How can a LoanU Personal Loan help me?
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 $5,000 to $12,000 for loan terms of between 2 to 4 years. We do not base your application off your 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 aim to 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 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 base your application off your 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 aim to work with you to find the most suitable loan solution for you.
How can I consolidate my debts?
At LoanU we have developed a 4-step process to help you to consolidate any number of debts into one easy-to-manage loan.
By using our 4-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.
We gather as much information as possible about your current situation. This allows us to formulate a loan solution tailored to you.
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.
Once your mediation is finished, we use your loan solution to pay the discounted settlement amounts to your creditors. Your accounts are finalised quickly.
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!
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 $5,000 and $12,000 based on your situation and income.
How long can I borrow for?
Our personal loan terms range from between 2 to 4 years on a case by case basis, 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. Our interest rates vary according to every individual’s situation.
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
How long does the application take?
How long does it take to get a decision on my application?
Am I eligible?
Am I eligible for a personal loan?
- 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?
Can I get a loan if I am a discharged bankrupt?
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.