Frequently Asked Questions

Yes, if you receive pre-approval on your loan it is valid for 30 days.

Banks and other financiers will use a credit score to help determine whether they will lend you money. Your credit score is partly determined by your stability (how long you have been at your address and employment). Defaults, court writs and summons also have a negative impact on your rating. The number of enquiries you make will also impact your credit score. The more enquiries over 12 month period can lower your score.

$20,000 (includes a $250.00 establishment fee and a $990.00 origination fee) loan at an interest rate of 10.99% p.a. (12.21% p.a. comparison rate*) over 5 years.

Repayments are $438.00 per month over 60 months ($101.07 per week), this includes $13.00 per month loan administration fee.

Total repayment over 5 years: 60 x $438 = $26,280.

The comparison rate of 12.21% p.a. is based on an unsecured consumer fixed rate loan of $30,000 over a term of 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The National Consumer Credit Protection Act 2009 (NCCPA) requires that all lenders that publish interest rates for a product also publish the comparison rate. The comparison rate aims to inform the consumer of the true cost of a loan and is designed to make it easier to compare the different credit products available in the market. A comparison rate does not include all fees and costs, eg Government fees and charges and will not include other factors that may make the loan more attractive, eg flexible loan arrangements.

“Payday” loans are not offered by Loans 123 and neither are short term personal loans.

We don’t offer this type of loan because it is highly likely to reduce the chance of you getting approval for any future lending due to it damaging your credit file.

If a loan is approved then yes. We include this in your loan amount as well as it is disclosed in our Quote and Credit Guide which is provided to you.

Call us today on 1800 100 100 or apply online and discuss your finance options and loan.

Getting a loan is as easy as one, two, three with Loans 123!

Often no. A deposit may be required depending on previous credit history or the value of the goods being financed.

Banks and other financiers will use a credit score to help determine whether they will lend you money. Your credit score is partly determined by your stability (how long you have been at your address and employment). Defaults, court writs and summons also have a negative impact on your rating. The number of enquiries you make will also impact your credit score. The more enquiries over 12 month period can lower your score.

The terms for such a lease can be anywhere between 2 to 5 years depending on what was agreed upon with the employer. Every monthly payment that is made will go towards the reduction of the total balance for the lease. All of the monthly lease payments would then be deducted automatically from the pre-tax salary, providing the person with amazing tax benefits rather than just financing the vehicle on their own.

One of the major advantages of a novated lease is that all of the running costs which include the fuel, maintenance, tyres and insurance are all part of the monthly payment depending on the type of lease you’ve chosen. This can turn out to be quite convenient especially if there are any big repairs needed by the vehicle.

A novated lease is also advantageous during the end of the term, as the person will have the option to either buy the vehicle directly, refinance the car using a new lease or to sell it.