Coles Personal Loans

About Coles Insurance

Coles may be best recognised as one of Australia’s biggest supermarket chains, but it’s also a provider of personal loans, credit cards and insurance products.

What personal loans does Coles offer? 

At the time of writing, Coles offers one personal loan product. This is an unsecured variable interest rate loan. Coles offers two variable rates on the loan: one for flybuys members and one for non-flybuys members.

Features of Coles personal loan include:

  • Loan amount between $5,000 and $50,000 (the amount offered will be based on Coles credit assessment and may be lower than requested)
  • No exit fees for early repayment
  • Equal monthly repayments, which Coles says can help borrowers plan their budget
  • Establishment fee of $199
  • Monthly fee of $10
  • Loan term can be three, four or five years
  • Reusable line of credit (allowing borrowers to spend loan funds they have already paid back – similar to a redraw facility) using a Coles Personal Loan Debit Mastercard

Canstar does not currently compare Coles personal loans, but you can compare other personal loan providers on Canstar’s database:

Compare Personal Loans

What can you use Coles’ personal loans for?

Personal loans can typically be used for important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings and more

Read the product disclosure statement (PDS) from Coles for any specific details on what you may or may not be able to take out a personal loan for.

Compare Personal Loans

Coles personal loans FAQs

You can choose a loan term of three, four or five years. According to Coles, you can choose to reuse credit up to your approved credit limit. There will be no end date of your personal loan whilst you continue to use your reusable line of credit.

There are a number of fees to be aware of when taking out a personal loan with Coles. At the time of writing the following fees are listed by Coles:

  • Establishment fee of $199
  • Monthly fee of $10
  • Minimum late payment fee of $10 (if your minimum repayment is not paid by the payment due date then Coles will charge you $10 and then $10 every week thereafter until it is paid)

While Canstar does not currently compare Coles personal loans, you can compare other personal loan providers and their fees on Canstar’s database.

Compare Personal Loans

Yes, Coles personal loans require minimum monthly repayments. This amount varies depending on the length of your loan, the principal amount borrowed and your interest rate.

According to Coles, all permanent Australian residents who are over 18 years old, earn more than $35,000 per annum and have a good credit rating can apply for a Coles personal loan.

When applying for a personal loan, Coles says it is handy to have the following information on hand:

  • Driver’s licence or passport
  • Employment and income details
  • Details of household expenses
  • Other loan and credit card repayments
  • Your existing flybuys membership account number (if you have one)

Coles began in 1914 as a discount store with the slogan “nothing over 2/6” and has since grown to become one of Australia’s largest supermarket chains. More recently they have branched into financial services. Coles began offering personal loans in 2018, on top of its existing product offerings of insurance, credit cards and prepaid cards.

Compare personal loans on Canstar’s database

If you’re looking to compare your options, check out the table below which includes a snapshot of the unsecured personal loans on Canstar’s database for an amount of $20,000 repaid over three years in NSW with links direct to providers’ website. The products shown are sorted by Star Rating (highest to lowest) and then by comparison rate (highest to lowest). Before committing to a particular personal loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Read the Comparison Rate Warning.

Compare Personal Loans with Canstar

Written by: Tamika Seeto | Last updated: March 19, 2019