Coles personal loans

Coles provides unsecured personal loans of $5,000 and $50,000. Borrowers can pay it off over three, four or five years. An unsecured personal loan means you don’t have to secure your loan with an asset, such as a car or property, so there’s no risk of you losing your asset if things don’t work out.

This lender charges various fees on its personal loans including establishment fees, monthly ongoing fees, late fees and redraw fees. However, Coles does not charge an early repayment fee.

Coles only provides unsecured variable-rate personal loans. A variable interest rate means the rate could move up or down during your loan term, which could affect your repayments.

Customers can contact Coles by phone, email, live online chat and post. You can call Coles’ dedicated personal loans phone 24/7. Live online chat is available 8am to 7pm (AEST) on weekdays.

• Must be over the age of 18.
• Must be a permanent Australian resident.
• Must be employed as a permanent full-time or part-time employee, or self-employed.
• Must earn at least $35,000 a year.
• Must have a good credit rating.
• Must have proof of identify and income.

The application process takes about 15 minutes and can be done on the Coles website.

1. Click ‘Get started’ on their website.
2. Complete the online application form.
3. Submit the application.
4. Wait for a response. This may take about 60 seconds.

Coles’ personal loans are suitable for those with a good credit history. Those who have Flybuys membership may be eligible for a lower interest rate and may also be able to earn Flybuys points on their personal loan.

Personal loan customers can borrow up to $50,000, with a maximum term of five years.

Coles charges an establishment fee, ongoing monthly fees and late fees. However, borrowers can pay off their loan early without penalty. If you’re applying for a Coles personal loan, it’s best to read the contract carefully before committing to the loan.

Coles’ interest rates are moderate compared with other personal loan lenders. If you’re a Flybuys member, the interest rates you may be eligible for are moderately low.

If you’re looking for the best personal loan rates for you, it’s a good idea to compare interest rates, fees and features from a few different lenders.