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Your Loan Summary
Borrowing:
$300
*APR:
728.9%*
Interest:
$7.72
Repayment by:
23.1.2014
In your account by: 08:11pm
Total to repay:
$107.72
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*Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different rate.
Viva Payday Loans > Latitude Loans

Latitude Loans

About Latitude

Latitude, or Latitude Financial Services, is a lender in Australia established back in 2015 as a financial service provider, offering loans, credit cards, and insurance products. Loans are available to cover various types of personal expenditures, including car/vehicle purchases, debt consolidation, travel, renovation, and others.

Key Features

Loans being offered by Latitude share the following features:

  1. Loan amounts are available between $3,000-$200,000 (car loans are available between ($5,000-$200,000)
  2. Latitude allows a repayment term of between 1-7 years with weekly, fortnightly, or monthly repayments. 
  3. The loan application process takes 10 minutes to complete, and the lender provides a response within a minute. 
  4. Once approved, loan funds are transferred to the borrower’s bank account in under 48 hours. 

Additional features offered as part of Latitude car loans include the following:

  1. Borrowers can choose to make balloon payments of up to 30% of the vehicle’s value at the end of their loan to reduce the regular repayment amount. 
  2. Loans are available for more than 100% of the total vehicle price to also cover other purchase costs such as insurance. 
  3. Cars with an age of up to 15 years are eligible for a loan.
  4. Both used and new vehicles can be bought with this loan. 

How Much Does A Latitude Loan Cost?

Personal Loans

Latitude charges an interest rate between 6.99%-18.99% per year (comparison rate of 8.25%-20.16% per year) on secured personal loans, while the rate range applicable on an unsecured loan is one percentage point higher. 

The comparison rate has been calculated based on a loan amount of $30,000 for a loan term of 5 years. 

Loans under $5,000 are charged an establishment fee of $140, and greater than $5,000 are charged $250. The lender also charges a monthly service fee of $13. Other charges may apply as well, including an early termination fee of $300 in case the loan is terminated before 50% of the loan duration has passed. 

The following table illustrates the costs borrowers can expect to pay on a Latitude personal loan. 

Loan Type Applicable Fixed Interest RateLoan AmountLoan TermTotal Repaid
Unsecured Loan7.99$5,0003 years$6,390
Unsecured Loan14.10%$25,0005 years$36,111
Secured Loan6.99%$25,0005 years$30,772
Secured Loan18.99%$75,0007 years$137,256

Early repayments can help borrowers save on interest charges, however, an early termination fee may apply if the loan is repaid before half of the loan term has elapsed. 

Car Loans

Latitude charges a fixed rate of 6.99% per annum (comparison rate of 8.10% per annum) to borrowers who have vehicles that are less than 3 years old. 

For all other vehicle loans, the fixed rate is 9.99% per annum (comparison rate of 11.08% per annum). 

The lender also charges an establishment fee of $295 and a monthly loan service fee of $10. Other costs may apply as well.

The following table illustrates the costs borrowers can expect to pay on a Latitude car loan. 

Loan Type Applicable Fixed Interest RateLoan AmountLoan TermTotal Repaid
For vehicles under 3 years old6.99%$10,0005 years$12,900
For vehicles under 3 years old6.99%$50,0007 years$64,680
For other vehicle loan types9.99%$50,0007 years$70,980
For other vehicle loan types9.99%$25,0003 years$29,772

Pros and Cons

Applying for a loan with Latitude has the following pros:

  1. Fast loan application processing time
  2. The interest rate is fixed and based upon the borrower’s personal circumstances and credit score. 
  3. Loan amounts of up to $200,000 are available with a loan term of up to 7 years. 

The following cons are associated with services provided by Latitude:

  1. High termination fee

FAQs

How much can I borrow from Latitude?

Latitude allows a loan amount of between $3,000-$200,000 for personal loans and between $5,000-$200,000 for car loans. 

I want to buy a car that is older than 15 years, do I qualify for a car loan with Latitude?

No, Latitude only approves car loans for vehicles that are less than 15 years in age. 

Does Latitude charge a fixed or variable interest rate?

Latitude charges a fixed interest rate that is set at the start of the loan contract.

How is my interest rate calculated for a Latitude personal loan?

Latitude calculates the interest rate applicable on a personal loan by evaluating the borrower’s personal circumstances and credit score. Personal circumstances include employment, whether you are a homeowner or own a mortgage, and the stability of your residential status. 

Eligibility Criteria

To be eligible, applicants must:

  1. Be over the age of 18
  2. Hold permanent residency or citizenship of Australia
  3. Have an ongoing employment 
  4. Provide proof that they have maintained a good credit score over the past 5 years
  5. Not have any bankruptcy on record for the past 7 years 

Those applying for an unsecured loan at the rate of 7.99% per annum and secured and/or car loans at 6.99% per annum must also:

  1. Show they have an excellent credit history 
  2. Hold a mortgage or own a home
  3. Be a new customer applying for a personal loan with Latitude (only for personal loans)
  4. Have full-time employment with one employer for at least the past 18 months. (only for car loans)

Customer Support

To enquire about a product, customers can call 1300 973 422 for personal loans and 13 10 24 for car loans. In case of any complaints, customers can reach out at 1300 369 340 or fill out the online feedback form available on the lender’s website here

Application Process

Customers can apply for a loan with Latitude by following these steps. 

Step 1 – Apply online

To apply online, go on www.latitudefinancial.com.au and select the loan option that fits your needs, as shown in the image below. 

Follow the on-screen steps and complete the application form. 

Step 2 – Submit the required documents 

The lender may require you to submit additional documents, as required. Submitting these documents as quickly as possible can speed up the loan processing time. 

Step 3 – Accept the loan agreement 

If Latitude finds you eligible for a loan, it will present you with a loan agreement stating the approved loan amount and applicable interest rate, among other details. Make sure these terms and conditions are acceptable to you, especially taking into consideration the affordability of the loan. If yes, accept the loan agreement and send it back to the lender. 

Step 4 – Recieve funds

Once the lender has received your accepted loan contract, it will disburse the loan amount into your bank account within the following 48 hours.