Nimble Loans Review

What is nimble? A loan provider whose logo is a bunny kind of image against a white background, does that ring any bells?

nimble loans review

Well, Nimble is a financial institution in Australia that specializes in loan provision and financing retail sales. Nimble was founded in 2005 and has grown to become one of the biggest loan providers in Australia. By 2016, Nimble had funded over 1 million loans.

As of the moment, Nimble has funded over 1.6 million loans.

In the early days, Nimble was called Cash Doctors, but they rebranded. Back in 2009, Nimble was the first financial company to have paperless loan application in Australia.

Two years later, the company moved to straight-through processing. This meant that no individual was needed throughout a loan application.

This year, Nimble introduced other loan types for its customers, which include car and personal loans.

Better Alternatives to Nimble Loans

Name Interest Rate (p.a.) Loan Features Review
review From 35% $2000 or more + 5 Minute Application
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How does Nimble work?

Nimble works by providing loans to individuals who need cash to help them get out of a fix. It doesn’t matter if you are using the loan to pay for emergency expenses or do house renovation, Nimble has you covered.

You can apply for any loan as long as you meet the eligibility criteria. Depending on the loan type, you will agree to a repayment plan that suits you. While applying, be sure to confirm the breakdown of charges you shall incur.

Here is a quick breakdown:

LOAN TYPE LOAN AMOUNT ($) INTEREST CHARGED

(APR)

ESTABLISHMENT FEE MONTHLY LOAN FEE COMPARISION RATE
Small 300 – 2,000 N/A 20% of the principal amount 4% of the principal amount N/A
Medium 2,050 – 5,000 47.616% $ 400 N/A 65.66%
Personal 5,000 – 10,000 8.99%  – 29.99% $195 N/A 10.31% p.a  – 31.49% p.a
Personal 11,000 – 25,000 8.99%  – 29.99% $250 N/A 10.31% p.a  – 31.49% p.a
Car 5,000 – 10,000 6.99% – 27.99% $195 N/A 7.68% p.a. – 28.84% p.a
Car 10,001 – 20,000 6.99% – 27.99% $250 N/A 7.68% p.a. – 28.84% p.a
Car 20,001 – 50,000 6.99% – 27.99% $495 N/A 7.68% p.a. – 28.84% p.a

 

Different Nimble loans have different loan repayment terms. For instance, the small loans at Nimble has a loan term of one year. The medium ones have a term of 2 years.

Is Nimble safe?

For a loan provider to earn a ‘safe’ status, it has to adhere to several practices, be transparent, and many other factors. Below are a few aspects that confirm Nimble is safe.

One alternative to Nimble is NowFinance.

1.      Adherence to responsible lending policies

Any money lender willing to offer you more than you can be able to repay clearly lacks interest in your financial life comfortably. Luckily, that is not Nimble. Nimble will only offer you a loan that you can repay.

In addition, Nimble has gone a step ahead to put in use an advanced technology that eases and helps make the right decision. Getting a loan you can afford means you don’t need to strain to meet the repayable loan amount.

To that end, Nimble takes some checks such as;

  • Inquiring about your financial status, income source, expenses as well as your employment status.
  • Verifying the information you have provided about your financial status by checking bank statements.
  • Asking about the purpose of the loan you are applying for.

2.      Transparency

To ensure transparency, Nimble outlines the fee and any other repayment charges you will incur before loan confirmation

3.      Licensing

Nimble is licensed to operate in Australia by the Australian Securities and Investments Commission under credit license no. 386010. As such, Nimble observes compliance to the National Consumer Credit Protection Act 2009. This includes responsible lending.

4.      Loans tailored just for you

Nimble makes use of advanced software and mathematicians to calculate the perfect loan for you. Nimble loans are tailored to meet your requirements while at the same time, being affordable.

5.      Support for financially struggling customers

In our world, financial hitches can pop up from anywhere. Nimble understands this. In the case of a situation such as income change, emergency expenses, illness, or divorce, you can always talk to Nimble. We can’t promise you how the support at Nimble will react, but Nimble does take each case and handle it individually.

Reading this, you are probably asking if a loan from Nimble is right for you.

Well, there is no clear cut answer to whether the loan from Nimble is right for you. This is because getting a loan entirely depends on you.

Withal, Nimble is a responsible lender. That’s why they let you decide the amount you want to borrow and schedule your repayments.

You should be able to repay your loan as fast as possible without straining. Nimble, however, warns that the loans they offer are meant to be a solution to a bad debt crisis.

If you are uncertain, it is recommended you visit a financial adviser. Applying for a loan when you are in debt, could easily cripple your life. Although Nimble lets you schedule your repayment in a way that suits you, if you want to pay your loan entirely, you still can. Besides, Nimble won’t charge you anything for canceling.

On the other hand, if you fail to meet the repayment on time, you will be charged an additional fee. The same also applies if your rescheduling extends your loan term for small loans.

TYPES OF LOANS

Nimble offers different kinds of loans. Each of these loans has different loan terms, repayment plans, interest charged, and establishment fees.

When applying, it is essential to consider all loan types that suit you. The decision on which loan you will apply for will hinge on how much you need and your ability to repay it.

Below are some of the loans that you can apply for at Nimble

  • Personal loan
  • Cash loan: could be a small or medium loan
  • Car loan

Interest

Annual Percentage Rate

At Nimble, an APR is applied to most of the loans. The notable exception where APR doesn’t apply is Small Loans. Instead, for small loans ($300 – $2,000), a fee is charged. This explains why they have no APR.

For medium loans, at Nimble, you will be charged an establishment fee of $400. You will be charged interest at an APR of 47.6158%. In addition, a comparison rate of 65.6597% based on an amount of $2500 is applied.

For personal loans, an interest rate between 8.99% – 29.99% applies.

Car loans have an interest rate of between 6.99 and 27.99 annually. The comparison rate is between 7.68 and 28.84.

Note that the comparison rate only holds for the example. For this reason, it may not include all fees. Factors such as loan amount and term can give a different comparison rate.

Interest is compounded: the interest charged is added to the outstanding balance and accrues interest at a rate similar to the principal amount of your loan.

The interest id debited in arrears monthly

Charges

The fees payable vary according to the loan you are applying for.

Some of the standard fees are:

  • Establishment fee
  • Late payment fee
  • Dishonor fee
  • Variation fee
  • Early repayment fee
  • Duplicate fee

Eligibility

After applying for a loan at Nimble, it is reviewed as fast as possible. Unlike traditional lenders, you don’t need to queue, fill tedious paperwork, and attend a meeting.

Nimble will consider your employment status. To be eligible for any loan at Nimble, you need to be employed. If you are on Centrelink payments, Nimble will review your application.

There is no provision for Nimble loans for the unemployed. Sorry.

The rest of the information you provided, indicating your ability to repay the loan will be reviewed next. You will be then offered a loan that you can repay comfortably.

Nimble understands that financial situation can get worse or better. If you applied and your application was declined, you can still apply once your financial situation is better.

You have to meet the general criteria below to apply for a loan at Nimble. Other loans may require additional requirements

  • Be over 18 years
  • An Australian citizen
  • Employed
  • Have an active contact number

Credit History

Nimble includes a credit check when doing the review of your loan application. This doesn’t mean that if you have a default, you can’t get a loan at Nimble. Nimble can still provide you with a loan, although your credit history is far from perfect.

This is dependent on when and why you have the black mark on your credit file. A credit check is only a small part of loan assessment, and it doesn’t necessarily reflect on your current financial situation.

However, some cases will make Nimble turn down your loan application. They include:

  • Being bankrupt
  • In a Part IX debt agreement
  • In a Part X personal insolvency agreement
  • Previously defaulted a short-term loan
  • A very poor credit history

Poor credit guidelines in Australia

Credit reporting agencies usually keep details of any credit/loan you apply for. In the same file, they also keep data regarding any debt associated with your name. Credit agencies collect your financial history and payment record before reporting it in a single file, credit file.

This file is used to tell you about your creditworthiness. It also determines your credit rating. In Australia, there are different credit agencies such as Experian, Veda, and Equifax.

You can access the file, and if it has misguided information, you can right that at no cost at all. It can only be done once a year.

To access your credit file information, the credit agency may need your:

  • Birthdate
  • Current and previous address
  • Active phone number
  • Employer
  • Driver’s license copy, passport copy, birth certificate copy or legal proof of age card
  • A document issued by an official body which includes your name and address such as utility bill, bank statement copy or rates notice

Information such as payment of bills is not included in the credit file. It is important to check whether all loans listed under your name are those you have applied for. Also, check your name and birthdate are correctly recorded.

The cases where the report can be changed are inaccurate listing or out of date listing.

Credit score

Based on information contained in your credit file, a score that is number based is calculated.

The higher the number, the better your score. Note that your income doesn’t in any way influence your credit score. Although the score is obtained from the information in your file, the two are separate.

Credit score changes over time as it hinges on the purpose of your loan and the credit amount you apply for. Several companies in Australia use this score when you apply for any of their credit products. They include banks, telco, and lending service providers.

When you apply for a loan at Nimble, they will review your credit file through a third-party provider. With the credit score, Nimble will tailor the loan amount you can borrow. Nimble will also their independent criteria and suitability check to determine the loan you can borrow.

Loans such as Credit, Interest-free store, Personal, Car, Business, and Home will contribute to your credit score.

Loan Application

For cash loans, you can borrow any amount between $300 and $5000

For a secured car loan, Nimble will have security over your car. As this loan is secured, it can have low-interest rates compared to others. You don’t necessarily need to have found a car to apply for this loan.

Secured car loans have a term of 6 to 84 months. You can borrow anywhere between $5,000 and $50,000. To be eligible for this loan, you must:

  • Be over 18 years of age
  • Australian citizen or permanent resident
  • Be employed
  • Have an Australian driver’s license or passport
  • Present your bank details
  • Have an active phone number
  • Not be having more than half of your income from Centrelink

Note that your vehicle should not be used for business; hence ‘personal use only.’ The vehicles accepted should

  • Be of personal use only
  • Mileage of less than 200,000km
  • Not more than 10 years old
  • Has no finance owing attached whatsoever

For personal loans, you can borrow any amount between $5,000 and $25,000. This loan is unsecured.

The application procedure for Nimble loans is straightforward. No paperwork is involved. All you need to do is visit their website and make a few clicks and taps.

You will be required to fill out your details, such as name, address, and phone number. You will also be required to give out your bank details, and if you receive Centrelink benefits, your MyGov account details.

This will help Nimble verify your financial situation. After application, you should relax as your application is being reviewed. You will receive an answer shortly.

For car loans, you will also need to upload your insurance and any other relevant documents.

Nimble may reach out to you to confirm your details. If your application is successful, you will get your funds within an hour of confirming, i.e. if you confirm before 4:30 pm AEST during banking days

Approval

Confirming your loan

After approval, you will need to set up the loan by selecting the loan amount, how long you intend to pay it (frequency), repayment amount, and when you intend to make the first payment.

If you are satisfied with your repayment schedule, then you will be ready to confirm your loan. A loan contract will be sent to you. If everything is perfect, including the Terms & Conditions, click ‘I agree,’ and that’s it.

Your money will be sent to you.

For car loans, your vendor receives the fund rather than you.

In case your loan application is not approved, worry not. There is no common reason for your request to be rejected. Each application is treated differently. You can always re-apply if your financial situation or circumstance gets better.

Transfer time

If you make your loan application outside Nimble operating hours, Nimble will reach to you the next business day. When your application is approved, you will receive the funds within an hour. In case it is not your first loan at Nimble or you don’t have a Visa Prepaid card, it may not take an hour. You can get the funds within seconds.

The time it takes to have the cash in your hands will depend on your bank.

Loan Repayment

Just like the application process, repayment too is simple. Loan payment will be through direct debit. On the repayment dates, the amount due will be automatically deducted from your bank account.

Nimble usually sends a reminder before the repayment dates, so you are not caught unaware.

The period in which you can have the loan varies depending on the loan you apply for. For small loans, as a new member, the loan term is between 2 to 4 months. For medium, it is between 2 to 22 months.

Personal loans have a minimum term of 6 months and a maximum term of 48 months.

The loan terms also hinge on the approved amount and personal circumstances.

In case your direct debit is declined by your bank, your bank and Nimble will charge you a dishonor fee.

For small loans:

  • On top of the dishonor fee, a daily fee of $5 will accrue if your account remains to be unresolved. This happens until the total amount owed becomes 200% of the principal.
  • If you reschedule to the next month, you will be charged a 4% fee monthly

For medium loans:

  • The repayment amount will increase if you fail to pay in time
  • Interest will accrue on the outstanding loan balance
  • You will incur a service fee if you decide to reschedule your payment

For personal and car loans:

  • $5 dishonor fee will be charged

You can reach Nimble at 133156 if you find out the funds in your account won’t cover the repayment amount. This will stop direct debit and help you avoid dishonor fee.

Nimble may be inclined to record in your credit file if you default payment.

Customer support

Customer support is reachable in several ways.

METHOD ADDRESS/ CONTACT NO.
Phone 133156 and +61756127200 for International
Email customercare@nimble.com.au
Office Locations 12-14 Marine Parade, Southport QLD 4215

2 Darling Street, South Yarra VIC 3141

Operating Hours

Weekday 7:00 am to 7:00 pm
Saturday 9:00 am to 5:00 pm
Sunday Closed

Final Thoughts

All factors considered, Nimble is a good money lender. The various loan types available make it even better as you can choose the loan that fits you. Although the interest rates make some Australians walk away, their overall services are great.

Now Finance Review

If you are an Australian facing a financial problem, chances are you have heard about Now Finance. Now Finance is an Australian based company that specializes in the provision of different loans.

nowfinance australia review

The company is headquartered in Melbourne. It also has offices spread over Australia to ensure better reach to its customers. Now Finance’s satellite offices are located in Brisbane, Sydney, and Perth.

The company has a variety of loans accessible to any eligible customer looking to get out of a fix.

Like other players in this field, Now Finance offers loans that can be used for various purposes. This includes travel expenses, debt repayment, medical bill, household funding, and even buying a car.

Now Finance Products

Now Finance offers different loan products to its customers. The choice on which product to settle with depends on your individual needs.

Some of the loans available at Now Finance include:

Debt Consolidation loans

Managing different debts you owe can be tedious and exacting. This is where the principle of debt consolidating comes in. Debt consolidation involves collecting all the debts you owe together into a single payment.

Now Finance provides you with a solution by giving you an option to bring together all your debts. You can then manage them by regular weekly or fortnightly payment.

A debt consolidation loan will put you in a better position as you manage your funds.

Travel loan

Lack of funds can stand between you and the dream holiday or getaway you desire. Planning for a good trip then realizing you don’t have enough funds will leave you shattered. That, however, doesn’t have to be the case.

If you need a little help to make your travel plans fantastic, you can apply for a travel loan at Now Finance. Don’t give up on that road experience you desire when aid is only a few clicks away.

Vehicle finance loan

Owning a vehicle in Australia eases your commute, not the mention the comfort it brings. Almost every Australian wants to own a car or at least upgrade to a new one.

With a loan from Now Finance, you can easily bring it all to reality.

Home improvement loan

Making renovations and doing house furnishing is expensive. If you lack enough funds, you can borrow a loan and make all the improvements you intend to. Now Finance offers you a number of loan options for home improvement purposes.

The home improvement loans have fixed interest rates. You can also set up a payment schedule that suits you.

Medical Expenses

Unexpected expenses, such as medical bills for your family member or yourself, can be stressful. Now Finance offers you a loan option that ensures you pay your bills and get treatment or surgery. You can repay the loan later when your health is restored.

Joint loans

You can also apply for a joint loan with your partner. For a joint loan, you and your partner should be living in the same address and, of course, in a relationship.

Joint loans are ideal if you intend to use the funds together as a couple.

In the event of an early payout, no fee is charged. Just like any other loan, the joint loan has a repayment period of 18 to 84 months. You can also set a weekly or fortnightly loan repayment schedule

Joint loans can positively affect your borrowing capacity. As this loan is ideal for couples, you can agree to repay the loan using household income.

Even if you are unemployed, you can get a loan from Nowfinance.

How does Now Finance work

Loan acquisition at Now Finance is straightforward. To get a loan, all you need is to visit their website and apply for it. You can alternatively call Now Finance and you will be guided on how to get a loan quickly. It shouldn’t take more than 15 minutes to apply for any loan type you want.

If you apply for a loan, say not later than 2 pm (EST) you will get a decision about the loan approval on that very day.

Now Finance’s website clearly outlines all the loan types you can apply for. All loan terms, eligibility criteria, and application procedures are also clearly outlined.

Applying for a loan from Now Finance comes with a number of benefits. Some of the benefits are:

  • You get your Australian-based loan advisor to help you with making financial decisions.
  • The personal loans at Now Finance have average fixed interest rates
  • Some loans, e.g., those of up to $40000, have a long loan term: extending up to 7 years.
  • The loan terms and repayments are scheduled to suit your needs.

Is Now Finance safe?

Now Finance is part of the Wingate Consumer Finance Pty Ltd ACN 158 703 612 Australian Credit Licence number 425142. It prides itself on providing loan solutions to customers in need of some quick cash.

The company has an excellent rating from TrustPilot and excellent reviews as well. It has a Trust Score of 4.8 out of 5.

85% of Now Finance customers find it excellent, while 12% more find it great.

To say the least, Now Finance is safe and also reliable.

Why choose Now Finance?

There are a lot of loan providers and money lenders in Australia. Before settling for any provider, it is important to weigh all the pros and cons.

Here are some of the reasons why Now Finance should be on your list of loan agencies when you need a loan.

  • Unlike some other loan providers, at Now Finance, your application is reviewed individually by a person. No software is used in the assessment process.
  • Loan haves flexible loan terms. The personal loan has a repayment term of up to 84 months.
  • Now Finance allows you a flexible repayment schedule
  • The interest rates of loans from Now Finance are better compared to other lenders
  • You get access to your loan advisor who is based in the country

Types of loans

There are various loan options available at Now Finance. Some of the loans are secured while others are unsecured.

Secured loans refer to those where you have to attach part of your personally owned property, such as a sailboat or car, to act as security. Unsecured loans do not need you to attach your property.

Of the two, secured loans have a lower interest rate.  Below we take a more in-depth look at both loan options.

Secured personal loan

For the secured personal loan, you can attach either your motorbike, vehicle or boat. The interest rate for secured personal loans starts at 7.59% to 15.45% per annum. A 9.59% to 17.59% annual comparison rate also applies.

The main benefit of applying for a secured personal loan at Now Finance is that it guarantees you a low-interest rate on the loan you will be applying for.

The secured personal loan has a repayment term of 18 months to 84 months. However, it depends on the loan amount you are borrowing and your repayment schedule. You can opt for a weekly or fortnightly repayment plan.

You can borrow anywhere between $15,000 and $50,000 for secured personal loans.

The value of the property or asset you offer as security will be based on internal estimates. The collateral item has to be worth more than 1/3 of the loan amount you are borrowing.

It is worth noting that specific guidelines may apply to the type of car they accept.

If you have no property to set as security or you don’t intend to attach property, you can go for the unsecured personal loan at Now Finance.

Unsecured personal loan

For the unsecured personal loan, you can apply for any amount between $5,000 and $40,000. Just like the secured loan, this loan has a repayment term of 18 months to 84 months.

However, you don’t need to attach anything as security.

Interest

Loans at Now Finance have different interest rates. A comparison rate that’s calculated annually also applies.

Now Finance demonstrates this by using an example of an unsecured loan of $30,000 with a term of 5 years. The minimum amount payable would be $38,610, calculated from the lowest interest rate 8.95% yearly. In this case, a 10.56% comparison rate yearly was also applied. The amount payable was estimated using the weekly payment plan. Additional fees such as $495 establishment fee and $13 administration fee charged monthly were included.

Note that the comparison rate was based on a loan amount of $30,000 over a term of 5 years. For this reason, other loans you apply for might have a different comparison rate because of their terms and other additional charges

Eligibility Criteria

The general eligibility criteria require that applicants meet some requirements before applying for any loan at Now Finance.

You must:

  • Be an Australian or a permanent resident of Australia
  • Have attained the age of 18 or more at the time of application
  • Be employed. Both full-time and part-time employment qualify. If you are self-employed, it has to be for a period of not less than 2 years. If you have a casual job and you have been working for over 6 months, you qualify for a loan at Now Finance. Centrelink payments are considered as a secondary income.
  • Not have defaulted any loans before. Besides, you should not have an existing payday loan.

You don’t qualify to get a loan if you are bankrupt.

Some loans may require you have a copy of the following documents:

  • An Australian drivers license or Medicare card
  • An Australian passport
  • Your identification card
  • Any document that shows proof of income earning or employment
  • Rent or mortgage payment receipts

Loan Application

The application process is quick and straight forward. The whole task will take you about 20 or so minutes if you have a good internet connection.

Visit Now Finance’s website and get your individual rate to get started.

Here is why you should check your rate:

  • Getting an individual interest rate means you don’t have to pay your loan with the standard interest rate
  • It doesn’t cost a dime
  • The process of checking your rate is straightforward and only takes minutes
  • It does not affect your credit score

You can alternatively apply through the phone. Call 1300 275 669 and get in touch with a loan advisor. The loan advisor will guide you through the application process.

If you are taking the online approach, here is a simple guide. First, you have to know your individual rate before moving any further.

Fill in the form available at ‘get my rate’ page and then sit back & relax. Your rate will be sent to you in a matter of minutes. Note that the rate doesn’t change as you go on with the loan application process.

Once you are aware of your rate, go on to finalize your application. You may be required to send some documents to verify your information. The process only takes a few minutes.

Approval

After you are done applying for the loan, it is conclusive to say you are through with the involving part. Now Finance will review your loan application to determine whether you will get the loan or otherwise.

The approval process takes a short while. You will get an answer as soon as your loan application is assessed.

Transfer time

If your loan application is successful and has been approved, the funds will be transferred to your account. The transfer time is typically 2 business hours.

The upside of having a loan advisor is that he/she will guide you through the whole application process. You can also ask your loan advisor any questions regarding the loan.

Loan Repayment

Now Finance is flexible when it comes to loan repayment. The loan repayment term is between 18 to 84 months.

Interest, as well as other fees, will be included in the total payable amount.

Customer support

The customer service at Now Finance is good. Should you have any inquiries, you can also go through the website’s FAQs. At the FAQs page, Now Finance has posted answers to the queries commonly asked by the customers.

Most of the questions under the FAQ section can be very helpful especially if you had a similar issue.

If you are not satisfied, you can reach customer support through a number of ways. They include Email, Live Chat, and Phone.

METHOD ADDRESS/ CONTACT NO.
Phone 1300 275 669

 

Email customerservice@nowfinance.com.au
Office Locations Melbourne, Victoria

3004

Melbourne

There are offices in Brisbane, Sydney, and Perth too.

Customer support does not operate on a 24/7 basis. Nonetheless, they are responsive and give relevant solutions to inquiries.

Operating Hours

Now Finance operates 5 days a week. Therefore, it is advisable to apply for a loan during the week. Your application will be reviewed and you may even receive the funds on the same day.

Weekday 9am – 8pm
Saturday Closed
Sunday Closed

Final Thoughts

Apart from the interest rates and additional fees, Now Finance is just as good as any other loan agency. The wide variety of available loans is a plus. The loan terms are also favorable.

However, the fact that customer support isn’t available 24/7 is a letdown.

Frequently Asked Questions

Can I get a loan from Now Finance if I am self-employed?

Now Finance does not restrict self-employed Australians from getting a loan.  However, your business ABN has to be registered for a period of more than one year. You will also be required to produce your ATO issued Individual Notice of Assessment.

What is a Joint Personal Loan?

A joint loan refers to a loan option for two people in a relationship that is applied for conjointly. Both co-applicants share repayment responsibility. To qualify to get a joint loan at Now Finance, you need to be living with your partner.

If your join loan application is successfully approved, you and your partner will become co-borrowers. Together, you become liable for the loan.

Before applying for a joint loan, you must ensure that both of you individually meet the eligibility criteria.

How much does it cost to get my credit score or credit report?

Getting your credit score costs nothing.

To access your credit report, get in touch with one of the leading credit agencies in Australia. Equifax and Experian are the preferred agencies.

Does everyone applying for a loan have a credit history?

When you borrow a loan, the information is recorded in a file. Any information about the debts you have is also noted down in this file.

If you have not applied for credit or borrowed a loan, there exists no credit file. By extension, it also means you don’t have a credit score. This explains why most Australians below the age of 18 lack credit scores.

What can I use my loan for?

At Now Finance, you are not limited on where and what to use the loan for. People face different struggles. Fortunately, Now Finances understands that. You can use your credit for various purposes.

They include a family vacation, university fees, medical bills, car repair, shopping, and even utility bills.

Does applying for a personal loan from Now Finance affect my credit score?

When you apply for a loan, details about it will be noted down in your credit file. How you repay the loan affects your overall credit score. Note that delayed payments and defaults will negatively impact your credit score.

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Personal Loan Comparison

A personal loan is a type of unsecured loan, meaning they’re not backed by any form of collateral.

Personal Loan Comparison

You don’t risk losing any assets if you’re unable to pay. However, they do tend to have higher interests rates than secured loans. This is because they are more of a risk to the lender.

Guide to Personal Loan Comparison in Australia

Personal loans can be used for many purposes from buying expensive items to paying off debt.

You might be thinking: “is it wise to pay off a debt with another debt?” It can be. For instance, personal loan interest rates are typically cheaper than those on credit cards. So consolidating the debt from multiple high-rate credit cards into one payment can help in the long run.

Best Loans in Australia

Here are some of the best loans offers we could find:

Name Interest Rate (p.a.) Loan Features Review
review From 8.95% (fixed) $5000 or more + No Security Required
GO TO SITE
review From 35% $2000 or more + 5 Minute Application
GO TO SITE

Other loans include ING Home Loans and Wallet Wizzard.

How to Compare Personal Loans

Just like when purchasing a pair of shoes or a new phone, it’s best to shop around first. Comparing personal loans isn’t that hard if you know what to focus on. In this section, we’re going to be discussing the most important factors.

1. Comparison Rate

Comparison rates help you figure out the true cost of a loan. Calculate as a percentage, it includes the interest plus all the additional fees that lenders charge you for taking out a loan. The way comparison rates are calculated can differ between lenders. However, they’ll typically let you know how exactly they arrived on the figure.

2. Interest Rates

Interest rates should still be considered independently as well. Comparison rates factor in one-time fees but interest is what you’ll be charged throughout the term. Hence, it’s always best to ensure that you’re getting a competitive rate on your loan through comparison. Typically, personal loan interest rates can vary between 6% to 36%, depending on your credit score.

3. The Type of Lender

Banks aren’t the only option when it comes to getting personal loans. In fact, credit unions typically offer smaller interest rates and few fees. In addition to these, you can also find good marketplace lenders who typically tend to expedite the loan process.

If you’re thinking of approaching a marketplace lender, we highly recommend NowFinance. They offer a competitive fixed-rate at 8.95% per annum. Plus they let you borrow up to $40,000, depending on how good your credit is.

4. Loan Term

Personal loans aren’t a long term solution. Hence repayment amounts are typically larger than what you might get with a mortgage. If you are unable to pay big amounts, then you may have to seek out a lender that offers a long repayment term. However, the trade-off will be that you’ll pay way more in interest.

NowFinance offers multiple options when it comes to the loan term. You can choose from 18 months all the way up to seven years.

5. Flexibility

What if you wanted to pay off your loan quicker than the agreed-upon schedule? Here’s the thing: lenders don’t actually want you doing that. This is because the faster you repay the less they’ll collect in terms of interests. Hence, most lenders will tack on an early repayment charge. This can vary between lenders so it’s best to do your research beforehand.

6. Fees

All lenders will charge an upfront application fee before they begin processing your loan request. These can vary a lot between lenders and typically depend on the amount you’re trying to borrow. For instance, NowFinance charges $495 for a loan of $10,000 which isn’t bad as far as application fees go.

In addition to one-time charges like the application fee, you may also have recurring ones. Certain lenders charge a monthly service fee. This is usually around $10 to $15. Hence, make sure you factor this into your loan repayment budget as well.

Tips for Comparing Personal Loans

Now that you know what factors to consider, here are some tips to help you with your hunt:

  • Get as many quotes as you can – The only way to find out if you’re getting a competitive offer is to compare. Hence, try and get at least three different quotations from lenders before making a decision. The more quotations you get, the better. Make sure you request quotes from different types of lenders as well and not just banks. This will ensure that you get the best rates possible.
  • Avoid Hard Credit Inquiries – Hard inquiries or ‘hard pulls’ involve more stringent checks into your credit. Every time a lender requests a hard inquiry your credit score tends to drop a few points. However, this drop is only temporary and may even normalize before the inquiry is finished. The danger lies in having multiple hard inquiries within a span of a few months. This makes you look a little desperate to lenders, giving the impression that you may be in financial trouble and is setting yourself up for a lot of debt.

It’s best to avoid hard inquiries altogether but sometimes it can be difficult. Hence, if you’re not in too much of a hurry, try to at least spread them out. You can also try using online comparison tools instead of requesting from the lenders themselves.

  • Consider the overall Cost when Comparing – Just because you’re quoted a lower interest rate doesn’t mean it’s necessarily cheaper. Let’s say you’re looking at two offers with 10.56% and 8.50% fixed rates. If the second offer is a year longer on its repayment loan, then it might actually be more expensive. The same could be true if it charged a monthly fee while the other didn’t. Hence, always consider the overall cost of a loan.
  • Go through the Fine Print – The fine print is where lenders detail things like extra fees and penalties like the early repayment charge. If you’re looking at a variable rate loan, the fine print will contain information on how often the rate is adjusted. The more frequent the adjustments, the higher the risk that you’ll pay more.

Personal loans can be quite useful during financial emergencies when you don’t have collateral to offer. However, just because they’re easier to get doesn’t mean you shouldn’t shop around first. Comparing loans will help ensure that you get the best offer possible.

ING Home Loans

Home loans are what stands between most people and their dream homes.

ING Home Loans

Before anything else, it can be quite difficult and nerve-wracking to find an offer that works for you. In this article, we’re going to be talking about ING Home loans specifically and why you should consider them.

About ING Australia Home Loans

ING Australia is part of the ING Group which is a Multinational bank from the Netherlands with assets totaling US$1.1 trillion. This has allowed it to be ranked among the top largest 30 banks in the world.

ING is a purely online institution, which may understandably rub some people the wrong way. However, we feel that the two biggest concerns with online lenders are mitigated in ING’s case. First of all their home loan interest rate is well within the average rage. Typically online lenders have a tendency to charge more than regular banks. In addition, the former is more likely to go out of business, compared to the latter. However, as mentioned above, ING has enough assets to stay afloat during times of crisis.

Best ING Home Loans Alternatives

Here is a list with the best loans companies that might be better than ING:

Name Interest Rate (p.a.) Loan Features Review
review From 35% $2000 or more + 5 Minute Application
GO TO SITE

If you are unemployed, there are some companies that can give you a loan.

ING Track Record in Australia

With an  Australian banking license since 1994 and ING has handled over 4 million mortgages to date. Hence they’re experienced lenders with a solid reputation and large customer base all across the country.

What do they specialize in?

ING primarily focuses on savings accounts, superannuation options, transactions and business products including ING refinance. They offer services and products to a wide variety of demographics including investors, homeowners, borrowers consolidating debts, those looking to refinance…etc.

ING Home Loan Features

1. Deposit Size

In order to be eligible for a mortgage, you need to have a certain percentage of the mortgage’s total value already deposited in your account. This percentage can vary vastly between lenders. With ING, the deposit size needed is 5% and so the remaining 95% will be issued. As of now, 5% seems to be the average in the mortgage market so it’s definitely not a bad deal.

compare ING loans

2. Offset Account

Borrowers use offset accounts to offset the amount of interest they pay. Every dollar that you place in your account goes directly towards reducing it. For instance, let’s say you take out a mortgage of $350,000 but you had $20,000 saved in the offset account. In this case, your interest charges will be calculated based on $330,000 instead of $350,000.

ING offers a 100% offset account which means that the exact scenario above will apply. However, certain other lenders may offer partial offsets. These only discount a percentage from the total amount you’ve saved in the account.

3. Split Rate

A lot of home buyers have trouble deciding between fixed and variable home loan rates. If rates are predicted to drop, then the latter can more favourable. However, there’s always the fear that the market could suddenly take a turn for the worse.

Fortunately, with ING’s split rate feature, you don’t have to choose. You can have certain portions of the home loan as a fixed rate and the rest as variable. This allows you to take advantage of reduced rates in the future while also having some stability.

4. Interest-Only

ING offers interest-only options with two of its home loan products: Mortgage Simplifier and Orange Advantage. Interest-only loans are basically loans where you only pay interest each month. The lump sum of the home loan will be paid at once at an agreed-upon date in the future.

Interest-only loans are beneficial if your finances aren’t all that great right now but you expect it to become better in the future. By paying only interest, you get the opportunity to save up.

5. International fee waiver

If you open a Orange Everyday account, ING will give you a pass on international transaction fees. This can be very beneficial for those  looking to buy a vacation home abroad or perhaps get an Airbnb started.

ING Home Loans – the Numbers

Lets answer some frequently asked questions. Leave a comment below, if you have more questions.

With a loan from ING, how much can I borrow?

ING’s home loans let you borrow between $150,000 to $500,000. Of course, your maximum borrowing power will depend on your credit score. If you don’t know exactly how much you need to (or should) borrow, we recommend consulting an online home calculator first.

What are the interest rates for an ING direct line of credit?

ING home loans charge fairly standard interest rates, ranging from 3.03 % to 3.49%. Again, depending on your credit score, this can vary. For a more accurate indicator of the total cost of each home loan, you’ll need to pay attention to the comparison rate. The comparison rate factors in charges and fees as well, not just the interest.

Are there any ongoing fees?

The Mortgage Simplifier loan does not charge an annual or a monthly fee. On the other hand, the Orange Advantage charges an annual fee of $300 a month.

Is there an application fee?

ING does not charge an application for their home loan products.

Who is Eligible for an ING Home Loan?

While each loan product has its own criteria, there are basics that apply to each. These include:

  • Being over 18 years of age
  • Holding an Australian residence visa
  • Having a stable income

In addition to these eligibility criteria, you’ll have to provide the right documentation in order to be approved. These include:

  • Identification such as your passport or driver’s license
  • Proof of income – this can be a job confirmation letter or better yet, your recent payslips
  • Assets and liabilities – these include documents of your savings, investments and any outstanding debts.

What about Personal Loans?

In certain cases, personal loans can be a better alternative to home loans because they’re unsecured. This means that you don’t have to offer up collateral or 5% deposit in order to qualify. Personal loans are best if you’ve already procured most of the amount required but need a little bit more.

For personal loans, we highly recommend NowFinance. It’s got a competitive fixed interest rate and lets you borrow up to $40,000.