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 $30,000 for loan terms of between 12 months to 7 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. Our rate reducer includes automatic interest rate reductions applied at six-month intervals if you maintain your repayments, which can help you pay off your loan sooner.
How can I improve my credit score?
How can I consolidate my debts?
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.
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!
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 $5,000 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 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?
- 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?
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.
How do I make loan repayments?
What happens if I miss a loan payment?
Saving with LoanU
How much can I save with on the Rate Reducer personal loan?
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.