Applying for our lender-finding service
Q. What does Personal Loan Pal do?
A. We are a lender-finding service. Applying with Personal Loan Pal takes just a few minutes. If you meet the basic requirements below, simply submit your application and we’ll do our best to find a lender for you.
Q. Who can apply?
A. There are just a few basic requirements that must be met before you can apply Personal Loan Pal. You must:
- Be 18 years old or older
- Have been paid a regular income into a personal bank account for at least the past 90 days
- Be an Australian citizen, or have permanent residency
- Have a direct contact phone number and email address
Q. Can I still apply if I receive Centrelink payments?
A. Yep! Our lender-finding service is open to those receiving Centrelink payments, as long as they are consistent and reliable, and you meet the other requirements. We’ll do our best to find a lender for you, even if you’ve received a Centrelink cash advance in the past.
Q. How does the application process work?
A. If you qualify, you can then go ahead and get started on an application. Once you submit that, it’s over to us to try and find a lender for you.
Q. What documents do you need from me?
A. Since we only handle your application to our lender-finding service and the subsequent outcome, we won’t need you to submit any supporting documentation to us. Should we find a lender for you, you might need to supply your loan provider with copies of bank statements, pay slips bills, for example. They’ll be looking to confirm both your identity and your personal circumstances. The requirements may differ from lender to lender.
Q. Are you going to call my boss or colleagues?
A. As we are strictly a lender-finding service, no, we will not contact your employer. However, your lender will likely do a quick employment check, but not to worry. Our partner lenders employ well-trained operators who avoid disclosing any personal information about you or your application to your employer.
Q. How do I apply?
A. We are 100% online. All applications must be submitted via our mobile-friendly website. If you need to contact us directly, you can either do so via our website or send an email to email@example.com.
Q. When can I apply?
A. Applications can be submitted at any time via our website, however, outcome and referral times may differ outside our business hours.
Our hours are:
Monday to Thursday – 8am to 6pm
Friday – 8am to 4pm AEST.
Q. When do I get my money?
A. Should we find a lender for you and they approve your application, the speed at which funds are transferred into your account will depend on your lender and the bank they use in relation to yours. If you use a bank that isn’t used by your lender, it will most likely take longer for money to be transferred.
Fees and payments
Q. What do personal loans cost?
A. As we are a lender-finding service, we can’t guarantee what the exacts costs of a loan will be should we find a lender for you. That will depend on your lender, the loan amount and type of loan, among other factors. However, we can give you an idea of the types of fees that you can expect from loans:
Small Amount Credit Contract (loans from $200 to $2,000):
- Establishment fee: 20% of loan principal.
- Flat monthly fee: 4% of loan principal.
- Can be repaid over a period of up to 12 months
Medium Amount Credit Contract (loans from $2,001 to $4,600):
- Establishment fee: $400 flat fee
- Annual Percentage Rate of 48%
- Comparison Rate of 67.41% P.A.
- Can be repaid over a period of between 13 and 24 months
- Must provide a vehicle (car, boat, caravan or motorbike) as security
Large Amount Credit Contract (loans of $5,000):
- Annual Percentage Rate of 21.24%
- Comparison Rate of 48%
- Must provide a vehicle (car, boat, caravan or motorbike) as security
Q. How do I pay my loan back?
A. Many online lenders will help you to set up a direct debit schedule in line with your income – the amount you need to repay and when you receive your monthly payments are important here.
Q. What happens if my payments bounce?
A. If you are unable to make a repayment, a fee may be added to the balance of your loan. Such penalty fees should be outlined in your loan contract. If you think there’s a chance that you’ll miss a repayment, or if you’re going to be paid late at all during your repayment period, make sure you let your lender know as soon as possible so you can try to come to an understanding.
Q. What happens if I stop making my repayments?
A. If you stop making your repayments, you run the risk of having your default listed on your credit file which, as you know, could have a severe effect on your credit history and stay there for up to five years. Your account could be passed on to an external debt collection agency – a last resort for lenders. If your circumstances change, get in touch with your lender as soon as possible so that they are aware of the situation.
Q. What is Financial Hardship?
A. If you have a sudden change in circumstances and are unable to meet your financial commitments like bills, expenses and loan repayments, make sure you advise your loan provider.
If you are finding it hard to manage your finances, consult with an accredited financial adviser or visit www.moneysmart.gov.au.
Q. What if I am bankrupt?
A. If you are in a current or undischarged bankruptcy, we will not automatically count you out. Apply using the form above and let’s find out if you’re eligible.
If you are currently in a Part 9 Debt Agreement you are not eligible for a Small Amount Credit Contract (loan from $300 to $2,000). You could be eligible for a Secured Medium Amount Credit Contract or a Secured Large Amount Credit Contract which involves you putting up some form of security like a car, boat, motorbike or caravan. These loans range from $2,001 to $4,600 and $5,000 respectively.
Q. What are SACCs, MACCs and LACCs?
A. A SACC loan is a government-regulated Small Amount Credit Contract governed under the National Consumer Credit Protection Act (2009). Their repayment terms vary from 16 days to 1 year, up to $2,000.
A MACC loan is also a government-regulated product under the National Consumer Credit Protection Act (2009). A MACC loan is a Medium Amount Credit Contract. MACC loans terms vary from 13 months to 2 years for $2,001 to $4,600. Our lender partners typically only offer Secured MACCs where you offer security in the form of a car, motorbike, boat or caravan whilst the loan is being repaid.
A LACC loan is also a government-regulated product under the National Consumer Credit Protection Act (2009). A LACC loan is a Large Amount Credit Contract. LACC loans terms vary from 13 months to 2 years for $5,000. Our lender partners typically only offer Secured LACCs where you offer security in the form of a car, motorbike, boat or caravan whilst the loan is being repaid.
Q. What happens if I have a complaint?
A. We’re not happy if you’re not happy. If our services have been less than satisfactory, please let us know. You can contact us using the form on our contact page.
We will get in touch with you quickly to reach an agreement that works for both of us. If you are still not satisfied with the outcome you can contact the Credit Ombudsmen Service Limited for an independent review.
You can contact the Credit Ombudsmen Service on 1800 138 422 or visit www.cio.com.au for more information.