As one of the country’s leading personal financiers, Plenti is an option worth considering when it comes to comparing personal loan offers from around Australia.
It’s important to know the ins and outs of your loan before you start the application process, as you’ll want to know for certain whether the deal is the best available to you.
Fortunately, Savvy is here to help you. We make comparing personal loans simple, so you won’t have to stress about spending hours researching offers. Start the comparison process today and see your funds sooner.
*Savvy is partnered with Plenti for their personal loan product.
The features and benefits of Plenti personal loans
With interest rates offered from 6.39% (which can also come with 6.39% p.a. comparison rates), you can lock in an affordable rate from the outset of your loan.
Loan amounts start as low as $5,000 and reach as high as $50,000, making them suitable for a wide range of potential uses, whether big or small.
Importantly, borrowers can take as long as seven years to repay their loan or opt for a shorter loan of just one year, enabling you to tailor your repayments to your needs.
Ongoing fees can add up over the life of your loan and end up costing you hundreds of dollars more, but you won’t have to worry about any other regular loan charges.
Crucially, you can pay down your loan ahead of schedule without incurring any additional costs for doing so, enabling you to save money on interest in the process.
Aside from the standard unsecured personal loan, Plenti also offers secured personal financing if you wish to take advantage of an asset you own to improve your borrowing power or interest rate.
The pros and cons of a Plenti personal loan
Fast online application
The forms to fill out on the Plenti website are 100% online and are fast and easy to complete, with funding available within two days of submitting your application.
Choose between fixed or variable interest
Whether you wish to lock in your rate from the outset to improve your budgeting capacity or leave it variable to take advantage of greater flexibility, you can do so with Plenti.
Use your funds however you like
As with all personal loans, you’re free to use your Plenti personal loan funds with your family however you wish, unlike other loans designed to cover the cost of a specific purpose.
Only available to applicants with good credit
If you’ve struggled with your credit score or are an inexperienced borrower who has little to no credit history, you’re unlikely to be able to be approved through Plenti.
Application fee may apply
Although you can secure an application fee of $0 in some instances, you may be charged one amounting to more than $600 in certain circumstances, so it’s important to be aware of this.
Only monthly repayments available
You’re only given the option to set your repayment frequency to once per month, while other lenders can afford you the opportunity to do so either weekly or fortnightly.
More about Plenti personal loans
How do I apply for a Plenti personal loan?
The process of applying for a personal loan with Plenti is a fast and simple one, but you should still familiarise yourself with the different steps along the way before submitting your application. However, what’s also important to do is to compare personal loans with Savvy before you apply, as this will give you greater confidence that the right decision is being made and that you’re getting the best deal available to you. You can also use our personal loan calculator on your Plenti or any other loan to work out how much it may end up costing you. The process of getting approved for a Plenti personal loan for you or your family is:
Compare your options
As mentioned, you should consider the wide range of offers on the market, which you can also do here with Savvy. Once you’re satisfied that Plenti is the best option for you, you can move ahead with your application via their website.
Get your rate estimate
Once you’ve done this, you can find out an estimate of your interest rate by filling out a quick form. This should only take you a minute or so to complete and doesn’t affect your credit score, so you don’t have to worry about taking a hit on your file for doing so.
Send your application
After you’ve received your indicative rate from Plenti, you can move on to your formal application. This will require you to supply a few more details about yourself and provide copies of documentation relating to your identity, income and financial situation.
Get approved and receive your funds
If Plenti is satisfied with your application, you’ll be notified of its success and sent a loan agreement to sign. You can do this electronically and return it, after which you can have your personal loan funds advanced directly into your nominated bank account.
What are the eligibility criteria for Plenti personal loans?
It’s important to review the criteria for any personal loan before you apply, as you should always ensure that you’re eligible before moving ahead with your application. Not taking the care to do so can cause avoidable delays and rejections appearing on your credit file. Some of the key eligibility criteria to meet are:
Loans are primarily available to Australian citizens and permanent residents, as well as New Zealand citizens. On top of this, several temporary visas are accepted by Plenti. If you’re living in Australia on a temporary visa, you should check to see whether it’s considered eligible by the lender.
Applicants are required to be earning a minimum of at least $30,000 annually from one or more stable sources of income.
The amount of time required to have been employed at your current place of work depends on your employment type. For instance, full-time employees will need to have at least three months under their belts in their current job, while part-time or casual workers will need to have held their job for six months or more. Self-employed borrowers will need to have been operating for a minimum of 12 months prior to their application.
Applicants will need to have a relatively clean credit history without any bankruptcy, paid or unpaid defaults, current credit arrears or debt collection activity or more than two dishonours over the past 90 days.
Common Plenti personal loan questions
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