Personal Loans made easy at Rate Detective

In years gone by applying for a personal loan could sometimes be a long and laborious process. You’d sit squirming in front of some junior branch bank manager who appeared to have had not only their sense of humour, but their entire personality surgically removed!  You had to fill out monumental application forms and then squirm as they tut tutted and raise their eyebrows at your every past financial indiscretion. A few weeks later you’d get a letter informing you your application had been rejected due to your failure to pay an outstanding library fine from 15 years ago…

Thankfully those days are well and truly over. These days’ people take out personal loans for a wide variety of reasons and often multiple times during their financial lifespan. What’s more in today’s competitive financial market there is strong competition between lenders to be the one that funds your requirements. That’s right you’re the customer and they are competing for your business. Quite a change isn’t it.

So, what’s the easy 4 step process and what simple things should you prepare when applying for a personal loan?

Step 1: Application

At Rate Detective, through our partners, we have access to a number of personal loan lenders yo. You can either fill in the application form online via our site or have one of our advisers help you through the process. Our mission is to make sure your application ticks all the right boxes for success, but remember to have these items on hand if you have them:

  • Photo ID, Medicare card and driver’s license.
  • Your two most recent pay slip.
  • Your bank account history for the last month.  (Some lenders require 3 months but will advise if they do).
  • 3 months statements on any existing loans or credit cards (These are required for consolidation loans only).

Step 2: Sourcing your lender

Your application will then be matched to the panel of lenders. To give your application the absolute maximum chance of success an application specific to the chosen lender is then signed by you and submitted.

If for any reason this application is declined your consultant will have alternative options available to you.

Step 3: Loan contract issued

Once the lenders conditions have been met the loan contracts are sent to you to sign.Your consultant will then issue you the Credit Proposal and disclosure statement.

Step 4: Settlement

Once your lender receives your signed contract they will review the contract and make the money available for your use.

Now here’s the best part of the process in this day and age, in most cases it takes just 4 days. So that perfect engagement ring you saw today but thought you wouldn’t be able to buy for two months, or that Antarctic cruise you want to go on now instead of in six months when your Super comes through might not be out of your reach at all.

At Rate Detective we will expertly match your requirements against our panel of lenders which include, ANZ, GE and Citi Bank and others. To get started, make an enquiry today and one of our qualified advisors will be in touch to discuss your personal loan needs.

Published on June 6-th, 2014 in Personal Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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