LoanOne Personal Loan - Review & Fees | finder.com.au

LoanOne Personal Loan

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Looking for a personal loan but concerned about your credit history? Consider this secured option from LoanOne.

A personal loan from LoanOne allows customers to apply for between $2,100 and $8,000 and repay it over a 12-month period. This is a secured personal loan which can be used for a variety of purposes. This loan includes flexible repayment options and the ability to make additional repayments penalty-free.

$8,000

Maximum loan amount

1 to 12 months

Term of loan

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Details

Product NameLoanOne Personal Loan
Minimum loan amount$2,100
Maximum loan amount$8,000
Loan term1 to 12 months
Available to Centrelink Borrowers?No

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⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How does a personal loan from LoanOne work?

An online application for a personal loan from LoanOne can take as little as five minutes, as long as each applicant has proof of asset ownership. Customers can apply for up to $8,000 and loan repayments can be scheduled weekly, fortnightly or monthly. This secured personal loan will not be granted unless the loan applicant in question can prove that they are able to repay what they intend to borrow.

What features does a loan from LoanOne include?

Features that come with a loan include the following:

  • Variable loan terms. Personal loan terms range from 1 to 12 months, so customers can choose the terms that best suit their needs.
  • Flexible repayment options. Customers have the option to pay in weekly, fortnightly or monthly instalments, so they can tailor payments to fit their budget.
  • Online application process. The online application process takes less than five minutes, provided the applicant has their personal information at the ready.
  • Apply with bad credit. Customers will not be automatically rejected if they have bad credit. LoanOne will work with them to see if they can get the loan they need.
  • Re-borrow. Once a loan customer receives confirmation that their loan has been paid off, they can re-borrow. A good repayment history will make the new application and approval process easier.
  • Transparent fees. All fees and charges that customers will need to pay are itemised in the electronic contract that they must sign when their application has been approved.

What fees and charges apply?

Costs involved with loan include:

  • Establishment fee. Up to $400, depending on how much someone wants to borrow.
  • Dishonour fee. $33 if there aren’t sufficient funds in a borrower's account when a repayment is due.
  • Interest rate. Up to 48% p.a. This percentage is dependent on the borrower's repayment schedule and whether or not they wish to pay off the loan faster to offset the interest.

LoanOne personal loan eligibility

In order to be eligible for this loan, applicants must:

  • be an Australian or New Zealand citizen, or permanent resident over the age of 18
  • own a non-financed motor vehicle or a property, or both
  • earn a minimum of $500 net per week
  • have a reasonable credit history and have not declared bankruptcy within the last 12 months.

How to apply

Applicants who wish to apply, are eligible to apply for a loan and have a non-financed motor vehicle or property to back it up, can click “Go to Site” to submit their application. They will need to have the following ready when they apply:

  • A clear idea of how much they'd like to borrow
  • 100 points of ID, such as a photo ID, Medicare card and passport photo
  • Two payslips that are less than 30 days old
  • Three months worth of bank statements

Once someone's loan has been approved, the funds will be in their nominated account within the next business day. If a borrower applies and is approved before 2:00 pm on a business day, the funds will be in their account the same day.

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