Applying for a Personal Loan Online – What You Need To Know

When it comes to applying for finance in Australia, these days, you can apply for just about any type of truck finance on the internet; whether it be Personal Loans online, a credit card, or some other type of loan. It’s convenient, it’s fast, and in a country still being affected by an ongoing pandemic, it’s also the safest way to apply for finance.

When it comes to Personal Loans, Australia has many options for lenders vying for your business and most offer the online application process. Having said that, there are some things you need to be mindful of when applying for a Personal Loan online and that’s what will be covered in this article. 

Check That the Lender Offers the Online Option

While most Aussie lenders will allow you to apply for a Personal Loan via online service, just be sure to check this first, as some lenders may still require you to the front at an office or a branch at some stage throughout the application process.

Just visit the lender’s website, navigate to the Personal Loans page, and read through all the information first so you fully understand the entire process.

Can You Upload Supporting Documentation With Your Application?

Even if the lender you’ve chosen to apply with does offer the option of applying for a Personal Loan online, you will likely have to include some supporting documents with your application, such as proof of identity and proof of income at the very least. Make sure that you can also upload digital versions of your documents with the Personal Loan application form. Otherwise, you’ll need to then go to a branch and present hard copy documents in person.

Generally, you should be able to upload digital versions of supporting documents, either at the time of submitting your application or at a later date to complete your application.

Do You Meet the Lender’s Criteria?

Every Australian lender will have a list of criteria that a person needs to meet before you can apply for a Personal Loan with them. While the criteria will be similar from lender to lender, just ascertain exactly what’s required by a specific lender before you apply.

As a general rule, you’ll need to satisfy the following at the very least:

• Must be 18 or older
• Must be an Australian citizen or permanent resident
• Be able to prove a regular income (not Centrelink as the main source of income)
• Be able to prove your identity

Just about all lenders require what’s in the list above, but some may have additional requirements, depending on your circumstances.

Use the Calculators On the Lender’s Website

There are some handy little tools on the majority of lender websites. One is a loan calculator and the other is a borrowing power calculator. These tools are simply there as a reference and a guide.

The loan calculator tool will be able to help you work out the terms of a Personal Loan, depending on how much you borrow and over what time frame you wish to repay the loan. It will give you a rough weekly, fortnightly or monthly repayment amount.

The borrowing power calculator is a little different, as it helps you determine just how much money you might be eligible to borrow and how much you can afford to borrow.

These calculators are worth playing around with so you get a better idea of what you’re looking at.

How Long Before An Application Is Processed and Approved?

Each lender’s time frame for processing and either approving or denying a Personal Loan application will vary. Banks tend to take their time when processing loan applications, so if you’re looking for a more instant Personal Loan, you’ll want to fill out an application with a private lender that advertises fast approval times.

Private lenders aim to gain an advantage over the big banks by offering speedy services, with many processing and approving Personal Loan applications either on the same day or the very next business day. This is a handy option to have if you need the money fast for an emergency.

In Conclusion

Applying for a Personal Loan online is quick and convenient. Just be sure to fully understand all of the lender’s terms and criteria before applying.