Latitude Low Rate Personal Loan (Unsecured)

10.99% p.a.

12.21% p.a.based on $30,000
over 5 years

$250

Latitude Low Rate Personal Loan (Unsecured) Review

Rates and fees information correct as at 25 April 2018.

Review published: 14 March 2017

What's hot:

  • Interest rate from 10.99% (comparison rate from 12.22%)

  • No loan limit

  • Flexible choice of billing cycle

  • Fee-free extra repayments

What's not:

  • $20k loan minimum

  • No redraw facility

Mozo snapshot:

Low rate unsecured personal loans can be hard to come by, so this product by Latitude with a competitive fixed rate is well worth a look-in for Aussies in need of $20,000 or more.

Key features:

It’s easy to see why Alec Baldwin is the big celebrity behind Latitude’s marketing for its Low Rate Personal Loan, where the standout feature is a competitive fixed rate starting from the 10.99% mark. And the best part is, as this loan is unsecured, no collateral is required to nab the competitive rate.

Latitude offers a set weekly, fortnightly or monthly repayment frequency to choose from (as well as which day of the week due dates fall on). But that’s not to say you can’t go ahead and make repayments more frequently. Just be mindful that the Latitude Low Rate Personal Loan doesn’t come with a redraw facility.

Contracts range from 2 to 7 years, and like other fixed rate loans in the market early loan repayment fees apply in the first half of your loan term.

Latitude’s Low Rate Personal Loan is for borrowers who haven’t taken out a loan for personal use with the provider before, and eligibility also requires the applicant owns a home or has a mortgage. Ongoing monthly costs and an application fee applies.

Who it's good for:

The Latitude Low Rate Personal Loan (unsecured option) is suited to Aussies in need of $20,000 or more to help fund their dreams.

Any catches?

Latitude only offers this loan to Aussies who haven’t taken out a personal loan with them before. And even though Latitude’s Low Rate Personal Loan is unsecured, to be eligible for it you’ll need to be a homeowner or have a home loan in your name.


The Mozo community has not yet rated Latitude for this personal loan.

Rates

  • Fixed

  • 10.99% p.a. fixed

  • 12.21% p.a.based on $30,000
    over 5 years

Fees

  • $250.00

  • $13.00

  • $35.00

  • $150.00

  • $300 in first half of loan, $0 in second half.

Other financial bits

  • $20,000.00

  • none

  • 2 Years

  • 7 Years

  • Unsecured

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Applicants must be homeowners or have a mortgage.

  • none

About Latitude

Latitude positions itself as an alternative to the "Big 4" banks in Australia and offer banking products and services with a focus on convenience and customer service. Latitude provides personal insurance and loans, financing options and credit cards.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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