Looking for a personal loan but concerned about your credit history? Consider this secured option from LoanOne.
A personal loan from LoanOne allows you 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, from renovating your home to buying a new car. With flexible repayment options and the ability to make additional repayments, this is definitely a loan to consider.
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 you have proof of your assets. You can apply for up to $8,000 and loan repayments can be scheduled weekly, fortnightly or monthly. A loan will not be granted unless you can prove you are able to repay what you 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 you can choose the terms that best suit your needs.
- Flexible repayment options. You have the option to pay in weekly, fortnightly or monthly installments, so you can tailor payments to fit your budget.
- Quick and easy application process. The online application process takes less than five minutes, provided you have your personal information at the ready.
- Apply with bad credit. You will not be automatically rejected if you have bad credit. LoanOne will work with you to see if you can get the loan you need.
- Re-borrow. Once you receive confirmation that your loan has been paid off, you can re-borrow. A good repayment history will make the new application and approval process easier.
- Transparent fees. All fees and charges that you will need to pay are itemised in the electronic contract that you sign when your application has been approved.
What fees and charges apply?
Costs involved with loan include:
- An establishment fee of up to $400, depending on how much you want to borrow.
- A dishonour fee of $33 if there aren’t sufficient funds in your account when a repayment is due.
- An interest rate of up to 48% p.a. This percentage is dependent on your repayment schedule and whether or not you wish to pay off the loan faster to offset the interest.
Am I eligible for a personal loan from LoanOne?
In order to be eligible for this loan, you 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 do I apply?
If you know you are eligible to apply for a loan, and have a non-financed motor vehicle or property to back it up, then click on “go to site” to submit your application. You will need to have the following ready when you apply:
- A clear idea of how much you’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 your loan has been approved, the funds will be in your nominated account within the next business day. If you apply and are approved before 2pm on a business day, the funds will be in your account the same day.