Transform your big ideas into reality

To qualify for a Plenti personal loan in Australia, you must meet the following criteria:

• Age: 18 years or older
• Citizenship: Australian citizen or permanent resident
• Income: earn over $25,000 annually from a verifiable, regular income source
• Credit history: maintain a good credit history

When applying for a Plenti personal loan, you'll typically need the following documents:

1. Proof of Identification: An Australian driver's license or passport
   
2. Income Verification: Bank statements, or tax returns to demonstrate your income if you are self-employed.

You can use Plenti’s personal loan calculator to find out your estimated loan repayments.

Plenti offers a personal loan ranging from $5,000 to $65,000. Your borrowing limit can be affected by your credit score and disposable income.

You can pay off your loan early by making early or extra repayments without additional costs. This could help you to save on the interest you pay over the life of the loan.

When deciding between a credit card and a personal loan, it's essential to understand their key differences. A personal loan provides a set amount of money with fixed or variable interest rates, making it ideal for larger expenses like home renovations or travel. The expense is broken down into manageable repayments, which helps with budgeting.

In contrast, a credit card allows you to borrow up to a set limit, making it ideal for smaller or everyday purchases. Some credit cards offer an interest-free period if you pay the full balance by the due date. However, if you can only make the minimum repayment each month, any remaining balance will accrue interest, often leading to higher interest charges.

A comparison rate is a tool to help you understand the true cost of a personal loan. This rate allows you to better compare the price of different loan providers by factoring in some of the fees and charges (such as application or establishment fee, or monthly servicing or account keeping fee) that are included in their loan. Some loan providers have fees for establishing the loan.

A comparison rate on a personal loan in Australia may be calculated on a $30,000 loan amount over 60 months. This includes the interest rate and some fees (such as establishment fees and monthly fees).

While the comparison rate covers some fees and charges, some are not included, for example:

• Government Stamp Duty and On-Road Costs
• Late Payment Fees
• Break Costs or Early Termination Fees
• Cost savings such as fee waivers or the availability of interest offset arrangements which can influence the cost of a loan

Your interest rate may vary depending on the type of loan you apply for. Our Fixed personal loans feature fixed interest rates, so the repayment amount stays the same throughout the life of the loan. These loans can have terms of 3-7 years. On the other hand, variable rate loans have terms of 1-2 years, but your rate could change during the term of your loan.

Interest accumulates daily on the outstanding balance of your loan account at the annual percentage rate.

If your credit score is low, you may face higher interest rates, so it’s beneficial to work on improving it before applying for loans. You can enhance your score by:

• Paying rent, mortgage, and utility bills on time
• Making timely credit card repayments and paying more than the minimum
• Lowering your credit card limit
• Limiting the number of credit applications you submit

Plenti uses the credit score provided by Equifax to determine your applicable interest rate. Visit Equifax at https://www.equifax.com.au/personal/ to determine your current credit condition. Checking your report can also help to detect any incorrect information.