You need to be 18 years or older to enter into a credit contract.
How old do I need to be to apply for a loan?
Do I need a guarantor if I am under 21?
Not always, but it does add strength to your application.
Can I pay back my loan early?
Yes, you can prepay your loan at any time. There is an early settlement fee to cover the costs involved, refer to our Rates & Fees for details. Interest, Administration Fees and any PPI insurance premiums relating to the remaining term are rebated.
How fast is the loan process?
Once we have all of the information necessary, we would expect to complete our assessment within one hour.
Who pays my debts on a debt consolidation loan?
We will settle your debts directly with the companies involved.
Is there an application fee to apply for a loan?
It costs nothing to apply. A loan establishment fee will apply and can be included in the loan amount. Refer to our Rates & Fees for details
Do you lend to beneficiaries?
Yes, after checking it is affordable for the customer and provided it complies with our responsible lending guidelines.
Do you finance private purchases?
Yes we will. We do need to get an invoice from the seller, and confirm their identity against motor vehicle registration details for your protection.
Can I get finance if I have bad credit?
We are willing to assess all applicants. We understand that most of us experience difficulties at some stage and sometimes a co-borrower or guarantor may be necessary. Talk to us about the circumstances so we can seek to provide a suitable solution.
What is the minimum loan amount?
What can I use as security for my loan?
We can secure over motor vehicles, boats, jetskis and/or property. Unsecured loans are available to applicants demonstrating strong creditworthiness.
Can I get a car loan with a learners licence?
We normally require a minimum of a restricted licence to proceed with a loan, however depending on circumstances, creditworthiness and support available we may agree loans on Learner Licences.
What is a guarantor?
A person who is willing to gaurantee your payments will be made and be liable for the debt if you fail to meet your obligations.
Does my vehicle need to be insured?
Yes, during the term of the loan your vehicle must be insured with MyFinance’s interest noted on the policy.
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