FAQs

About LoanU

Why LoanU?
We’re an alternative lender built to help Australians find a brighter financial future. We find ways to help when banks won’t, and we’re way cheaper than a payday loan. When consolidating we pay your loans directly and can help you mediate on your debts to stop the collection calls. With a simple, 15-minute online application process this could be your first step on the way to financial freedom.
How can a LoanU Personal Loan help me?
We’re an alternative lender built to help Australians find a brighter financial future. We find ways to help when banks won’t, and we’re much cheaper than a payday loan. When consolidating we pay your loans directly and can help you mediate on your debts to stop the collection calls. With a simple, 15-minute online application process this could be your first step on the way to financial freedom.
How can I get a personal loan if I have a bad credit score?
At LoanU we believe in assessing our clients based on their circumstances today, not what has happened in their past. We help you move forward, without being judged for the “black marks” on your credit report.

LoanU offers personal loans from $2,001 to $30,000 for loan terms of between 12 months to 7 years. We do not credit score, so whether you have a less than perfect credit rating, or are looking to consolidate any number of debts into one easy-to-manage loan, we will work with you to find the most suitable loan solution for you.

Why should I avoid payday loans?
Payday loans involve high interest rates, and are designed to be a quick fix for a short term solution. LoanU offers a real alternative to high-cost, short term loans. We’re want to help you consolidate your debt, and to help solve the larger problems you’re dealing with.

LoanU can help you to improve our credit score, save on interest and pay off your loans faster.

What is the difference between LoanU and a bank?
Well, we’re not your everyday lender. We actually care about rewarding good repayment history and want to help our customers on their path to financial freedom.

We do not credit score, so whether you have a less than perfect credit rating or are looking to consolidate any number of debts into one easy-to-manage loan, we will work with you to find the most suitable loan solution for you. With automatic interest rate reductions applied at six-month intervals for good payers, we’ll also help you pay of your loan sooner.

How can I improve my credit score?
When your debt is consolidated and paid off directly, your credit score can begin to improve immediately. With the introduction of positive comprehensive credit reporting and by proving a solid repayment history, we can help you get back on track.

Debt Consolidation

Debt Consolidation
At LoanU we have developed a 5 step process to help you to consolidate any number of debts into one easy-to-manage loan.
How can I consolidate my debts?
At LoanU we have developed a 5-step process to help you to consolidate any number of debts into one easy-to-manage loan.

By using our 5-step process, getting a clear and defined road map back to financial freedom has never been easier. At LoanU we are all about giving you a clean slate and helping you to create a future free from the stress from multiple debts, which have spiralled out of control.

  1. Evaluate

We gather as much information as possible about your current situation. This allows us to formulate a loan solution tailored to you.

  1. Mediate

Within our group of companies, we have access to specialist debt mediators. They will negotiate with your debt providers to reduce the cost of your debt repayments.

  1. Consolidate

Once your mediation is finished, we use your loan solution to pay the discounted settlement amounts to your creditors. Your accounts are finalised quickly.

  1. Eliminate

All loans are rolled into one easy-to-manage loan. You will have affordable repayments, matched to the timing of your income. You now have a set timeframe to work towards clearing the debts which have been dragging you down for so long!

  1. Activate

As you pay off your loan, we will activate automatic interest rate reductions at six months intervals. That’s right- as you develop a strong repayment history, we will help you pay off your loan even sooner.

Applying for a LoanU Personal Loan

How much can I afford to borrow?

Our LoanU advisors work closely with you to ensure your loan is affordable. We look at your  application thoroughly, and tailor a simple loan that suits your financial circumstances.

Talk to a loan adviser today.

How much can I borrow?
We provide loans between $2,001 and $30,000 based on your situation and income.
How long can I borrow for?
Our loan terms range from between 12 months to 7 years and are dependent on your loan amount.
What is the cost of a LoanU Personal Loan?
There is an establishment fee that ranges from $400 to $1,100 (depending on the size of the loan) and a monthly service fee of $15.  The balance of the annual cost rate (interest) applied over the term of the loan ranges from 26% to 39.99% p/a.
What do I need in order to apply for a personal loan?
Again, we’ll need to look into your situation in more detail to let you know all of the things we’ll need, but as a minimum we’ll ask for:

  • 3 months personal bank statements (sourced during application process through a secure third party provider);
  • Identification documents
  • Drivers Licence
  • Medicare Card;
  • Income verification
  • PAYG employees – 3 most recent payslips
  • Self-employed – Tax Return and Notice of Assessment from the most recent financial year
How long does the application take?
Our online application is quick and simple, you can generally have this completed and submitted in 10-15 minutes
How long does it take to get a decision on my application?
Once we have received all the required information you will receive a call from one of our loan consultants and generally a decision is made on your application within 48 hours.

Am I eligible?

Am I eligible for a personal loan?
We’ll need to look into your situation in more detail to provide an answer to this question. First off, though – you must meet the following criteria as a minimum:

  • Aged 18 years or older
  • Australian citizens or permanent residents or hold a Visa that is acceptable to LoanU
  • Must have a current and valid Australian Driver licence
  • Reside in Australia with an acceptable, locatable fixed and verified address
Can I get a loan if I am bankrupt or in a debt agreement?
No, not if you are currently in bankruptcy or a Part 9 or 10 debt agreement.  However, if you are discharged we may be able to assist you.
Can I get a loan if I am a discharged bankrupt?
Yes, if you have been discharged from Bankruptcy we are able to assist you. In this circumstance, your recent repayment history is more heavily weighted as part of the process of assessing your loan.

I’ve been approved – now what?

What happens once I am approved for a loan?

For our customers that use LoanU to consolidate existing debts we pay the loan or debt directly to the creditor, which provides you with certainty and allows you to rest easy. You will know your debts have been cleared and that you have simplified your repayments, making them easier to manage.

In the event that we are not consolidating debts and providing funds for another purpose, we provide the loan amount to you by direct deposit to your bank account.

Loan repayments

How do I make loan repayments?
We make this as simple as possible for you and debit your bank account automatically on your pay day.  By matching your repayments to the timing of your income, we make it easy for you to plan and budget.
What happens if I miss a loan payment?
We understand that sometimes things happen which are outside of your control. If you give us a call to notify us that you’ll be missing a payment, and make up the payment, we will waive your dishonour fee. However, if we need to call you to request the payment, the dishonour fee will apply.

Saving with LoanU

How much can I save with LoanU?

At LoanU we actually care about rewarding good repayment history, and want to help our customers on their path to financial freedom. With automatic interest rate reductions applied at six month intervals for good payers, we’ll also help you save on your interest costs.

Start your path to financial freedom, and talk to a LoanU advisor today.

 

Find out if LoanU is right for you.