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Latitude Variable Rate Personal Loan
You can borrow more than $5,000 with a secured or unsecured personal loan from Latitude. Your interest rate will be determined by your credit score.
Three Key Points About This Loan
Tailored Interest Rates – Your rate is based on factors like your financial situation, residency status, assets, employment, and credit score.
Variable Interest Rates – The rate may fluctuate during the loan term, depending on market conditions, potentially increasing or decreasing.
Secured or Unsecured Options – Choose to secure the loan with an asset, or go for an unsecured loan if you prefer.
Interest Rate (p.a.)
9.49% to 29.99%
Comp. Rate (p.a.)
10.37% to 30.69%
Min Loan Amount
$5,000
Pros.
Customized Interest Rate
Affordable Minimum Loan Amount
Secured or Unsecured Options
Cons.
$13 Monthly Fee
Possible Early Repayment Charges
Relatively High Minimum and Maximum Interest Rates
Details
Product Details
Product Name
Latitude Variable Rate Personal Loan
Interest Rate (p.a.)
9.49% to 29.99%
Comp. Rate (p.a.)
10.37% to 30.69%
Interest Rate Type
Variable
Min Loan Amount
$5,000
Max. Loan Amount
$70,000
Loan Security
Unsecured
How the Latitude Personal Loan Works
Latitude offers both secured and unsecured personal loans. The interest rate is personalized, depending on your credit score and several factors, including employment status, residential situation, and whether you are a homeowner or have a mortgage.
Eligibility criteria
To qualify, you must:
Be 18 years or older
Be an Australian citizen or permanent resident
Have stable employment with regular income
Show a positive credit history for the past 5 years
Be free from bankruptcy for at least 7 years
Be an existing Latitude Personal Loan customer
How to Apply
To apply, visit the Latitude Financial Services website. You can check your eligible interest rate without affecting your credit score. Be prepared to provide payslips, bank statements, and identification documents. You'll receive a decision within 60 seconds, and if approved, the funds will be transferred to your account within 24 hours. Having your documents ready will help streamline the process.
Features of this loan
Special Offer from UtilityChoice
Get the $395 establishment fee waived for approved personal loan applications submitted through UtilityChoice. Latitude reserves the right to withdraw this offer at any time. T&Cs apply.
Key Loan Features
Variable Rate – Your interest payments may rise or fall, depending on market fluctuations.
Personalized Rates – Your interest rate is determined by your personal circumstances and credit score, including factors like how long you’ve been employed, whether you own a home or have a mortgage, and your residential status. A lower risk profile results in a lower rate, while a higher risk profile leads to a higher rate.
Extra Repayments – Make extra payments with no penalty on a variable rate loan. However, a $500 penaltyapplies if you make early repayments on a fixed-rate loan with more than 3 months left.
Flexible Repayments – Choose from weekly, fortnightly, or monthly repayments, and select the day of the week for deductions.
Loan Terms – Choose a loan term ranging from 2 years to 7 years.