Personal Loan Questions and Answers.
Sometimes you are just curious about how things work or have a simple question and feel you just don't want to bother us. Most of the basic questions are covered to try and help you with getting your finance.
If your questions are not answered on these pages, please contact us. We are here to assist you as much as we can, and want you to be matched with Brokers and Financiers that can assist you.
You can email your questions to: question@personalloansonline.com.au
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Who are Personal Loans Online?
Personal Loans Online connects you with lenders across Australia, which seeks out and secures finance solutions for you.
We have searched the internet to find you information and personal loan lenders that can assist you with a personal loan living in Australia, providing a wealth of resources all working to help you find the best Personal Loan for your circumstances.
See the "About Us" page for more details, or...
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Why use Personal Loans Online?
Our experience and knowledge of financial products and lenders is an invaluable resource in getting you a loan.
Many people have applied for a loan and been declined with the answer 'you don't meet the lending criteria'. Often this is the right answer because all lenders have different criteria which are put in place to select the exact customers they want.
This is one of the many advantages of dealing with Personal Loans Online. We are aware of the lenders criteria and place your details with the broker & lender that best suits your individual circumstances.
In addition, sometimes you may not meet one of the lending criteria by only a small margin, but in other areas you may be very strong. Knowing your individual circumstances and the lenders criteria, enables us to "match" you; on your behalf with the broker/Financier of best fit, turning a potential decline into an approval.
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What Supporting Documentation Do I have to supply?It really is very simple...
1. Click Apply Now and complete our online assessment form.
* If you are consolidating an existing Personal Loan, 6 months most recent statements
2. You will be automatically matched to a broker that specialises in organising loans with your individual circumstances, and secure a loan specifically for you.
3. The Broker will advise you of exactly what is required in your circumstances, but as a guide:
* If you are consolidating a store/credit card, 3 months most recent and complete statements
* A Home owner/Mortgage will need to supply current council rates notice
* If you are employed; 2 most current pay slips
* If you are self employed, most recent tax assessment notice
* If living in N.S.W. the signed Financing Broking Contract
* If living in Vic. the signed Finance Broking Appointment
( The last 2 can be printed off of the Broker's web site; or they can email/fax them to you)It really doesn't get any easier, and it's FREE so don't wait
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How long will it take to get an approval?
Once the broker has ALL of the 'supporting documentation' and other information needed, they analyse the information and select the best outcome for you.
The time from having all the information to a 'conditional approval' is generally less than 2 hours. Plus, as a special service, if you get ALL the information they require, within 24 hours, they will give your application "PRIORITY" status.
So make sure you send everything needed as fast as possible, helping them get the money to you much faster!
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Will Personal Loans Online do a Credit Check?
Many brokers don't care about your credit file, all they care about is getting paid, so they apply a "shotgun" approach to getting you a loan, hoping that someone, anyone, will give you a loan.
In this process, many enquiries are made on your Credit File, leaving long lasting problems that can take years to correct.
At Personal Loans Online, we know your Credit file is vitally important and very fragile, we protect it as though it was our own and do not in anyway harm or add to it. Check your Credit Score Here.
At Personal Loans Online, we respect your Credit File.
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What repayment terms can I have?
With your repayments, you can choose weekly, fortnightly or monthly repayments which ever works best for you.
With regards to the length of the loan, if you borrow less than $15,000 your loan term can be between 0 and 5 years.
If you are borrowing more than $15,000 your loan term can range from 0 to 7 years.
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What will the interest rate be on my loan?
Brokers do not lend you the money, therefore they do not determine the rate.
They work for you to find which Bank, Credit Union or Finance Company will be lending you their money. As such, the lenders determine the interest rate themselves and let the brokers know what it will be when they give "unconditional" approval for your loan.
It is fair to say however, that our panel have access to the most competitive rates in the market place and can and do negotiate with lenders on your behalf to get the best deal possible.
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How do lenders determine what interest rate to charge me?
All lenders operate the same way, lending money based on the assessment of risk.
The rate will be determined by the strength of your application.
Every piece of information earns points giving a total score at the end. For example if you are a home owner you will score more points than someone who is renting, although the person renting will score extra points if they have been at the same address for a long period. The same applies to employment, credit defaults and the list goes on.
All of the information can be verified by the lender, or you may be asked to provide verification, so it is vitally important to provide accurate information.
Conflicting information can result in your loan being declined.
Your broker is there to help as they check all the information before they submit it to the lender.
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What are the repayments going to be?
Repayments will be determined once the loan has been 'unconditionally approved'.
You can use our Personal / Car Loan Calculator to give you an estimate of what your Repayments will be.
Many factors have an impact on the repayment amount, amount borrowed, term of the loan, strength of the applicant and finally the interest rate.
This estimate is an indication only, and will vary depending on your specific circumstances.
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What are the Finance Brokers Contract / Finance Brokers Appointments?
These two documents are legal requirements for brokers in several states of Australia.
They are designed specifically to disclose the maximum limits for the credit you are seeking. The information contained in them, describes the upper limits on loans from the panel of lenders, and not an indication of what your actual loan terms will be.
One of the advantages of dealing with Personal Loans Online is we have many contacts with brokers lenders and domains. This means we are able to get the best fit for your situation.
In States where these documents are required, you CANNOT get a consumer loan without completing them as they are legal requirements.
They are also required BEFORE your application can be passed on to any lender.
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Can I make additional repayments?
Many lenders offer this option on their loans, and is often available without penalty.
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What are the fees and charges?
Each lender has a different scale of fees and charges, including different fees, depending on the type of loan you apply for.
Once your broker has all of the information and reaches the final 'Unconditional' approval stage they, and therefore you will know all of the fees and charges for your particular loan.
As a general indication however, application fees are commonly around the $150 mark.
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Are there any hidden or other charges?
Once your personal loan broker has provided you with the loan repayment amount, it is inclusive of ALL fees and charges. "Drive away no more to pay"
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Do I Qualify for a Personal Loan?
Some people are not sure if they qualify for Personal Loans, or Car Loans.
That is what Personal Loans Online is all about. If you do qualify for a personal loan, and you are using a broker, your application is discussed with you, by a specialist Personal Loan Broker, and you will be asked to send through your 'Supporting Documentation', which is then passed on to the Lender of 'Best Fit'; who makes the decision whether to give you the loan.