Borrower Help

Borrower Help
Topic 01

Eligibility

Topic 02

Application

Topic 03

Approval

Topic 04

Payments and security

Topic 05

Account management

Topic 06

Variable rate loans

Topic 07

Refinance


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Written byTeam Plenti
Whether you are just starting out or have been a customer for some time we're here to help at every step in the journey.
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Am I able to get a loan?

The best way to assess your eligibility to apply for a loan with Plenti is to request a 1-minute RateEstimate.

Generally speaking, Plenti provides secured and unsecured loans to Australian residents. You can apply for a loan for a range of purposes, including purchasing a new car, home renovations, debt consolidation, a major event, a holiday, or even to finance your small business.

Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

Can I get a loan if I'm self-employed?

Yes, you can. To be eligible to apply for a Plenti loan as a self-employed individual, you will need to have been in your current role for at least 12 months and be able to provide your most recent individual tax return and the corresponding notice of assessment from the Australian Taxation Office.

Can I refinance a loan with Plenti?

Yes, you can. However, your request to refinance a loan with Plenti will be treated as a new loan application and must, therefore, meet the same eligibility criteria as your original loan. We will likely request that you provide us with updated information concerning your personal and financial circumstances before assessing your refinancing request.  

Will applying for a loan impact my credit score?

Applying for a loan may impact your credit score, particularly if you are applying for multiple loans in a short space of time.

If you apply for a loan with Plenti, we will submit a credit enquiry and request your credit file from Equifax and/or Illion. A credit enquiry may affect your credit score. For more information about your credit report, you should contact the credit bureaus.

What is greenID?

Plenti uses greenID as a secure and simple way to verify your identity electronically as part of your application. 

Why do I need to verify my identity?

Plenti is required to verify the identity of all applicants by law, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Most applicants can complete their identity verification online, however, we may ask you for further documents if we are unable to confirm all of your details.

What is BankStatements.com.au?

BankStatements.com.au is a trusted financial data platform used by many of Australia’s largest financial institutions to retrieve customer bank statements in a safe and efficient manner.

BankStatements.com.au takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.

Why do you need my bank statements?

We take our responsible lending obligations seriously – it’s the law. We require your bank statements in order to verify the information provided on your loan application, which may include your income, expenses, and living costs. Other personal loan providers are also likely to require your bank statements before approving your loan for this reason.

Plenti values customer privacy and will handle your information in accordance with our Privacy Policy.

What is a notice of assessment?

A notice of assessment is an annual statement provided by the Australian Tax Office after you have lodged your tax return. It contains an itemised account of the amount of tax you owe on your taxable income, as well as details such as whether you can expect a tax refund or tax credit.  

How do I cancel my application?

You can cancel your loan application by calling the Plenti customer service team on 1300 768 710. Alternatively, you can email your cancellation request to contact@plenti.com.au.    

Why was my loan application declined?

Unfortunately, we cannot disclose specific reasons as to why we have been unable to provide you with a loan. However, broadly speaking, when we assess an application, we look for evidence of how suitable the loan is with regards to your current circumstances and the purpose for which you require the funds. We also take into account your employment details, income, and expenses, as well as your financial history as evidenced by bank statements, credit bureau information, and any other details you communicate to us.

We also consider your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

How long does it take to approve a loan?

Plenti prides itself on reviewing loan applications in a fast and frictionless manner. It takes just five minutes to submit an application. Once we have received all required documents we aim to provide you with an outcome within 2 business days.  

How do I accept my loan?

If we approve your loan application, we will let you know by email and the acceptance process is completed online.

To accept your loan, simply follow the prompts in your approval email to create your Plenti account, review your loan contract, and accept its terms and conditions.

How long do I have to accept my loan once it's approved?

If we approve your loan application, you will have two weeks to accept the loan before your approval is no longer valid. If you need additional time, please contact us.    

Why has my interest rate changed since I submitted the application?

After you submit your application we complete a hard credit check and review the application details, which may have impacted your customised rate. Furthermore, our lending market is live and your rate can vary based on the rates in our lending markets.  

Are there any fees for making extra payments?

No - you can make extra payments, increase your monthly payment or repay your loan early and there are no fees for doing this. You would also save on the amount of interest you are paying. 

Can I pay by BPAY?

You can make extra payments by BPAY, but you do need to make your contractual payments by a monthly direct debit. Making any manual payments will not adjust the timing or amount of your monthly payments. 

Can I pay fortnightly or weekly?

You can only make your payments on a monthly basis, however, we can adjust the direct debit date if the current date is not convenient.

What & when are my repayments?

Your payment schedule is displayed on your Plenti account and has the amount and dates of all of your repayments. 

Why are you trying to collect my payment before the direct debit date?

In order to collect your direct debit payment, we submit the request one business day prior to your direct debit date. Your bank may choose to process the request when they receive it, or up to 2 business days later. If the submission date is not convenient we can certainly look at adjusting your direct debit date. 

How long until my loan funds reach my account?

Once your loan application has been approved and you have accepted your loan contract, we will transfer the funds the following business day. They should arrive into the relevant account within one to two business days.

How do I change my direct debit date?

You can request to change your direct debit date by logging in to your Plenti account by selecting 'Details and Payments'. From here, you can submit a request to amend your direct debit date.

To collect your payment by the specified payment date, Plenti makes a direct debit request to your bank the business day before. Occasionally, the request will clear on the same working day which can lead to funds departing your account early; please keep this in mind when selecting a new direct debit date. There may also be fees applied payable each time you ask to move a monthly repayment to a date after the scheduled due date.

How do I change my direct debit bank account?

Your first scheduled repayment must come from the bank account that you originally provided to us. After the first payment has been made, we can update your bank account details if required.

To change your nominated bank account, log into your account online, click on ‘Account Settings’ and click on the link under ‘Nominated Bank Accounts’. From here, you can follow the prompts to submit a request to change your bank account.

How do I change my repayment amount?

If you would like to increase the amount of your monthly repayment to pay off your loan faster, you can amend your payment schedule at any time through your Plenti account. There are no fees or charges for increasing your repayment amount, or for paying off your loan early.

Simply log in to your Plenti account and select 'Details and Payments'. From here, you can select the amount you wish to repay monthly. If you would like to revert back to your monthly contractual repayment amount, you will be able to do so using this screen.

How do I make an extra repayment?

You can make an extra payment at any time using BPAY or bank transfer without incurring any fees or penalties.

Any extra payments you make will automatically reduce the term of your loan. This means that your monthly repayments will stay the same but you will pay less interest overall. Additionally, any extra payment will not affect the amount or timing of your regular monthly direct debit payments.

You can find our BPAY and bank account details and make an extra payment by logging in to your Plenti account and selecting 'Details and Payments'.

How do I pay off my entire loan balance?

You can repay your entire loan at any time. Even better, there are no fees or penalties for repaying your loan early. Simply log in to your Plenti and go to 'Details and Payments'. From here, you can select to view and repay your outstanding loan balance by BPAY or bank transfer.   

What happens if I miss a payment?

If you miss a scheduled direct debit repayment, we will notify you by email and will reschedule the direct debit, generally for about five days later. You may incur fees for missed repayments as outlined in your loan contract.

If you miss multiple scheduled payments, we may engage our specialist debt collection agency to assist with recovery activity. Defaulting on a loan may affect your credit history, and this may, in turn, affect your ability to borrow in future.

If you are having trouble making your repayments, you should contact us.

What should I do if I'm going to miss a payment?

If you know that you're going to miss a payment, or you are having trouble making your repayments, it's essential that you let us know as soon as possible by contacting us on 1300 768 710.

How do I request payment assistance?

If you are having trouble making your repayments, or require assistance due to financial hardship, please don't hesitate to email us at contact@plenti.com.au or call us on 1300 768 710. We will be able to provide you with a financial hardship application and discuss your options.

If we approve your financial hardship application we will make a variation to your loan contract, for example by offering reduced monthly loan repayments for a period of time.

How secure are my details?

Plenti takes the security of your information very seriously. We work hard to protect ourselves and your information from unauthorised access.

We also protect against unauthorised disclosure, alteration or destruction of information we hold.

  • We keep hard copy and electronic records on our premises and systems or offsite using trusted third parties.
  • We ensure personal information we hold on you is secure at all times, including ensuring that it is protected from misuse, interference and loss, unauthorised access, disclosure and modification.
  • Your information is only accessible by you and those authorised to access it. Employees and third parties who deal with your information are bound by confidentiality obligations and are required to complete training about information security and privacy.
  • When we no longer need your information, including when we are no longer legally obliged to keep records relating to you, we will destroy it or de-identify it.

Why has my balance increased?

When you accepted your loan online, the balance was increased to include any applicable fees for your loan. Also interest has started accruing on your loan so you will see the balance increase slightly until your next monthly payment has been collected.

How do I reset my password?

If you have forgotten your password, you can request a password reset.

You will receive an email to the email address associated with your Plenti account containing a unique link. Simply follow the link within 24 hours and follow the prompts to nominate a new password.

How do I log in to my account?

You can login to your account via the Members Portal using your email address and password.    

How do I change my address?

Australian regulations require us to verify your new residential address.

Please provide a copy of one of the following documents with your name and new residential address clearly visible to contact@plenti.com.au:

  • A utility or phone bill
  • A bank statement or other bank notice
  • A notice from a federal or state government agency
  • Your driver licence

Documents must be dated to within the past 60 days.

How do I view my loan contract?

To view your loan contract, log in to your Plenti account, click "Details and Payments" next to the relevant loan, and then click "View your loan contract".   

What do I do if I'm experiencing financial hardship?

If you are having trouble making your repayments, or require assistance due to financial hardship, please don’t hesitate to email us at contact@plenti.com.au or call us on 1300 768 710. We will be able to provide you with a financial hardship application and discuss your options.

If we approve your financial hardship application, we will make a variation to your loan contract, for example by offering reduced monthly loan repayments for a period of time.

Can I change to weekly or fortnightly repayments?

No, Plenti currently only offers monthly repayments.  

Can I take out more than one loan?

  Yes, you can apply for a second loan through your Plenti account provided you meet certain eligibility criteria.    

How do I close my account?

If you would like to close your account, please contact us on 1300 768 710 or send us an email at contact@plenti.com.au.

Please note that we are unable to delete your account because regulatory obligations require us to retain account details for up to 10 years. You can be assured that your data is stored securely in accordance with our Privacy Policy.

Can I refinance my loan?

Yes, it is possible to refinance your loan. However, you will need to meet certain eligibility requirements.

If you are eligible to apply for refinance you will be able to do so through your Plenti account. Alternately please email us at contact@plenticom.au for more information.

What is a variable rate loan with Plenti?

The interest rate for our variable rate loans can change or vary over the life of the loan. The interest rate that applies to your Plenti loan is not set by Plenti, but is determined by the rates offered by everyday investors who funded your loan in our lending markets.

How is a variable rate loan with Plenti different to a fixed-rate loan?

A fixed-rate loan has the same interest rate for the entire term of the loan, whereas the interest rate for a variable rate loan may increase or decrease during the term of the loan If your interest rate changes, you will receive a notification — either in your monthly statement or a separate notice. Changes in your loan interest rate does not impact the amount of your ordinary monthly repayment, only your final repayment. When interest rates increase, this may increase your final payment, and when they decrease, reduce it.

Why has my rate changed since I’ve taken out my loan?

The rate that applies to your loan is set by the everyday investors who fund your loan in our lending markets. As a result of the unprecedented economic uncertainty caused by the COVID-19 pandemic, we have experienced greater than usual volatility in our lending market rates. We anticipate interest rates will stabilise over time.

What does a change in interest rate mean for my loan?

We understand it may be distressing to receive a notification about a change in your interest rate. However, it’s important to note that the change does not impact you in the immediate term or the amount of your next monthly repayment. Any changes in rate only impact the amount of your final repayment.

Why is my interest rate different to the rates you are currently advertising?

There are some important factors to consider when reviewing the rates displayed on our website:

  • Rates displayed on the website are described as ‘starting from’, which means they could vary
  • Rates displayed on the website are calculated based on an individual with an excellent credit history
  • All rates you are charged or quoted are personalised to your individual circumstances.

Our interest rates are determined by a number of different factors, these may include the loan term, your individual circumstances and the rates currently available on our lending markets.

Why has my rate changed multiple times within a month?

While your monthly repayments do not alter during the term of your loan, there may be different everyday investors that are funding your loan at various times. Where investors require a different rate of return to continue funding your loan, you will receive a notification of a rate change that is outside of your normal monthly statement. Importantly, any change you are notified about only applies until your next monthly repayment and does not impact the amount of that next repayment.

How does topping up my loan work?

Looking for a little more, to change a lot? 

A loan top up allows approved applicants to efficiently and easily borrow additional funds. 

This additional amount will be consolidated into the existing loan, with one monthly repayment.

To find out if you are eligible for a top up, login to your Plenti account and visit the ‘Top up your loan’ section on your summary page.

Applying for a top up is simple and 100% online.To process your top up request, you will need to 

1. Confirm some information about your current financial circumstances

2. Provide a copy of your latest bank statement

We will then perform an up to date credit check.  Getting an accurate picture of your most recent financial position helps us ensure we offer you the best possible rate on your top up.

Plenti will provide you with an outcome, and if successful we will invite you to accept your new loan contract. The new loan contract will cover the balance of your existing loan combined with the new top up amount.