
Fully drawn advance
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Variable up to 12.89%
based on $30,000 loan amount for 2 years at 11.59%*
up to $499
Fully drawn advance
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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 a Plenti personal loan?
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.
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.
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, without worrying about ending up out of pocket 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 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 usually 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 do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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.
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.
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
Is it hard to improve your credit score?
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
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.
Can I apply for a quick loan online?
While some lenders will require you to provide paperwork in person, many lenders will allow you to make a quick personal loan application online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.
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.
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
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.