Bendigo Bank’s eligibility criteria cover the following:

• You must be over 18 years of age
• You must be an Australian citizen or permanent resident
• You must be employed or otherwise receiving a stable, consistent income
• You mustn’t be currently in financial hardship, including under bankruptcy
• You must be using your loan funds for personal purposes
• For Student Personal Loans, you must be enrolled at a tertiary education institution or currently completing an apprenticeship or traineeship

No – regardless of whether you live in one of the capital cities like Adelaide, Brisbane, Hobart, Melbourne or Perth or live out in the country, you can get approved for a personal loan with Bendigo Bank. They also have branches across the country if you’re looking for in-person service.

Your individual borrowing power will be determined by a range of factors, such as your income, employment, credit history, expenses and outstanding loan debts. Fortunately, you can use our personal loan borrowing power calculator to crunch the numbers and give you a clearer idea of what you might be approved for.

If you have a valuable asset which is eligible to be used as collateral for your personal loan, such as your car, you may benefit from doing so. Secured loans come with lower interest rates and greater borrowing ranges (in the case of Bendigo Bank, this can stretch up to $100,000). However, if you fall behind on your repayments, your lender will use your asset to cover any funds lost on the loan. However, the security will need to be considered suitable by your lender and meet its own set of qualification points relating to age, condition and value.

While banks often provide the widest range of services on a comprehensive level, applying for a loan with an online lender is often the best way to secure a low-cost deal. This is because they lack the high overheads which stem from owning and operating branches, as well as lack the shareholders required to pass profits onto in many cases. Above all else, though, you should compare offers carefully to ensure you end up with the right lender.