Latitude Financial Services Fixed Rate Personal Loan

How does compare?

• Competitive interest rates. The minimum interest rate of 8.99% p.a. is competitive when compared to other personal loans on the market.
• Fee-free extra repayments. You can make extra repayments to pay off your loan faster without incurring any fees a feature not offered by all lenders.
• A good Finder Score. This loan has a Finder Score of 6.5 which is a good score in its product category.

• Upfront and ongoing fees. This loan comes with a $395 establishment fee and an ongoing monthly loan servicing fee of $13.
• Variable interest rate. The lowest interest rate of 8.99% p.a. is only offered to applicants with an excellent credit history and your offered rate could be as high as 19.99% p.a.
• Finder Score. The Latitude Fixed Rate Personal Loan's Finder Score of 6.5 indicates that while it has competitive features there may be other loans with more to offer.
• Loan purpose restrictions. You are not able to use funds from this loan for the purpose of debt consolidation.

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 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 9.99% 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.