FAQs

How long does a personal loan application take?

These days, the process of applying for a personal loan is quick and hassle-free. With most of the application handled online, it’s possible to complete your application and be approved for a personal loan within 48 hours.  

Make a move

It’s worth taking a minute to request a RateEstimate to find out if you’re eligible to apply for a loan with Plenti. It will also provide you with an estimate of the fees, charges and interest rate that may apply to your loan. 

If you’re happy with your rate estimate, we’ll typically finalise successful loans within a day or two of receiving your complete application. It’s that simple! 

Remember, requesting a free RateEstimate only takes 1 minute. It won’t impact your credit score and there’s absolutely no obligation for you to proceed with a loan application. 

To be eligible for a Plenti personal loan you must:

  • Be aged 21 or over
  • Be an Australian citizen or permanent resident
  • Be earning over $25,000 per year from a regular source of income that you can demonstrate
  • Have a good credit history

Plenti will consider a loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.

Make the first move and you could be moving forward sooner than you think. 

Necessary paperwork

Lenders will ask for a range of documents to prove your identity and financial situation so that they can assess whether you will be a trustworthy borrower. Basically, they want to know that you have the ability to repay the personal loan without falling into financial difficulty. 

It’s a good idea to prepare your paperwork ahead of time to speed up the process. Here is an overview of the type of documents you may need to provide when you apply for your personal loan:

  • 100 points of ID. For example, your driver’s license, passport, Medicare card, etc.
  • Proof of residence, such as council rates or a utility bill that confirms your address.
  • Proof of income, such as recent payslips, a tax return, a group certificate or current bank statements. Lenders may also ask for a letter from your employer stating your employment details.
  • Proof of savings, such as bank statements or investment documents that show you have the ability to regularly save money from your income.
  • Assets, including property or other vehicles that you own.
  • Liabilities, including any other debts or loans in your name, such as credit cards.

Number crunch! 

Take the time to work out how much you can afford to pay each month on top of your current expenses. You can crunch the numbers on this useful calculator on the MoneySmart website. Next, figure out how much you can contribute as a deposit, should you be approved for a personal loan. 

Make sure you’re aware of all the loan features and hidden costs including:

  • The loan amount
  • The interest rate
  • Additional fees such as establishment, upfront late payment, account keeping, early exit and monthly administration fees

Experiencing delays?

There are a few things that could stand in the way of a speedy personal loan approval process.:

A poor credit score: If you have a poor credit score or no credit history, you may find it more difficult to be approved for a personal loan. 

Limited deposit: If you have no deposit saved, or your deposit is too small, it may slow down the approval process and you may be required to provide more documentation.

Incomplete paperwork: If you are unable to provide all the required information about yourself, the approval process will be delayed.  

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