What are the Latitude Personal Loan requirements?
The Latitude Personal Loan requirements are quite similar to those of other financial institutions. In this guide, we’ll walk you through the eligibility criteria, the application steps, and the costs involved – so there are no surprises along the way.
Are you eligible?
To apply for the Latitude Personal Loan, you must meet the following criteria:
✔️ be 18 years of age or older
✔️ be a permanent resident of Australia
✔️ have a minimum gross annual income of $25,000
✔️ have a clean credit history over the past 5 years
✔️ have been free from bankruptcy for at least 7 years.
Meeting the Latitude Personal Loan requirements is just the starting point. Additional documents may be requested during the assessment, such as proof of income and valid identification.
A word of advice
Now that we’ve covered the Latitude Personal Loan requirements, here are a few tips for keeping your finances on track. First up: set up automatic repayments via direct debit – it’s free and removes the risk of missed payments.
On the variable option, make the most of the redraw facility whenever you make extra repayments. If you ever need unexpected funds, you can withdraw those amounts at no extra cost.
Eligible customers can also opt for a 3-month payment pause at the start of the loan, deferring the first repayment to month four. Keep in mind, though, that interest and fees continue to accrue during this period – so it’s worth weighing up whether this option makes sense for your situation.
Is the Latitude Personal Loan right for you?
The Latitude Personal Loan requirements are fairly straightforward, aren’t they? Ultimately, whether or not to apply is a very personal decision that depends on your current financial situation.
With a 100% online process, no fees on direct debit, and features such as the initial payment pause and redraw on the variable option, this product is competitive within the Australian market. The key consideration is the monthly service fee and the establishment fee, which affect the total cost of the loan – particularly on longer terms.
With all of that in mind, head to the Latitude website to run a simulation, confirm you meet the Latitude Personal Loan requirements, and get started with the step-by-step process below.
How to apply for the Latitude Personal Loan: step by step
The application process is broken down into four simple steps:
✔️ Check your rate: Visit the Latitude website and use the rate estimator tool to find your personalised rate in just 2 minutes, with no impact on your credit score.
✔️ Submit your application online: Provide your ID details and proof of income — this is where you confirm you meet the Latitude Personal Loan requirements. Latitude will verify this information electronically and provide a response within 2 business days.
✔️ Accept your contract: Sign your loan agreement digitally through the customer portal, from wherever you are.
✔️ Receive your funds: Funds are released within 24 hours of receiving your signed contract and banking details.
Utua is not a financial institution and does not grant loans. Our role is to analyse credit products available in the Australian market to help you make a more informed and confident decision. Any application is made directly with the financial institution of your choice.
