Latitude Personal Loan Review

Find out more about Latitude personal loans to see if they’re right for you here with Savvy.

Last updated on April 7th, 2022 at 11:06 am by Thomas Perrotta

Latitude is one of the biggest non-bank lenders in Australia when it comes to personal lending, specialising in personal and car loans as well as credit cards and insurance.

Before signing up for your personal loan, though, it’s important to learn all the fine details when it comes to how these loans work and the ways in which they can benefit you.

Savvy can help you do this, as we’ve broken down their personal loan offers so you can accurately and easily find the key information you need to inform your decision. Start comparing now and be approved and funded in as little as 24 hours.

*Savvy is partnered with Latitude for their personal loan products. You can get a quick quote with us today and start the application process.

Features and benefits of Latitude personal loans

Rates from 5.99% p.a.

Interest rates start from as low as 5.99% p.a. (7.32% p.a. comparison), opening the door for you to obtain an affordable finance deal which helps you save money.

Borrow from $3,000 and up

You can apply for a personal loan for as little as $3,000 up to as much as $70,000 in some cases, depending on your borrowing power and the type of loan you choose.

Take up to seven years to repay

It’s crucial to be able to pay off your loan at a rate which is comfortable for you, which you can achieve by spacing out your repayments over a suitable period of one to seven years.

Set your repayment frequency

On top of this, you can decide whether to contribute your instalments on a weekly, fortnightly or monthly basis, which can be tailored to align with your income frequency.

Additional instalments available

If you find yourself in a position where you can comfortably manage to pay above the required amount, you can do so without worrying about fees (in certain circumstances).

Fixed interest rates

Because your interest rate will be fixed from the outset, your ability to budget accurately and with confidence is boosted, as each repayment will be the same amount.

The pros and cons of Latitude personal loans

PROS

Secured or unsecured options

You’re afforded a greater amount of choice when it comes to personal loans with Latitude, as you can decide whether to put a valuable asset up as collateral or leave it unsecured.

Use your loan however you like

The beauty of these loans is that they’re highly flexible and can be used for just about any purpose in your personal life, with the secured and unsecured options offered here being no different.

100% online and fast approvals

The entire application process with Latitude is online, ensuring that you won’t need to leave the comfort of your home to lock in your deal and have it turned around quickly.

CONS

Establishment and ongoing fees

You’ll be required to pay an establishment fee of $299 (or $140 for loans of less than $5,000) and contribute $13 per month as an ongoing service fee on your loan.

Early repayment fee may apply

While early repayments are accepted, you’ll be required to pay $300 if you complete your loan repayments in the first half of your term (with no charge for completing in the second half).

Unavailable to borrowers with bad credit

Latitude offers personal loans to borrowers who have exhibited positive credit behaviour over a sustained period, so you may need to look elsewhere if your score isn’t the best.

Latitude personal loans explained further

What’s the Latitude personal loan application process?

Applying for your personal loan with Latitude is a very simple process which can be completed from your smartphone or computer at home. However fast and simple the process may appear, though, it’s important to approach it with an understanding of the different steps along the way, as this will hold you in good stead for maximising your chances of a swift approval. The process of applying for a loan through Latitude is as follows:

Get an interest rate estimate

Firstly, you can complete a quick form on Latitude’s site which will give you an indication of what your loan’s interest rate is likely to be. You’ll provide details about yourself, your residential status and your employment, all of which will be used to issue you with an approximate interest rate. Importantly, though, this won’t impact your credit score, so you won’t need to worry about any fluctuation in that regard.

Submit your online application

Once you have your rate, you can proceed with your formal application. This tells Latitude a bit more about you as a borrower to help paint a picture of your profile and whether you’re a suitable candidate for a loan. This will take a similarly short period to complete, after which you can send it off and await a response.

Receive an outcome and submit your documents

Fortunately, this won’t take long, with outcomes available in just 60 seconds after you apply. If your application was successful, you’ll be required to submit the corresponding documentation, which will include things like your photo ID, payslips or bank statements and information on any other outstanding loans.

Sign your contract and receive your funds

If they’re satisfied with your application, you can be formally approved and have a loan contract sent to you to sign electronically. After you’ve done this and returned it, your funds can be advanced directly into your account and you can go ahead and utilise your funds for your nominated purpose.

Am I eligible to apply for a loan with Latitude?

It’s important to review your lender’s eligibility criteria before commencing the application process, as not doing so could leave you in a position where you aren’t approved for finance and this rejection is recorded on your file. Review the various qualification points here before you apply:

  • You must be at least 18 years of age
  • You must be an Australian citizen or permanent resident
  • You must be employed permanently and receiving a consistent, stable income
  • You must have a good credit record over the past five years
  • You must not have been bankrupt at any point within the last seven years
  • You must be a new Latitude personal loan customer to qualify for the minimum secured and unsecured loan rates

Frequently asked personal loan questions

How long will it take for me to receive my funds?

When applying for a personal loan through Latitude, you can be approved and funded in as little as 24 hours, although this may extend to 48 hours. The time it takes to process your application will vary depending on a variety of factors relating both to your personal profile and the lender you apply with.

How do I work out the cost of my loan?

You can use Savvy’s personal loan repayment calculator to give you a rough estimate of the cost of your loan. This tool can be used to calculate the cost of instalments based on several variables, namely different loan amounts, interest rates and loan terms. Using a calculator is a highly useful way to approach your application, as you’ll already have a clear idea of what you’re capable of repaying comfortably.

What’s the difference between a secured and unsecured personal loan?

The key difference between secured and unsecured loans is that the former requires an asset to be attached as collateral, while the latter doesn’t. Secured loans reward borrowers with lower interest rates and higher borrowing power in most cases, as lenders see these as less risky with an asset to fall back on in the event of a default. Unsecured loans, however, are generally easier to obtain and are faster to process, as there’s no need to assess the suitability of their security.

How can Savvy help me compare personal loans?

By breaking down the key aspects of a range of different personal loan offers, we make it simpler for you to compare different lenders and products and make an educated decision on which is the best for you. For instance, you can quickly and easily determine which loan has the broadest borrowing range, lowest interest rates and fees (if not no-fee loans).

Is it better to choose a longer or shorter term?

Generally, it’s better to select as short a loan term as you’re comfortable repaying. This is because of the way that interest is calculated: the longer your term and the more repayments made overall, the slower the time taken for your interest to decrease. Because of this, a shorter loan term will result in an overall lower interest cost, on top of fewer monthly fees being charged. However, it’s always most important to ensure that you’re confident and comfortable with your repayments, so a longer term may be required to achieve this.

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