Thumbnail icon for Latitude

Latitude Unsecured Personal Loan

Interest rate from
7.99% p.a.to 19.99% p.a.
Comparison rate from*
9.24% p.a.to 21.16% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review Latitude Unsecured Personal Loan

Last updated: 7 February 2020.

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What's hot
  • Flexible repayment schedule and extra repayments available
  • Loans starting from $3k
What's not
  • Monthly admin fees
  • Early loan repayment penalties can apply
Mozo snapshot

Are you after a fixed rate loan with plenty of flexibility? Then Latitude’s unsecured Personal Loan could be just for you. Loans start from $3,000 and depending on your credit score you could receive a rate as low as 7.99% (9.24% comparison rate*). You’ll also get a range of flexible features including an extra repayments facility and your choice of repayment frequency.

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Key features

The great thing about Latitude’s Unsecured Personal Loan is you don’t need an asset like a vehicle to sign that dotted line, making the whole application process that little bit easier.

Latitude Personal Loan amounts can start from as little as $3,000, and there’s no limit on how much you can apply for. Another plus is that you can choose your repayment schedule and the actual day you’re expected to make repayments (aka making it easy to time it with when your employer pays you).

One potential downfall with this loan is that you can’t access extra repayments through a redraw facility. But then again, that might be a good thing if you need the discipline to cut down that debt.

If you really hit the extra repayments hard and pay your balance off in the first half of your loan term, there is a $300 early termination fee to consider. The good news is that you don’t get charged a fee for paying off your loan in the second half of your agreed term.
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Who is it good for

Customers after a flexible personal loan, with a fixed rate attached for repayment stability over the loan term.

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Any catches

If your credit score isn’t in good shape, it’s worth keeping in mind that while interest rates for this loan start at 7.99% (9.24% comparison rate*) they can be as high as 19.99% (21.16% comparison rate*).

Details

Rates and fees information correct as at 14 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 7.99% p.a.to 19.99% p.a. fixed

  • 9.24% p.a.to 21.16% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $13.00

  • $35.00

  • $0.00

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

Other financial bits
  • $3,000.00

  • none

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • To receive minimum rate applicants must be homeowners or have a mortgage, have an excellent credit rating and be a new Personal Loan customer. Application fee is $140 for loans under $5,000.

  • none

*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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are Latitude personal loans rated by the Mozo community?

Overall customer rating
4.8/10
Price
4.1/10
Features
4.3/10
Customer service
5.5/10
Convenience
4.9/10
Trust
4.9/10

Latest reviews of Latitude Unsecured Personal Loan

  • Overall 0/10
    Sad

    Just paid off my biggest loan which was with latitude finance. I've had an account with them since 2016. They charged 29.99% interest. In the last 4 years with weekly payments I only managed to pay off 12.5% in that time. Just requested a final payout figure and they charge me more for paying it out as well as the interest for the next few years. Absolutely disappointing.

    Read full review

    Just paid off my biggest loan which was with latitude finance. I've had an account with them since 2016. They charged 29.99% interest. In the last 4 years with weekly payments I only managed to pay off 12.5% in that time. Just requested a final payout figure and they charge me more for paying it out as well as the interest for the next few years. Absolutely disappointing.

    Price
    0/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Kaitlyn, Victoria reviewed about 2 months ago
  • Overall 0/10
    Don't bother applying.

    Paid extra on loan then it went up instead of down. Unable to view transactions within the app. The app is useless.

    Read full review

    Paid extra on loan then it went up instead of down. Unable to view transactions within the app. The app is useless.

    Price
    5/10
    Features
    3/10
    Customer service
    -1/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Kaylene, New South Wales reviewed about 2 months ago
  • Overall 7/10
    Could be a little better with rate.

    They look after me well and I'm happy.

    Read full review

    They look after me well and I'm happy.

    Price
    5/10
    Features
    8/10
    Customer service
    5/10
    Convenience
    -1/10
    Trust
    8/10
    Less
    Shane, Victoria reviewed 4 months ago
  • Overall 0/10
    Costumer service is the worst I have experienced.

    Their rates are very high compared to other lenders. Do not give them any financial information. Latitude Financial Services offer a very low rate to get you in and then quote you a high rate. After I rejected this high rate they then sent me a letter to say they declined my application which is now on my credit file as declined.

    Read full review

    Their rates are very high compared to other lenders. Do not give them any financial information. Latitude Financial Services offer a very low rate to get you in and then quote you a high rate. After I rejected this high rate they then sent me a letter to say they declined my application which is now on my credit file as declined.

    Price
    1/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    1/10
    Less
    Brad, Western Australia reviewed 5 months ago
  • Overall 7/10
    High interest rate.

    The interest rate is good.

    Read full review

    The interest rate is good.

    Price
    5/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    5/10
    Less
    Sonya, South Australia reviewed 5 months ago
Latitude

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.

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