Can I get a personal loan with no credit history?

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  1. Have a secure job with a regular income (it doesn’t need to be full-time).
  2. Make sure your income is high enough to easily meet the repayments for the loan you want.
  3. Show that you save money from your income each month.
  4. Make sure there’s no history of late payments on your bills (this includes Afterpay).
  5. Save for a deposit in a high-interest savings account.
  6. All of these things will help improve your chances of having your personal loan approved. 
  • 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, etc.
  • Proof of income, such as recent payslips, current bank statements and a letter from your employer stating your employment details.
  • Assets, including property or other vehicles that you own.
  • Liabilities, including any other debts or loans in your name, such as credit cards.
  • Contact details for people who can authenticate these details, such as your employer, landlord or accountant.
  • You know exactly how much your repayments are each month.
  • You can plan and budget with certainty, knowing your repayments won’t change.
  • You’re protected from future interest rate rises.
  • If the market interest rate falls, you pay more interest with a fixed rate.
  • Some lenders may insist upon a shorter lending period.
  • Fixed rate personal loans may not have a redraw facility.
  • If you want to pay back your personal loan early, you could be stung with a higher early repayment fee. But remember, Plenti will never charge you fees or penalties for paying your loan back early.
  • If the market rate drops, you could pay less for your personal loan overall.
  • Most lenders offer longer repayment terms with a variable interest rate.
  • You may have the option to make additional repayments which could save you money over the life of your personal loan.
  • You may be able to redraw from any additional repayments you have made if you need some extra cash along the way.
  • If the market rate rises your repayments increase.
  • Interest rate rises are unpredictable and could make it harder to budget and make plans for the future.

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