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Coles’ new personal loan rewards you with cheaper groceries, points

Posted: 17 September 2018 10:25 am
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The supermarket's financial services arm is introducing a new personal loan with a personalised interest rate and special benefits for flybuys members.

Supermarket giant Coles has extended its suite of financial services products to include personal loans, with the new products also coming with a range of features to specifically benefit Coles shoppers and flybuys members. Similar to its current credit card and insurance products, Coles personal loan holders will be able to take advantage of discounts on groceries and have the ability to earn extra flybuys points. flybuys members are also eligible for lower rates on the personal loan.

The Coles loan isn't structured like a standard term loan but rather is a reusable line of credit linked to a Coles Personal Loan Debit Mastercard. You can apply for between $5,000 and $50,000 and choose terms of 3, 4 or 5 years. As you pay off the credit you use (equal monthly repayments by direct debits), you can reuse that credit without having to reapply. You can also repay the loan early without penalty.

If you're a flybuys member, you can also collect an extra 1 flybuys point per $1 spent at Coles, up to a maximum of 12,000 points per year per loan. That equates to $60 off if you redeem those points for dollars-off vouchers, but could be worth more if you convert those points to Velocity points instead.

Coles offers a personalised interest rate for this personal loan, and you can get a rate estimate without it affecting your credit score. And there's a benefit for flybuys members here, too. flybuys member's rates start from 11.99% p.a. and non-member's start from 12.99% p.a.

Keep in mind the fees you'll be charged for this loan as well. There is a monthly fee of $10 and an establishment fee of $10.

To be eligible for this loan, you need to be over the age of 18, a permanent Australian resident and be earning $35,000 per year or more. You can get a rate estimate without it affecting your credit score, but remember to compare your personal loan options before submitting a full application.

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