Latitude Financial Services Fixed Rate Personal Loan
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- Interest Rate (p.a.)
- 9.99% to 29.39%
- Comparison rate (p.a.)
- 11.66% to 30.97%
- Min Loan Amount
- $5,000
Summary
Access a higher than average borrowing amount with this fixed rate personal loan.The Latitude Fixed Rate Unsecured Personal Loan offers a high maximum borrowing amount for those needing a larger loan.
However with a Finder Score of 6.4 its costs should be carefully considered. Its interest rate, application fee and ongoing fee are all on the more expensive side placing it in the bottom 19% of loans benchmarked in our database.
Pros
-
Tailored interest rate
-
Low minimum borrowing amount
-
Secured or unsecured
Cons
-
Application fee of $395
-
$16.50 monthly fee
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Early repayment fees may be charged
Details
Product details
| Product Name | Latitude Fixed Rate Unsecured Personal Loan |
| Interest Rate (p.a.) | 9.99% to 29.39% |
| Comparison rate (p.a.) | 11.66% to 30.97% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $200,000 |
| Loan Security | Secured or Unsecured |
How does Latitude Fixed Rate Unsecured Personal Loan compare?
- A high borrowing limit. This loan has a higher maximum borrowing amount than many other personal loans in our database.
- A higher than average interest rate. Its minimum interest rate of 9.99% is in the top half of more expensive rates in our database.
- A costly application fee. The $395 application fee is in the top half of higher fees when compared to other loans.
- An ongoing monthly fee. The loan charges a $17 monthly fee which is high compared to other loans in our database.
How does the Latitude Financial Services fixed personal loan work?
The fixed option of Latitude Financial Services' personal loan locks in an interest rate, meaning repayments will remain the same throughout the loan term. Personalised rates reward good credit customers with lower rates and charge more for customers with a patchy credit history.
This loan can be used for any general purchase such as holidays or emergency expenses. You can borrow upwards of $5,000, with loan terms of up to 7 years. The maximum you can borrow depends on your circumstances and current financial situation.
What features does the Latitude Financial Services personal loan offer?
- Secured or unsecured loan. You can opt for either the secured or unsecured option.
- Fixed rate. Your interest repayments will remain the same for the lifetime of the loan. This makes it easier to predict and budget for your repayments.
- Personalised rates. Your interest rate is based on your personal circumstances and credit score. How long you've been in stable employment, whether you own a home or have a mortgage and your stable residential status all influence your interest rate. If your risk profile is low, you will receive a lower rate. If your risk profile is higher, your rate will also be higher.
- Extra repayments. You can make extra repayments at any time. However, if you pay off the loan in full within the first half of your loan term, an early repayment charge applies. There's no charge for paying out the loan in full during the second half of the term.
How much does the Latitude Financial Services secured personal loan cost?
These are the costs associated with this loan:
- Loan principal.
- Fixed personalised interest charges ranging from 9.99% p.a. to 29.39% p.a.
- Establishment fee of $395
- Loan service fee of $16.50 per month
- Payment handling fee of $1.50 for using BPAY.
Other fees that may apply include the following:
- Late payment fee of $45
What are the pros and cons of the fixed Latitude Financial Services personal loan?
Pros
- Easy to budget. With fixed interest rates, it’s easier to predict and budget for your repayments. Your interest charges remain the same for the entire loan term.
- Lower interest for low-risk borrowers. If your risk profile is low, you can get a lower interest rate and keep down the cost of your loan.
Cons
- Early repayment fees. With the fixed option you will incur a charge if you fully repay your personal loan early.
- Higher interest for high-risk borrowers. With personalised interest rates, your interest rate depends on risk factors. This means that while some borrowers may benefit from lower rates, others may receive a higher rate and pay more for the same loan.
Am I eligible for the loan?
To be eligible for the loan, you must be:
- Over 18 years old.
- A permanent resident or citizen of Australia.
- Currently employed and receiving regular income.
- Able to demonstrate good credit history for the last 5 years.
- Free from bankruptcy for the last 7 years.
- A new Latitude Personal Loan customer.
How do I apply?
You can apply for the loan online through the Latitude Financial Services website. You can check the interest rate you receive without impacting your credit score.
You need to provide payslips and identification documents. You will receive funding within 24 to 48 hours of acceptance. Keeping your documents at hand will help speed up the process.
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