Find out more about Latitude personal loans to see if they’re right for you here with Savvy.
Fact checked
Latitude is one of the biggest non-bank lenders in Australia when it comes to personal lending, specialising in personal and car loans as well as credit cards and insurance.
Before signing up for your personal loan, though, it’s important to learn all the fine details when it comes to how these loans work and the ways in which they can benefit you.
Savvy can help you do this, as we’ve broken down their personal loan offers so you can accurately and easily find the key information you need to inform your decision. Start comparing now and be approved and funded in as little as 24 hours.
*Savvy is partnered with Latitude for their personal loan products.
Interest rates start from 9.49% p.a. (10.93% p.a. comparison) for both secured and unsecured personal loans, opening the door for you to find a deal that suits.
You can apply for a personal loan for as little as $5,000, wit the maximum depending on your borrowing power and the type of loan you choose.
It’s crucial to be able to pay off your loan at a rate which is comfortable for you, which you can achieve by spacing out your repayments over a suitable period of one to seven years.
On top of this, you can decide whether to contribute your instalments on a weekly, fortnightly or monthly basis, which can be tailored to align with your income frequency.
If you find yourself in a position where you can comfortably manage to pay above the required amount, you can do so without worrying about fees (in certain circumstances).
Because your interest rate will be fixed from the outset, your ability to budget accurately and with confidence is boosted, as each repayment will be the same amount.
You’re afforded a greater amount of choice when it comes to personal loans with Latitude, as you can decide whether to put a valuable asset up as collateral or leave it unsecured.
The beauty of these loans is that they’re highly flexible and can be used for just about any purpose in your personal life, with the secured and unsecured options offered here being no different.
The entire application process with Latitude is online, ensuring that you won’t need to leave the comfort of your home to lock in your deal and have it turned around quickly.
You’ll be required to pay an establishment fee of $395 and contribute $13 per month as an ongoing service fee on your loan.
While early repayments are accepted, for fixed rate loans you’ll be required to pay $500 if you complete your loan repayments before the last three months of the term. However, variable loans have no such fees.
Latitude offers personal loans to borrowers who have exhibited positive credit behaviour over a sustained period, so you may need to look elsewhere if your score isn’t the best.
Applying for your personal loan with Latitude is a very simple process which can be completed from your smartphone or computer at home. However fast and simple the process may appear, though, it’s important to approach it with an understanding of the different steps along the way, as this will hold you in good stead for maximising your chances of a swift approval. The process of applying for a loan through Latitude is as follows:
Get an interest rate estimate
Firstly, you can complete a quick form on Latitude’s site which will give you an indication of what your loan’s interest rate is likely to be. You’ll provide details about yourself, your residential status and your employment, all of which will be used to issue you with an approximate interest rate. Importantly, though, this won’t impact your credit score, so you won’t need to worry about any fluctuation in that regard.
Submit your online application
Once you have your rate, you can proceed with your formal application. This tells Latitude a bit more about you as a borrower to help paint a picture of your profile and whether you’re a suitable candidate for a loan. This will take a similarly short period to complete, after which you can send it off and await a response.
Receive an outcome and submit your documents
Fortunately, this won’t take long, with outcomes available in just 60 seconds after you apply. If your application was successful, you’ll be required to submit the corresponding documentation, which will include things like your photo ID, payslips or bank statements and information on any other outstanding loans.
Sign your contract and receive your funds
If they’re satisfied with your application, you can be formally approved and have a loan contract sent to you to sign electronically. After you’ve done this and returned it, your funds can be advanced directly into your account and you can go ahead and utilise your funds for your nominated purpose.
It’s important to review your lender’s eligibility criteria before commencing the application process, as not doing so could leave you in a position where you aren’t approved for finance and this rejection is recorded on your file. Review the various qualification points here before you apply:
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