So, what’s my interest rate?
When shopping around for a good deal, it’s always best to look at the price tag!
But unlike a can of tomatoes, there’s no one price fits all when it comes to loan interest rates. Your rate is calculated on an individual basis. What you pay is likely to be different to your workmate, your Mum, even your partner. So, what’s the difference?
A few things that determine your loan interest rate:
We like to help everyone with a personal loan, regardless of credit history. If you have good credit, we can use our lender network to get you a great deal with a great interest rate! Or if your credit has seen better days with a few defaults, we can still get you approved, but higher lending risk can mean a slightly higher rate.
A stable job and steady income mean you’ll be able to afford repayments, and get the best interest rates. We’ll also ask you about any dependents, and use your bank statements to check out any expenses and other financial commitments, such as other loans.
Type of loan
Our personal loans can be used for anything (well, just about!) If you’re applying for a secured loan (one where an asset is used as security, such as a car loan), your interest rate will be even lower. When you apply, our team will ask what the loan is for because, as responsible lenders, we obviously can’t lend for anything illegal. We also can’t lend for gambling or investing or let you take out a loan on behalf of someone else.
So, how do I know my interest rate?
Here at The Lending People we love to get things done fast (we approve loans in less than 60 seconds!*) But there are a few things we need to know before we can let you know your interest rate, including seeing your bank statements. Luckily this is all part of our super easy online application – no paper, no scanning, no getting off the couch! Or use our handy online calculator to give you a quick estimate.
You’ll get the best deal with TLP
But we would say that, right? Since we work with a range of lenders, our clever application platform will automatically calculate the best deal for you. We have low rates from 8.95% and no broker fees* for loans over $5,000!