Coles Personal Loan
Benefit from interest rate discounts for flybuys members and special offers at Coles with the Coles Personal Loan.
If you’re in the market for a personal loan and are a flybuys member or regular Coles shopper, you may want to consider this personal loan from Coles. As well as being able to borrow between $5,000 and $50,000, Coles shoppers can reap the rewards of their flybuys membership by enjoying a reduced interest rate from 9.99% p.a., bonus flybuys points and other benefits.
Find out more about this loan and if it’s right for you in this review.
3 things you should know about the Coles Personal Loan
Before you consider the Coles Personal Loan in detail, here are the four most important things you need to know:
- flybuys members exclusive. All flybuys members enjoy a lower interest rate from 9.99% p.a.
- Non-flybuys members. All non-flybuys members' interest rate starts from 12.99% p.a.
- Benefit for Coles shoppers. Shoppers will earn an additional 1 flybuys point per $1 spent, to a maximum of 1,000 bonus points per month, when shopping at Coles.
From 9.99% (variable)
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
Main points to consider with the Coles Personal Loan
You can apply for a credit limit between $5,000 and $50,000. Unlike a standard personal loan, the Coles Personal Loan is more like a line of credit. After being approved, you will be issued a Coles Personal Loan Debit Mastercard, giving you access to the full amount of your loan. You can withdraw the loan amount as cash or access it by using your Debit Mastercard to shop. Loan terms range between 3 to 5 years, and you will need to make monthly repayments by direct debit. The loan is subject to a variable interest rate which will be personalised based on the information you provide in your application.
Features of the Coles Personal Loan
When you take out a Coles Personal Loan, you can expect the following features:
- flybuys exclusive. All flybuys members pay interest rate from 9.99% p.a. while non-flybuys members interest rate start from 12.99% p.a.
- Flexible loan amount. Apply for any amount between $5,000 and 12.99% p.a.. The maximum amount you can apply for will be calculated during the application process.
- Short loan term. The Coles Personal Loan features your choice of loan term between 3 and 5 years.
- Unsecured finance. As an unsecured personal loan, you will not need to put up any of your assets as collateral for the loan.
- Free redraws. More like a line of credit than a traditional personal loan, the Coles Personal Loan allows you to redraw for free any amount you have already repaid without having to reapply.
- Debit Mastercard. When your loan application is approved, you will be issued a Coles Personal Loan Debit Mastercard to access your loan funds in cash or by making purchases with your card.
- Variable interest rate. The Coles Personal Loan features a variable interest rate starting from 12.99% p.a. for non flybuys members and 9.99% p.a. for flybuys members. The interest rate you receive will be based on the information you provide in your application.
- Free rate estimate. The online application process will give you an initial estimate of your personal interest rate without running any credit checks.
- Fixed repayment amount. You will need to make monthly repayments by direct debit from your nominated bank account.
- No exit or extra repayment fees. You are able to pay extra off your loan or pay it off early if it suits without incurring extra fees.
- Bonus points. Enjoy earning bonus flybuys points by shopping at Coles. You will earn one additional point per $1 spent at Coles using your Coles Personal Loan Debit Mastercard, up to a maximum of 1,000 points per month.
Coles Personal Loan rates
- Interest rate: From 9.99% p.a.
- Comparison rate: From 10.95% p.a.
- Loan rate type: Variable
- Maximum Loan Amount: $50,000
- Interest rate: From 12.99% p.a.
- Comparison rate: From 13.93% p.a.
- Loan rate type: Variable
- Maximum Loan Amount: $50,000
- Application fee. $199 Note: Establishment fee reduced to $99 for applications submitted by 30 September 2021.
- Monthly fee. $10 Note: monthly fee applies for the first 12 months.
- Late payment fee. $30
- Exit or early repayment fee. No fees
How to apply for the Coles Personal Loan
Before you apply for the Coles Personal Loan, make sure you fit the eligibility requirements and have all the required documents to hand. This will speed up the application process and get you on your way to finance approval.
Eligibility requirements for the Coles Personal Loan:
- Permanent Australian resident
- Aged 18 or older
- Annual income of at least $35,000
Documents required for a Coles Personal Loan:
- Australian driver's license
- Proof of income, either by payslips, bank statements or tax return depending on your employment circumstances
Ready to apply? First, take the time to compare your personal loan options to ensure you choose the personal loan that's right for you. If you choose a Coles Personal Loan, click "Go to Site" on this page to start the online application process.
Compare other personal loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.