Plenti personal loan interest rates & review

Plenti

Plenti (formerly known as Ratesetter) is an Australian lender specialising in personal and car loans.

Below we give an overview of the personal loans Plenti offers its customers.

What personal loans does Plenti offer?

Plenti offers a number of unsecured personal loan products for a variety of purposes. To find out about how these loan types differ, you can read our explainer on secured versus unsecured loans.

The following table displays a selection of Plenti’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with Plenti to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Here’s a summary of the features, fees and rates that apply to Plenti’s personal loans at the time of writing:

Plenti personal loan

Plenti’s core personal loan product is an unsecured loan which can be used for a range of purposes.

Interest rate: ranging from 6.39%p.a. (comparison rate 6.39% p.a.) to 17.89% p.a. (comparison rate 20.41% p.a.). The rate that applies to your loan will be determined by factors including your credit score.

Fees:

  • Establishment fee: $0 for borrowers with ‘excellent credit’;  $449 for borrowers with ‘good credit’; $699 for borrowers with very good credit; $749 for borrowers with ‘average credit’;
  • Annual fee: $0

Loan amounts available: $5,000 to $50,000 over 1 to 7 years

Features:

  • Additional repayments allowed
  • Early repayment allowed without penalty
  • Monthly repayments only

Plenti green personal loan

Plenti’s green personal loan product is an unsecured loan which can be used for the purchase and installation of energy efficient products.

Interest rate: starting from 6.99% p.a. (comparison rate 7.90% p.a.). The rate that applies to your loan will be determined by factors including your credit score.

Fees: Fees may apply, however, Plenti has not listed fees related to its green loan.

Loan amounts available: $5,000 – $50,000 over 1 to 7 years

Features:

  • Additional repayments allowed
  • Early repayment allowed without penalty
  • Monthly repayments only

It’s important to note that other terms, conditions, fees and eligibility criteria may apply to Plenti personal loans so if you are considering taking out a loan, it’s important to read the target market determination (TMD) and other key documents carefully to ensure that the product is suitable for you.

Compare Personal Loans

Plenti personal loans FAQs

What can you use Plenti personal loans for?

Plenti’s personal loans can be used for a variety of purposes.

Some of the purposes Plenti says its personal loans could potentially be used for are:

  • debt consolidation
  • a car, motorbike, caravan and other types of vehicles
  • home renovations
  • a wedding
  • travel
  • medical expenses
  • investing

For its green loan, Plenti says the following loan purposes may be appropriate:

  • solar panels and home batteries
  • solar pool heating units
  • energy-efficient lighting
  • energy-efficient air conditioning units
  • hHybrid low emission cars
  • air source heat pumps
  • power factor correction
  • variable speed and frequency drives

Read the product disclosure statement (PDS) from Plenti to see what you can and can’t take out a personal loan for.

What are the loan terms on Plenti’s personal loans?

Plenti offers customers the choice of loan terms between one and seven years.

How to apply for a Plenti personal loan?

Before getting started, you might first like to use Canstar’s personal loans comparison tables to see how Plenti’s personal loans stack up against other providers before choosing a product that suits your needs.

Compare Personal Loans

If you decide to go with Plenti, you can complete a questionnaire to get a personalised rate, before making a full application which Plenti says takes around 10 minutes.

When applying for a Plenti personal loan you will need to provide personal details, information about your income and employment, as well as a range of financial details and documents, such as bank statements. Plenti will check your credit score as part of the application process.

Plenti says it will provide an outcome of your application within two business days of receiving all required documents.

Plenti says that in order to be eligible for one of its loans you must:

  • Be aged 21 or over
  • Be an Australian citizen or permanent resident
  • Have a regular source of income that you can demonstrate
  • Have a good credit history

Plenti is a provider of personal and car loans in Australia. Its lending operates on a peer-to-peer basis, meaning loans are funded by attracting investment from investors looking to secure a return based on the interest charged to customers.

Written by: Sean Callery | Last updated: December 7, 2021