Smart Guide: How to apply for a Personal Loan

If you consider doing a personal loans application then the following tips will help you get organised. Often when an application gets refused it is because applicants are not organised enough – they fail to provide the required documents in a reasonable amount of time.

Comparison of Australian Personal Loans

Personal Loan	Loan Details	Min Interest Rate (p.a.)	Min Comparison Rate (p.a.)	Min Loan Amount (p.a.)	Min Loan Terms	Apply Fee
Aussie Personal Loan	Aussie Personal Loans – A personal loan from Aussie can help you pay for any worthwhile purpose. It’s even a smart way to take control of your credit card debt.	From 14.49%	15.43%	$3,000	1 Yr	-
GE Money Personal Loans including Debt Consolidation	GE Money Personal Loans including Debt Consolidation – Juggling multiple repayments from credit cards, store cards and personal loans can be a hassle. But there is a simple solution.	See the GE Money Website	See the GE Money Website	$4000	2 Yrs	$250
ANZ Personal Loans	ANZ Personal Loan - You can use an ANZ Personal Loan for almost anything including, consolidating debts into one regular repayment, home renovations or household goods, a car, holiday or a dream wedding.	13.42%	16.03%	$5000	1 Yr	$200

Before you can even think of applying for a personal loan you need to be 18 years of age or older. You also need to be an Australian resident with a minimum income of $25,000 which should be at least $28,276 according to the Australian government’s Fair-pay website.

Further to meeting above stipulations you also need to be in a position to repay your personal loan. To find out what type of personal loan is right for you we invite you to take a look at our personal loan comparison article.

For amounts smaller than $5,000 other rules apply. Most lending institutions approve your personal loan ap within one day up to one week, sometimes even faster.

To do a personal loan application you need the following:

• Your employers details, address and phone number: Usually these are recorded on your pay slip anyway. See below.

• Your income slip: You need to present your three most recent pay slips whether you are paid weekly, fortnightly or monthly. If you are self-employed lenders need to see financial statements (tax info) for the previous two years of trading.

• Proof of any assets you might have: These could be savings, term deposits or managed funds. or else you might be an existing home owner with existing equity.

• On overview of your expenses and financial liabilities: Statements of your credit card, charge card and any other loan liabilities you have will need to be provided.

• Your drivers licence or any other form of identification: Under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 lenders will require to see the original document of identification or a certified copy thereof. This is to prevent any potential abuse.

• Proof or residence: If you are renting a rent receipt or tenancy agreement will do the trick, home owners can supply the last rates notice or a home loan statement. If you board then you need to provide a written statement.

How to apply for a personal loan?

A personal loan application is easy and straightforward if you have all the above documents prepared and ready at hand. Depending who you deal with you might not even need them all, but it helps to be prepared for sure.

You can do a personal loan application:

• Over the phone with a friendly loan consultant.
• In person: This is favourable if you opt to go with your bank and want things to roll quickly.
• Apply for a Personal Loan Online: Often the easiest way but having said this you might have to visit the branch anyway to produce your documentation.

As you can see, a personal loan application is do-able with the right preparation and knowledge. All your lender really wants to see is whether you have the financial means to pay back the loan and if you are the person you are pretending to be.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0