Coles Personal Loan Review

Consider the key features of Coles’ personal loan offer and compare different finance deals with Savvy today.

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, updated on October 4th, 2023       

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Although Coles is best known across Australia as one of the big two supermarket chains alongside Woolworths, they’ve expanded their service to enter the world of finance and insurance.

If you’re a frequent customer and signed up for their rewards scheme, you might think that applying directly through Coles is the best option for your needs, but this won’t always be the case.

You should always be acutely aware of the ins and outs of each loan you consider before applying, which you can benefit from through Savvy, as we break down offers so you can make an educated call on which is the right one for you.

*Please note that Savvy does not represent Coles for their personal loan product.

The features and benefits of Coles personal loans

Variable rates starting from 9.99% p.a.

Your loan’s interest rate will remain open to fluctuation throughout your term, potentially allowing you to save overall if your rate drops from 9.99% p.a. (10.28% p.a. comparison).

Borrow up to $50,000

Depending on which boxes you tick along the way in your application, you could be eligible to borrow as little as $5,000 up to $50,000 to cover any personal needs.

No early exit fees

You can be rewarded for paying above the minimum amount by reducing the overall interest outlay and not incurring any expensive fees for doing so on your loan.

Lines of credit available

In addition to the standard loan itself, you can gain access to a line of credit, enabling you to draw up to your approved limit multiple times without having to apply for further finance.

Repay over three to five years

You can choose the term which best suits your ability to repay your loan, although the range of three to five years is more limited than the typical one to seven-year span.

Accessible via Coles Mobile Wallet

With Coles’ Mobile Wallet app, you’ll be able to manage your loan and check in on everything to ensure the process of repaying it is running smoothly quickly and easily.

The pros and cons of Coles personal loans


Flybuys rewards

If you’re a Flybuys member, you’ll gain access to a wide range of benefits, such as earning up to 1,000 extra points monthly and borrowing more at a lower rate.

No security required

These loans are unsecured, meaning you won’t have to worry about putting up any assets as collateral for the agreement such as your car or another valuable belonging.

Fast, online application process

You’ll be able to fill out your application form online, which will only take you around 15 minutes to complete, and not visit any physical locations throughout the process.


Higher rates for non-Flybuys members

If you aren’t a Flybuys member, you’ll be subject to a higher minimum interest rate of 12.99% p.a. (13.28% p.a. comparison), which represents a significant 3% p.a. increase.

Smaller loan amounts for non-Flybuys members

On top of this, you’ll only be able to borrow a maximum of just $20,000 if you haven’t signed up for the Flybuys rewards program, restricting your borrowing capacity.

Establishment and ongoing fees charged

You’ll be required to pay an establishment fee of $199 as part of the arrangement, as well as ongoing monthly charges of $10 throughout your loan term.

More about Coles personal loans

How do I apply for a personal loan with Coles?

The process of applying (and being approved) for a personal loan with Coles isn’t dissimilar to what you’d experience applying with any other lender online; it’s an incredibly simple set of steps to follow. However, it’s worthwhile taking the time to familiarise yourself with any process of this nature, as it saves you from encountering any unexpected twists and turns and maximises your chance of being fully prepared. This process is as follows:

Double-check the eligibility criteria

Always make sure that you meet all the qualification points required as part of the loan. For Coles, these include:

  • You must be at least 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be holding stable employment
  • You must be earning at least $35,000 per year

Gather all the required documentation

You’ll be submitting your documents alongside the rest of your application at the first stage, so you’ll need to have this ready to go. The information you’ll need to submit is as follows:

  • A copy of your driver’s licence or passport
  • Details about your employment and income, which may include payslips and bank statements
  • A list of your regular household expenses
  • Information on any current liabilities, such as outstanding loan or credit card debts
  • Your Flybuys membership number (if applicable)

Submit your application

Once you’ve filled out all the information needed relating to you, your employment, your financial situation and the type of loan you’re after, you can simply send your application off to Coles for assessment. Once you’ve done this, all you’ll need to do is wait until the lender gets back in touch with you to advance the process.

Receive an outcome and sign your contract

If Coles is happy with your application, you’ll be notified of approval soon after and sent a loan contract to sign. This confirms all the details of the agreement, such as the initial interest rate, loan term and any fees which will apply (or which can apply in certain circumstances). Once you’ve signed this and returned it, your funds can be released directly into your nominated account.

It's important to note, though, that you can benefit most from comparing as many options as possible before applying, rather than simply doing so with Coles straight away. You can find and compare a variety of affordable personal loan offers from around Australia right here with Savvy which may offer lower rates and fees, as well as more flexible features which may be important to you as a borrower. Start the comparison process with Savvy to help you make an informed decision. You can even use our calculator to help you gain a rough estimate of what each loan would cost month to month and overall.

More personal loan questions answered

Why should I use a loan calculator before I apply?

Personal loan repayment calculators are important for prospective borrowers, as they can provide a clearer picture of the true cost of their loan. You may not be able to fully appreciate the importance of even a few percentage points between different loan offers. For example, a $30,000 loan repaid over five years would cost almost $1,700 more with an 8% p.a. rate compared to 6% p.a. interest.

How does a personal line of credit work?

A line of credit loan is different from a standard personal loan. Instead of being handed a lump sum and starting to pay it off within the next week, fortnight or month, you’ll be approved for a set limit and will be able to withdraw up to that amount whenever you see fit. This adds greater flexibility to your loan, as you can withdraw the funds you need when you need them, rather than having to manage a substantial lump sum often for a variety of purposes. You’ll also only pay interest on the amount you use, albeit often at a higher rate than a standard loan.

Will I be able to apply for a personal loan with Coles if I have bad credit?

Probably not – however, there are a range of lenders who can help you out if you’re struggling with your credit score. Even with unpaid defaults on your file, specialist lenders can help you access the funds you need for whatever purpose you might be seeking.

What can I use my personal loan funds for?

Any number of purposes – personal loans are designed to be one of the most flexible types of finance and can be applied to almost any need in your personal life. Whether you’re wanting to purchase an expensive bicycle, ease the financial burden of your living arrangements as a student, fund a cosmetic procedure like a hair transplant or even put funds towards a deposit on your home purchase, personal loans can really do it all.

Can I still apply for a loan if I’m self-employed?

Yes – just because you don’t receive payslips doesn’t mean you won’t be able to access the loan you need. Lenders accept tax returns and Notices of Assessment in place of payslips for self-employed workers. Aside from this, the process of applying is exactly the same and you can be approved for the same low rates if you have a strong borrowing profile.

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