Salt and Lime Debt Consolidation Loan
- Interest Rate (p.a.)
- 20.50% to 39.00%
- Min Loan Amount
- $4,000
Summary
Salt and Lime loan offers same-day funding up to $30,000 and the ability to pay your loan off sooner by earning interest rate discounts.
Salt and Lime offers debt consolidation loans from $4,000 up to $75,000 with terms up to 5 years. Like other debt consolidation loans, you can roll all your debts into one loan and pay off your active debts. While this loan does not have any fees, you will have interest rate charges. Before you apply for a debt consolidation loan, you should look into whether there are any costs associated with exiting other loan contracts. You should only opt for a debt consolidation loan if it costs less than your current debts put together.
Pros
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Same day funding
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Repayments deducted automatically
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Simple online application
Cons
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Minimum loan amount of $4,000
Details
Product details
| Product Name | Salt and Lime Debt Consolidation |
| Interest Rate (p.a.) | 20.50% to 39.00% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $4,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Secured |
How does the Salt and Lime Debt Consolidation loan work?
Salt and Lime offers a fixed-rate personal loan from $4,000 to $75,000 with no upfront or ongoing fees. You can use it to consolidate debts, or for a single personal, household or car purchase.
A unique feature of Salt and Lime's loan is that you can lower your interest rate by completing financial education modules. Salt and Lime sends you ten modules, one every three months, covering topics like managing your income and expenses. Complete the first two within seven days of settlement and you can take 1.00% off your interest rate.
Eligibility criteria
In order to qualify for a loan through Salt and Lime, applicants must be:
- 18 years old or over
- An Australian citizen or permanent resident
- Receiving a regular income and can provide at least 3 months of payslips
- Have online banking set up
How to apply
To apply for a loan with Salt and Lime, simply click "Go to site" to visit the lender's website directly, where you can submit an application. You will need:
- ID, such as an Australian driver's license or passport
- Online banking details to view 90 days of bank transactions
- 3 months worth of payslips
Please note that same-day funding can only occur when all requested documents are submitted and received on the same business day as requested.
Salt and Lime debt consolidation loans are a competitive loan option. That being said, remember to compare other debt consolidation loan options prior to submitting an application.
Features of this loan
The following features apply to Salt and Lime loans:
- Loan amount. Loans are available from $4,000 to $75,000.
- Loan term. Terms range from 1 to 5 years.
- Same-day funding. If your application is successful, you will usually receive your funds on the same business day.
- Secured or unsecured. You can access an unsecured debt consolidation loan up to $5,000. Loans or more than $5,000 must be secured by an eligible asset.
- Employer repayments. Once approved for a loan, Salt and Lime will give you a deduction form for you to pass on to your employer. Repayments will then be made directly by your employer each pay cycle.
- Interest rate. Rates vary from 20.50% p.a. to 39% p.a.
- Apply online. Salt and Lime's application process is 100% online.
- Quick application. Applications only take a few minutes to complete.
- Save as you learn. Save up to 2% off your entire loan while learning about how to better manage your finances.
How much does the Salt and Lime Debt Consolidation Loan cost?
This loan has an interest rate only, there are no fees attached.
- Interest rate. Rates are based on your personal circumstances and range from 20.50% p.a. to 39% p.a.
- No application fees. You are not required to pay an application or an establishment fee for this loan.
- No early termination fee. There are no penalties for repaying your loan early.
- No monthly fees. Never pay monthly fees.
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