"Payday" lenders are generally lenders of last resort. In return for access to short-term credit (about 30 days) and loans that are typically of small nominal value, payday borrowers pay extremely high fees and interest rates. loanless is not a payday lender. We look for creditworthy, quality borrowers. Our loans range up to 84 months, from $5,000 to $70,000, which does not fit with the definition of a payday loan.
loanless offers fixed rate personal loans – which means the interest rate doesn't change during the term of your loan so your repayments will remain the same. In addition we don't charge early repayment fees if you want to pay off your loan earlier than you originally expected.
A secured personal loan is secured against an asset that you own, most commonly your house or car, as a form of collateral. An unsecured personal loan requires no security which can mean a stricter lending criteria but far more flexibility for those who are eligible.
It's an exciting new way for people to borrow money from other people. The people providing the funding are investors who would like to loan money to creditworthy borrowers. Borrowers get the recognition for their good credit behaviour by saving with better rates.
Once you're approved the funds will be transferred to your bank account, usually within 1 business day.
loanless is not a bank. Marketplace lending provides a different and interesting alternative for creditworthy borrowers and fixed income investors to get a better deal without the infrastructure cost and complexity that comes from being a traditional bank.
There are a few reasons you might end up owing tax. It all comes down to how much you earn throughout the year, and what tax bracket you fall into. You might end up owing tax if you have more than one taxable income.
If you've paid more tax than you needed to, or if there are some tax deductions you are entitled to, you should get this money back. All you need to do is submit your tax return correctly.
If you work, a tax return is something you need to send to the Australian Tax Office (ATO) each year. Your tax return consists of all the income you've earned throughout the financial year.
Your tax residency is the country where you typically submit an income tax return or may be liable to pay tax. We need to collect data regarding your tax residency status to comply with standard banking regulations.
The amount you can borrow depends on the loan options you choose and your serviceability. With an unsecured personal loan, you can borrow from $5,000 to $70,000. If you choose our secured option, you can borrow up to $70,000.
With a secured loan, you will need to provide an asset as security, such as a car. Secured loans can benefit from lower rates. With an unsecured loan, you don't have to put up an asset, resulting in a faster application and assessment.
We charge a one-off establishment fee. This is included in your total loan amount. There are no monthly fees or early repayment fees. Visit our rates & fees page for further details.
Currently we do not offer balloon payments. Some car loans allow you to make a 'balloon payment', but because you'll have to repay the lump payment plus interest, the total cost of the car loan is likely to be higher.
A secured car loan is one in which the purchased vehicle serves as security for the loan. If a borrower defaults, the lender has the right to repossess and sell the vehicle.
Debt consolidation is simply the process of combining all of your existing debts into a single new debt with a single interest rate and one regular repayment. It can help you manage your finances and pay debts off sooner.
Debt consolidation loans remove the temptation to continue spending and often have lower interest rates than credit cards. You can also choose fixed terms with loanless, which makes repayments easy to manage.
Yes. Receiving a rate quote from us will not impact your credit score (we use a 'soft call'). However, once you have submitted your actual loan application, we will conduct a 'hard' credit check as part of our assessment process.
A home renovation loan allows you to make improvements without adding to your mortgage. A building and construction loan is for building a new home or larger structural projects, where funds are provided in stages.
The lower interest rates associated with mortgages seem tempting, but you need to consider how much interest you’ll actually be paying over the 30-year life of your home loan. A personal loan is a shorter term commitment with no early repayment fees.
Yes. The benefits of choosing a personal loan for your home improvement is an easier application, faster processing times, and fewer hoops to jump through. Plus with loanless you have no ongoing monthly fees.
No. A home loan or mortgage is used to fund the purchase of a home over 30 years. A home renovation loan is a smaller amount borrowed over shorter loan terms.
A Green loan is a personal loan that is specifically for products that are environmentally friendly or energy efficient. loanless’s green loans can help you make everyday cost savings.
loanless’s unsecured green loans work in the same way as our regular personal loans, but are used to purchase products or fund projects that are environmentally conscious.
You may need to supply your personal details, ID (driver's licence or passport), proof of address, proof of income (payslips/bank statements), and details about your expenses. For secured loans, you’ll also need registration and insurance details of the asset.
With a secured loan, you can borrow larger loan amounts compared to an unsecured personal loan and interest rates are also lower, as they are seen as less risky to the lender.
At loanless, all of our personal loans applications are online and you can get a quote in as little as 2 minutes. If you choose the secured option, you’ll just need to provide additional documentation for the asset.
With a secured loan, the lender has the right to sell your asset to cover the unpaid loan. However, if you are in financial distress, you can discuss hardship and alternative repayment options with our customer care team first.
Register your interest in investing at our registration page and provide identification as required. Institutional investors will need to complete a Commitment Agreement. We'll ask you to upload a wholesale investor certificate from your accountant.
Investors own units in the Trust and the Trust invests in loans which are approved in accordance with our credit assessment criteria. Investors have no direct interest in the underlying loans.
Currently only wholesale clients can invest through loanless. Over 90% of current investors on the loanless platform are individuals or SMSFs who meet the wholesale requirement.
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