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When you apply for a Plenti Personal Loan you’ll get a personalised interest rate based on your credit history. If you have demonstrated good credit behaviour you may be offered a lower interest rate. On the other hand, if your credit history isn’t very good, you may be offered a higher interest rate.

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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

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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.

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

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

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