Latitude Financial Personal Loan
Quick online application, repayments from $5,000, variable and fixed interest from 8.99% p.a., flexible redraw and no early exit fee on variable loans.
Latitude’s Personal Loan stands out in the Australian market with its simplified digital application and the ability to get your interest rate estimate in as little as two minutes. Fixed rates start from 8.99% p.a. (comparison rate from 10.67%) and variable rates from 9.49% p.a. (comparison rate from 11.16%). Loan terms start at 2 years and go up to 7, with minimum borrowing from $5,000, and all loans are subject to approval and individual circumstances. Notably, there are both fixed and variable options, with redraw available on variable loans and no fee for paying off variable loans early.
How to Apply for a Latitude Personal Loan
Begin with a simple online step to check your rate – this won’t affect your credit score. The form is quick and usually takes under 7 minutes, requiring basic identification and proof of income. After submitting, approval decisions are generally made within two business days. On approval, review and accept your loan contract online. Funds are typically released within 24 hours once your contract is signed and banking details are verified.
Key Advantages
The fast online quote, accessible in 2 minutes, allows you to shop around without any impact on your credit file. Flexible repayment schedules (weekly, fortnightly, or monthly) and the option to top up existing loans are attractive for those looking to manage or expand their borrowing.
Redraw on variable rate loans gives you additional flexibility, letting you access extra repayments if needed. There is also a three-month payment pause feature for eligible new customers, offering cashflow relief at the start of your loan.
Possible Drawbacks
Interest rates for riskier profiles can climb as high as 29.39% p.a., which is significantly higher than many competitors. Fixed loans also attract a $500 early discharge fee if the loan is paid out before the last three months.
There is a $395 establishment fee and ongoing monthly loan service fees, so it’s essential to check the full cost using the comparison rate to avoid surprise costs.
Our Verdict
Latitude’s Personal Loan is well suited to Aussies needing a quick decision and seeking both flexibility and security in their loan structure. The fast online process, redraw facility, flexible repayment options, and payment pause feature make it a versatile choice for life’s bigger expenses. However, applicants should pay attention to the total cost, especially if their credit profile is less than perfect.