Consider the key features of Coles’ personal loan offer and compare different finance deals with Savvy today.
Fact checked
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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:
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.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
