Latitude Personal Loans

Latitude is a provider of personal loans, car loans, debt consolidation loans, home renovation loans, credit cards, and a variety of insurance products including personal loan insurance.

What personal loans does Latitude offer?

At the time of writing, Latitude offers two personal loan products: Latitude Personal Loan and Latitude Low Rate Personal Loan. These loans have a fixed interest rate for the life of the loan and can be secured or unsecured.

To be eligible for the Low Rate Personal Loan you must be a homeowner or have a mortgage, borrow a minimum of $20,000, and be a new Latitude personal loan customers. Additional eligibility requirements apply.

Features of Latitude’s personal loans include:

  • A minimum loan amount of either $3,000 for the Latitude Personal loan or $20,000 for the Latitude Low Rate Personal Loan, with the maximum amount depending on your circumstances and financial situation
  • Repayments available weekly, fortnightly or monthly
  • Loan terms available between two to seven years
  • Obtain funds within 24 hours of Latitude receiving your online acceptance
  • Optional loan protection insurance
  • Extra repayments accepted however if you pay off your loan before you’re halfway through the term, Latitude says you will be charged an early termination fee

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What can you use Latitude’s 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 Latitude for any specific details on what you may or may not be able to take out a personal loan for.

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Latitude personal loans FAQs

You can choose a loan term of two to seven years. Latitude says you must repay the amount of credit to it and interest charges by the last day of the loan term.

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

  • Establishment fee of $140 for loans under $4,000 or $250 for loans over $4,000
  • Loan service fee of $13 per month
  • Australia Post payment handling fee of $1.50
  • BPAY payment handling fee of $1.50
  • Late payment fee of $35
  • Early termination fee of $300 within the first half of your loan term or $0 within the second half of your loan term

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Yes, Latitude personal loans require minimum repayments either weekly, fortnightly or monthly. Latitude says you can choose the repayment day that works best for your situation. As previously mentioned, a $35 late payment fee will apply in the event that you can’t make the minimum repayment by the due date.

The repayment amount will vary depending on the length of your loan, the principal amount borrowed and your interest rate.

According to Latitude, to be eligible for a Latitude Personal Loan you must:

  • Be 18 years or older
  • Be a permanent Australian resident
  • Be currently employed
  • Be able to demonstrate a good credit history for the last five years
  • Be free from bankruptcy for the last seven years

When applying for a personal loan, Latitude says you will need to provide required documents such as your payslips and identification documents.

Latitude Financial Services is a financial institution in Australia and New Zealand that offers credit cards, personal loans, car loans and personal insurance as well as other products. At the time of writing, Latitude says it has more than 2.4 million customers.

Written by: Tamika Seeto | Last updated: May 23, 2019