Formerly GE Capital Finance, Latitude Financial is a privately owned online consumer lender run by CEO Sean Morrissey. Latitude specialises in loans for the individual. They are establishing themselves as a go-to source for consumer financial products, including loans, credit cards and insurance. Newly purchased and rebranded, the lender has yet to become a household name and doesnt yet have the most competitive products. However, it does offer a nice amount of transparency and reasonable solutions for a variety of consumer needs.
Loan transparency for better decision making
Competitive auto, boat and caravan loan
Can combine with some insurance products
Personal loan rates only moderately competitive
Must be a homeowner to get better rates
Minimal consumer loan options
For consolidating high-interest debt, covering educations costs, travel, or other key purchases you need to make now but dont want to put on a credit card, you can apply for the Latitude Low Rate Personal Loan. Australian residents who either own their own home or hold a mortgage can borrow a minimum of $20,000 for terms ranging from 2 to 7 years. This is a fixed rate loan with a flexible repayment option. It can be secured or unsecured. The establishment fee is $250, after which youll pay a monthly loan maintenance fee.
As long as youve had good credit over the past 5 years and have been bankruptcy free for 7, you can apply for this fixed rate loan. Rates arent remarkably competitive, but this is still an attractive option if you want to consolidate high-interest debt and dont have a stellar asset ratio. Borrow a minimum of $3,000. Loan establishment and monthly service fees apply.
For auto, boat, motorbike or caravan purchases, Latitude Financial offers a competitive and flexible option. For this loan, qualified borrowers will get a rate thats lower than what the Big Four banks have on offer. Fees are straightforward; theres a $295 establishment fee and a monthly loan service fee of $10. Youll also incur a charge if you terminate your loan early.