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.
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.
I really needed to get a personal loan for some debt consolidation and was finding it extremely difficult in my situation. There were no banks willing to move around me and help out, they sold what they sold and didn't change. I was hoping to stick with a big bank just because I thought that they were more trustworthy but it didn't work out. I ended up calling Latitude as a last resort even though the interest rate was a lot higher than I was hoping. They took into account how I wanted to consolidate my debt and helped me calculate it. After finding out that this wouldn't be a viable option they let me know that I could instead consolidate different debts and then use my car I had just paid off as leverage. They then said that they could lower the interest rate and give me extra on my loan. I got to talk to the same person throughout the whole process. It took a few different phone calls because of all the information that was needed but I was never left on hold for long periods. I was kept informed during every step of the process and after dealing with the big banks, Latitude were a breath of fresh air. I would recommend them to anyone.
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Personal loan comparisons on Mozo - rates updated daily
Low Rate Personal Loan
8.21% p.a.based on $30,000 over 5 years
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.00% would cost $36,647.51 including fees.
*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.
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