Frequently Asked Questions

Below are the most frequently asked questions people have about borrowing money, and taking out a personal loan, or car loan.
Simply click on the questions to reveal the answer.

  • Personal Loans Online connects you with personal loan lenders across Australia, and supplies you with information and options so you can make informed decisions.

    We have over 30 years of combined experience, and access to around 70 brokers, lenders and domains, 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...

  • We have sourced the web to find what we think is the best information and resources for you to get to where you want fast.

    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 using Personal Loans Online. We connect you to personal loan lenders that best suits your individual circumstances, depending on the page you are on.

    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 youfind a personal loan lender of best fit, turning a potential decline into an approval.

    Using Personal Loans Online increases the chances of you getting your personal loan approved if you read the information we supply.

  • It really is very simple...

    1. Find the type of personal loan you are after and select from the finance sites advertised.
    2. You will be directed to pages that give you options, specialising in organising personal loans with your individual circumstances, and secure a loan specifically for you.
    3. The personal loan lenders will advise you of exactly what is required in your circumstances, but as a guide:

    * If you are consolidating an existing Personal Loan, 6 months most recent statements
    * 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 lenders 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

  • Once the lender 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, if you get ALL the information they require, within 24 hours, they will often 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!

  • 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.

  • With your repayments, you can choose weekly, fortnightly or monthly repayments which ever works best for you.

    With regards to the length or term 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, if the loan type is an unsecured personal loan.

  • If you are using a broker, it is important to know 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 etc. 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 personal loan.

    It is fair to say however, that many brokers 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.

  • 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.

  • 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.

  • 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 connect you with brokers lenders and web sites. This means you can 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.

  • Many lenders offer this option on their loans, and is often available without penalty.
  • 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.

  • Once you are provided you with the loan repayment amount, it is inclusive of ALL fees and charges. "Drive away no more to pay"

  • Some people are not sure if they qualify for Personal Loans, or Car Loans.

    That is what Personal Loans Online is all about. Read the information carefully and ask questions if you are not sure. If you are using a broker and do qualify for a personal loan, your application is discussed with you, by a specialist, 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.

  • If you have been declined for a loan through a bank, or you have a bad credit rating, you may still get a personal loan with lenders who look at your ability to pay, rather than your credit history. A bad credit personal loan is generally for smaller amounts, and are often secured personal loans.