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Latitude Financial Services Fixed Rate Personal Loan

Latitude Fixed Rate Personal Loan

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Interest Rate (p.a.)
9.49% to 29.99%
Comp. Rate (p.a.)
10.93% to 31.83%
Min Loan Amount
$5,000

Summary

Borrow over $5,000 with either a secured or unsecured personal loan from Latitude. Get a personalised fixed rate based on your credit score.

3 things to consider about this loan:

  • Personalised interest rates. Your interest rate will depend on your credit score and personal circumstances.
  • Secured or unsecured. You can choose to secure the loan with an asset or opt for an unsecured loan.
  • Fixed rates. By locking in a fixed interest rate your repayments will remain the same each month.

Pros

  • Tailored interest rate
  • Low minimum borrowing amount
  • Secured or unsecured

Cons

  • Application fee of $395
  • $13 monthly fee
  • Early repayment fees may be charged

In this guide

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Details

Product details

Product Name Latitude Fixed Rate Personal Loan
Interest Rate (p.a.) 9.49% to 29.99%
Comp. Rate (p.a.) 10.93% to 31.83%
Interest Rate Type Fixed
Min Loan Amount $5,000
Max. Loan Amount $70,000
Loan Security Secured

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, but a $500 charge applies if the loan is fully repaid early within the first half of your loan term. You won't be charged for repaying your loan in the second half of your loan 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 9.49% p.a. to 29.99% p.a.
  • Establishment fee of $395
  • Loan service fee of $13 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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