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Plenti personal loans – Find a fairer & faster way to borrow
Plenti, (previously known as Ratesetter), has set up its own world of lending – separate from the big banks – and it’s been thriving on the Australian financial services market since 2014.
This 100% online lender has given out more than a billion dollars to over 60,000 borrowers. If you’ve got a dream to finance, be it a wedding, holiday, or cosmetic surgery procedure, then read this Plenti personal loan guide before deciding whether to join the bandwagon.
Main details about Plenti personal loans
Amounts – Between $2,001 and $50,000
Loan terms – Between 1 year and 7 years
Interest rate – Varies depending on your individual circumstances and other factors
Type of loans – Plenti offers both secured and unsecured personal loans
Benefits – Plenti offers competitive rates compared to other Aussie lenders.
Drawbacks – The product does not come with a redraw facility.
Best for – Borrowers with good credit who are looking for better rates than what’s available elsewhere. Types of loans offered by Plenti
Plenti offers unsecured personal loans at rates that are more competitive than other leading lenders like the Big Four. You can borrow between $5K and $50K and repayment periods range from 12 months to 7 years. Plenti also offers personal loans for a specific purpose, for instance:
During the application process, you also get more loan purpose options such as weddings, repairs, rental bonds, medical, investment, plus more.
If you’re thinking of hitting the road, Plenti car loans are available at an even lower rate. This option lets you borrow between $10K and $100K and repay it over 7 years maximum.
Features and benefits of Plenti personal loans
According to Plenti, any information you provide is secure and safe from unauthorised access.
Only monthly repayments are available (through direct debit). Use our Plenti personal loan calculator to see what your repayments could look like.
Plenti doesn’t charge early repayment fees or penalties. This allows you to make extra repayments or pay your loan at an earlier date in full any time you like. An early payout means you save on interest.
When you log into your Plenti account, you’ll be able to change due dates, update your details, top up your loan, or increase your repayment amount.
If you’re having trouble making loan repayments, you can apply for financial hardship assistance to reduce your monthly repayment amount.
You can also choose to refinance if you meet the eligibility criteria.
Rates, fees, and charges
Plenti personal loan rates vary depending on the borrower. Your interest rate is a combination of the amount you want, your chosen repayment period, your credit history, and the current rates on the market.
Plenti charges a once-off Credit Assistance Fee. You may also pay a Risk Assurance Fee depending on your credit profile. There are no monthly fees, extra repayment fees, or break costs if you pay off your entire debt early.
Qualifying for a Plenti personal loan requires the following:
Be at least 21 years of age
Be a permanent Australian citizen
Provide proof of income showing regular earnings, and details about your bank account, expenses, and liabilities
Have a good credit history
Provide your driver’s licence
If you’re self-employed, you’ll need to have been in your current role for at least 12 months. You must also provide recent individual tax returns and your notice of assessment from the ATO.
Applying for a Plenti personal loan online
Go up the page to BestFind’s comparison table and click “Go to Site” for the product you want.
Before you apply, spare 1 minute to get your RateEstimate. This personalised quote won’t affect your credit score.
Once you know what you qualify for and are happy about it, fill in the loan application form and send it on its way. This only takes 5 minutes.
Plenti will consider your employment details, income, and expenses along with the financial history documents you supply and information from credit bureaus before they give you an answer.
Approval takes around two business days, and if you’re successful, all you have to do is accept your offer to get funds in your account within one or two business days.
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