Loan Direct is a Finance Broker, but in certain circumstances will lend money through its parent company / owner – Loansmart Limited.
Your Finance Consultant will advise you if your loan is with Loan Direct or if it is being brokered to another company. If your loan is brokered to another company we will advise you of the fees, interest rate, and payments prior to your loan being drawn down. These rates and fees vary from Company to Company but currently start at 8.95%.
When you apply for a loan we have some responsibilities for you, these include that we understand your needs and your situation. This will allow you to make an informed decision about your loan and rest assured all information provided will be kept confidential. Depending on your circumstances the sort of information we may request from you is as follows:
- Your personal circumstances including your age
- What existing loans you have and whether they will be repaid with this loan
- Recent bank statements to confirm your income and expenses
- Whether your employment is full, part-time, or casual
- What assets you have and their value
- Details of your credit history and your consent to a Credit Check
- Requesting to see your identity documents (drivers license/passport etc)
To understand your needs we may also ask the following:
- The amount you would like to borrow
- When you require the funds
- The purpose of the loan
- The loan term that best suits your needs/budget
It is very important to us that you understand your contract and we endeavor to do the following:
- Make sure you know your rights and responsibilities before you sign the Contract
- Have clear terms and conditions that are easy to understand
- Ensure you understand the Interest Rate & Fees that apply to your Contract
- Clearly specify any security being used and ensure you are aware of this
- That you understand what may happen in the event of non-payment (repossession or sale of any property that you have provided as security)
- Give you this information at the time you apply and have details on our Website.
If your loan is with Loan Direct the following will apply:
- Interest rates start from 8.95% and are fixed for the term of the loan
- An Establishment Fee will be charged on each new loan.