Loans Unlimited is committed to providing you with clear communication and answers to your questions, that’s why we put together this FAQ’s page to allow you to get the answers you need and fast. We’ve included a range of general finance and loan questions, as well as more specific topics including car loans, leisure loans, personal loans and more.
Find our FAQ’s below:
Interest rates vary from one person to another. Circumstances are unique, which is why interest rates can differ between each customer that we have. However, we do provide an estimate for your loan. This way, you will have an idea about how much the loan would cost you.
Please note that Loans Unlimited does not determine your interest rate. Rather, our panel of over 30 lenders decides on the rate based on certain factors. After taking time to look at your application, these lenders will select the reasonable interest rate for you, which will depend on your case.
Some of these factors include your living situation, such as whether you are boarding, renting, or mortgaged. They will also examine your work history and other relevant things, such as the length of employment in your current job. Other important considerations include your credit score and age of credit file (for those with previous loans). If you have a bad credit history, it’s time to repair it. Read this guide for some helpful tips.
Yes, you can look at your credit file. You can view your credit score, as well as other pertinent information from the three credit reporting bodies in Australia. These are Equifax, CheckYourCredit (illion), and Experian. These credit reporting bodies are required by the law to provide any consumer with access to their credit report for free. If you have not requested for your credit file for the last 12 months, you can receive it without any charge.
All consumers can access their file if their credit application within the past 90 days has been refused or rejected. If you need to correct specific personal data relating to your credit history, you can request a free copy as well.
Every lender that you send your loan application to or even sent an enquiry will do a soft or hard credit pull to check if you are eligible for a particular financial product. By viewing your credit report, you can decide whether or not you have received a good deal from a lender based on your credit history.
When life gives you surprises, you want to know where you can get fast cash. If you apply for a loan with Loans Unlimited, you will experience a quick, hassle-free process. However, the approval will depend on your application.
If you wish to be approved on the same day or in just a few days, it is best if you are asset-backed. What it means is that your loan is secured with collateral. Many of our lenders will provide you with an immediate response so that you can pay for whatever purchase or payment you need to do.
On the other hand, if you are a part-time or casual employee and you have a bad credit history, it may take a while to get approval from our lenders. It would help to provide more information, such as bank statements, to support your application. The quicker you send the needed documents, the faster your application will be evaluated.
A balloon payment is also called a residual payment. Essentially, it is a lump sum amount that you receive as a borrower. Then, you are required to pay the lender that amount at the end of the loan term. This term is derived from the fact that it is quite inflated in comparison to other payments.
For instance, you applied for a car loan here at Loans Unlimited. The vehicle is worth $40,000, and the loan term is five years, with an interest of 5.44%. The agreed balloon payment is 25% of the loan, which is $10,000.
Your monthly payment will be $617.54 instead of $762.94. As you can see, a balloon payment reduces your monthly repayments. However, you may not save some money due to the accumulated interest.
Here at Loans Unlimited, we make sure that you have a good chance for loan approval. However, as with banking institutions and other lenders, your loan application’s approval increases when you have a satisfactory credit history.
Depending on the loan you are applying for, you may be required to provide an asset, which will serve as security. In doing so, you not only boost your chances of getting approved but also lower your interest rate.
If you have many liabilities and unstable employment history, the approval percentage could decline. Nevertheless, our staff always works hard to ensure that you get approved. At the same time, we help you enjoy the best possible interest and terms.
Personal loans are designed to fund a specific type of purchase or expenses. So, to answer the question, yes, you can use a personal loan to buy the car you want. One of the biggest benefits of a personal loan is its flexibility. You can use the money to pay for a home remodel, out of town holiday, and of course, car purchase.
However, we highly recommend that you use an auto loan instead. The process is more straightforward, especially when qualifying for an auto loan. The interest rates may also be lower, particularly if you have a good credit rating. Another reason why you may want to opt for a car loan is that personal loans have various fees, including origination fees and prepayment penalties.
Since a car loan automatically uses the vehicle as security, your loan will likely have a lower interest.
The interest rate is one of the compelling factors in a loan. Most people look at the interest and apply for the loan because of the low offer. But an interest rate can change over the duration of the loan, which can either be favourable or unfavourable for you. This instance happens on a variable rate loan.
If you value predictability and stability, you can opt for a fixed-rate interest loan. The amount you pay every month will not change until you pay off the full amount. However, you usually cannot make extra repayments for a fixed-rate loan compared to a variable-rate loan.
The amount that you can borrow is based on your borrowing capacity. It will be calculated carefully so that it meets your current needs or purchase plans. Other considerations that can affect how much you can afford to borrow are your credit history, monthly income, expenses, and credit. That way, the lender is assured that you can make the repayments on time.
Every lender or loan product can have its own specific requirements to determine your borrowing capacity. However, most of the time, you will have to provide information, such as your marital status and the number of dependents, your Gross Taxable Income (excluding your Superannuation), and your credit card limits or existing debts.
At Loans Unlimited, we strive to make things easier for you. Our process is quite simple and straightforward. You only have to click on the Apply Now button that you can find on the top right-hand corner of our website. A short form will appear immediately where you will supply us with your personal information, along with the amount you require. Press on the Request a Call button once you are done.
An alternative is to call us on 1300 212 200. Our friendly customer service representative will be there to talk to you about your loan requirements. You will know how to proceed with the application, which will involve you providing us with documents, such as ID, salary, and bank statements.
After talking to a range of lenders, we will give you more details about the loan. If there is anything else required, such as additional documentation, we will ask them from you. Once everything is in order, we will contact you again to inform you about the status of your application. After giving you the good news about the loan approval, we will require you to read and sign some finance documents.
We will then disburse the payment for your vehicle if you applied for a car loan. Suppose the application is for a personal loan. In that case, we will inform you when you can expect the funds to be available in your bank account. You can then collect the money you need for your holiday, home improvement, or any purchase.
Loans Unlimited is known to provide the best deal for everyone, including those with bad credit history. However, many lenders will view you as a risk if you have existing debts or have recently filed for bankruptcy. As much as possible, you should try to repair your credit first if you are looking to obtain the best interest rate. Here’s a guide on how to check your credit score.
Nevertheless, we guarantee our customers that we work hard to give you a good outcome. Our vast network includes specialist lenders willing to help out those who have less than attractive credit ratings.
Although the interest rate will be higher than the conventional range, you will still receive a good offer. Plus, you can use this chance to improve your current record. That way, you can have a much better rate the next time you apply for a loan.
Yes, we offer pre-approved loans, which will help you limit the budget. You can even use the pre-approval to negotiate with a seller, which is useful if you plan to buy a car. As you may already be aware, pre-approvals make you an attractive buyer. That’s why it becomes easier to look for bargains with a dealer.
When sellers know that you are qualified for a specific loan amount, they are more likely to give you a good offer. They may even make compromises since they see the sale is for certain.
Please note that pre-approvals expire, which is why we only offer them to those who are sure they will buy a vehicle within that time frame.
Yes, you can. Unlike many other lenders, Loans Unlimited will help you find financing even if your only source of funds is through Centrelink. This is good news for you because you do not have to give up your dream to buy a new car or pay for a home renovation.
We accept applications from borrowers with Centrelink benefits as their source of income, including those who receive Single Parenting Payments, Tax A & B, and disability or age pension. You can apply for personal and car loans, as well as other types of loans whilst listing Centrelink as your income.
If you do have other sources of funds or a secondary form of income other than Centrelink, we encourage you to provide complete documentation. It will help speed up the process and strengthen your application.
On some occasions, you may ask to update your information. By keeping those details saved, the update you require will be much easier and quicker for us to access.
One thing to note is that we will perform a credit check. However, your initial enquiry does not merit a credit background check unless you have confirmed you will apply for a loan. Credit checks are critical for lenders and are a part of the loan assessment process.
We make it easy for anyone who needs financing assistance here at Loans Unlimited. We accept all applications for a loan from Australians who are at least 18 years old. You should be employed and be willing to provide us with your details. Please note that we check all application forms thoroughly. If we find certain issues, we will immediately contact you. We may ask you to verify your application details by giving us proof of identification and employment.
It’s important that you have your lines of communication open at all times. In some cases, we require additional information before your application is approved, especially for car loans. You can start your application process by clicking the Apply Now button in the upper right corner of the site. Alternatively, you can call us on 1300 212 200.
Yes! You can apply for a loan with Loans Unlimited if you are self-employed. However, we will require you to provide financial statements, as well as other documents. You can fill out the application form on our website.
You can also select the appropriate type of finance that you need on this page. Provide us with your details and request a call. A member of the Loans Unlimited team will contact you. Please make sure that you have given the correct information. We will then discuss the exact requirements for your application since we may need special documents from you.
Just like with any loan service provider, it’s important for Loans Unlimited to ensure the safety of our business. That is why we perform a thorough background check on all applicants. This assessment includes a credit check, which is a significant part of the process. By completing a credit check, we can determine whether or not you have the ability to repay the loan at the agreed time.
Credit background checks let us know if you have a balance owing. A growing number of consumers seek car finance with Loans Unlimited despite having existing debts. We can help you get the type of financial assistance you require. But first, we want to know more about you, your spending habits, and more. Of course, we will ask for your consent before conducting any assessment.
Loan calculators here on Loans Unlimited are designed to provide an estimate of your loan repayments. So, the short answer to the question regarding the accuracy of our calculators is yes. They will give you the precise repayment amount as long as you enter the correct information.
For example, if you plan to borrow a $35,000 personal loan with a loan term of five years at six per cent interest, you will have to pay $156 per week or $677 per month. If you agreed to a balloon payment, the repayments would be different. You will then have to input the balloon percentage for the calculator to work for your situation.
When you get a loan, you will hear and read numerous terms relating to the transaction. One of which is the comparison rate. Whenever you read this phrase, you can think of it as the real interest rate of the loan, which you will have to pay.
The comparison rate is not the same as the advertised interest rate. In most cases, when you go to a lender, you will see a low percentage to entice you to apply. But the reality is that this rate is not available to everyone. Here at Loans Unlimited, we make sure that you know your exact rate. We also state the starting rate for all applicants and then later provide the actual interest rate. The rates differ since everyone’s case is unique.