Frequently Asked Questions

How old must I be to apply for a loan?

You must be at least 18 years old to apply for a loan.

Do I need to have a deposit ready when I'm applying?

Often no. A deposit may be required depending on previous credit history or the value of the goods being financed.

Can I get pre-approval on a loan application?

Yes, if you receive pre-approval on your loan it is valid for 30 days.

What is a credit rating?

Banks and other financiers will use a credit score to help determine whether they will lend you money. Your credit score is partly determined by your stability (how long you have been at your address and employment). Defaults, court writs and summons also have a negative impact on your rating. The number of enquiries you make will also impact your credit score. The more enquiries over 12 month period can lower your score.

Personal Loans

How much money can I get a loan for?

We assess and find out what we think is the best-sized loan for you based on multiple factors. Our brokers do this based on income, expenses, repayment ability, and your reason for getting a loan. $30,000 is the maximum amount for an unsecured personal loan. $4,000 is the minimum for a secured loan and there is no maximum amount.

How much my repayments will be?

Using Loans 123’s Loan Calculator you can determine how much your repayment will be based on the options you choose and the loan’s approval. Please note that the Loan Calculator is a guide only.

Can my personal loan be repaid ahead of time?

Of course. See the Loan Calculator as it can show you ideas on how you can repay your loan faster. Most of the time, making additional payments or lump sum deposits into your loan results in no extra charges. Although, we recommend you to first always read your credit contract, as lenders conditions apply to early repayment terms.

Is it essential that I provide a guarantor or security?

For some loans in case you default on your loan, you may be required to provide a guarantor or security. If you provide security and you default on your loan, your goods will be sold to make back the money. Any remaining balance yet to be paid back is still the borrower’s responsibility. If you default on a loan and you provided a guarantor, they will be asked to pay it back for you. We advise for guarantor loans that the guarantor obtains legal advice independently to ensure they know their obligations and rights.

Example of a typical consumer’s unsecured fixed rate loan:

$20,000 (includes a $250.00 establishment fee and a $990.00 origination fee) loan at an interest rate of 10.99% p.a. (12.21% p.a. comparison rate*) over 5 years.

Repayments are $438.00 per month over 60 months ($101.07 per week), this includes $13.00 per month loan administration fee.

Total repayment over 5 years: 60 x $438 = $26,280.

This interest rate is for indicative purposes only and may vary depending on the assessment of the lender.

The comparison rate of 12.21% p.a. is based on an unsecured consumer fixed rate loan of $30,000 over a term of 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The National Consumer Credit Protection Act 2009 (NCCPA) requires that all lenders that publish interest rates for a product also publish the comparison rate. The comparison rate aims to inform the consumer of the true cost of a loan and is designed to make it easier to compare the different credit products available in the market. A comparison rate does not include all fees and costs, eg Government fees and charges and will not include other factors that may make the loan more attractive, eg flexible loan arrangements.

Payday or Short Term Loans

“Payday” loans are not offered by Loans 123 and neither are short term personal loans.

We don’t offer this type of loan because it is highly likely to reduce the chance of you getting approval for any future lending due to it damaging your credit file.

Loans 123 charge a fee?

If a loan is approved then yes. We include this in your loan amount as well as it is disclosed in our Quote and Credit Guide which is provided to you.

Call us today on 1800 100 100 or apply online and discuss your finance options and loan.

Getting a loan is as easy as one, two, three with Loans 123!

Commercial Loans

Do you give commercial car loans to startups?

You be better to call 1800 100 100 our office and speak to a broker about your businesses circumstances and any other expenses before applying online.

Can I get pre-approval on a loan application?

Yes, if you receive pre-approval on your loan it is valid for 30 days.

Do I need to have a deposit ready when I'm applying?

Often no. A deposit may be required depending on previous credit history or the value of the goods being financed.

How much can a business get commercial car financing for?

Banks and other financiers will use a credit score to help determine whether they will lend you money. Your credit score is partly determined by your stability (how long you have been at your address and employment). Defaults, court writs and summons also have a negative impact on your rating. The number of enquiries you make will also impact your credit score. The more enquiries over 12 month period can lower your score.

Novated Lease

Can I use this lease type as a tax deduction?

Normally, novated leasing is usually a tax-effective approach that individuals can take when purchasing a vehicle depending on the type, kilometres travelled yearly and the leasing terms.

What is a novated lease?

A novated lease is a type of leasing agreement that allows employees to obtain a vehicle by using their pre-tax income and is set with a three-way agreement between an employer, the person and their lending company.

What happens is that the employee buys the vehicle from the lending company who then has an agreement with their employer to sacrifice a part of their salary to attain the lease payments.

How long does a novated car lease go for?

The terms for such a lease can be anywhere between 2 to 5 years depending on what was agreed upon with the employer. Every monthly payment that is made will go towards the reduction of the total balance for the lease. All of the monthly lease payments would then be deducted automatically from the pre-tax salary, providing the person with amazing tax benefits rather than just financing the vehicle on their own.

How does a novated lease help me?

One of the major advantages of a novated lease is that all of the running costs which include the fuel, maintenance, tyres and insurance are all part of the monthly payment depending on the type of lease you’ve chosen. This can turn out to be quite convenient especially if there are any big repairs needed by the vehicle.

A novated lease is also advantageous during the end of the term, as the person will have the option to either buy the vehicle directly, refinance the car using a new lease or to sell it.

Resources

Resources & Articles For Making the Most out of Your Loan.

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Contact Us

You can contact Australia’s leading online finance broker Loans 123 for financial advice and assistance in obtaining a loan. 

2 Cargill St, Victoria Park WA 6100

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