Personal Loan Frequently Asked Questions
How much can I borrow?
The minimum loan amount you can borrow is $3,000 and the maximum will depend on your current financial situation.How long do I have to pay it back?
The minimum term for a loan is 2 years, with a maximum of 7 years. Set a loan term that suits you - if you can afford to repay your loan sooner, get a shorter term. A longer loan term will incur additional interest charges but your regular repayments will be lower.How long does it take to approve?
In most cases, you can expect to receive a decision on your loan application by the next working day.How long until I get my funds?
Once your application has been approved, funds can usually be transferred into your nominated bank account by the next business day (timings may vary depending on your situation).What's the eligibility criteria?
At a minimum, you will need to have a regular income, be an Australian Permanent Resident and be at least 18 years of age. Other credit and approval criteria will apply depending on your situation. We can usually let you know if your application is successful by the next working day.What documents do I need to apply?
To receive final approval on your loan application, you will need to supply us with the following original documents:| Proof of identity |
Current Australian Driver Licence/Learner Permit OR Proof of Age Card¹ OR NSW Birth Card showing current address |
|
Passport (Australian or foreign) current or expired within 2 years OR Centrelink pension card OR non-photo current Australian Driver Licence PLUS one secondary ID document |
|
|
Utility bill² OR Rates notice (less than 3 months old) OR Centrelink Statement OR ATO assessment Notice (less than 12 months old) |
|
| Proof of income |
|
|
|
|
| Proof of residency |
|
¹NSW Proof of Age Card is not accepted
²Excludes mobile phone bill
Depending on the details of your application, we may also require other
documents in addition to those listed above.
What are the interest rates?
Our interest rates start from 14.99% p.a. (comparison rate 16.00%³) and will vary depending on your application.³Comparison rate based on a secured loan amount of $30,000 over 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 may result in a different comparison rate.
Is the interest rate on a GE Money loan variable or fixed?
Both GE Money Personal Loans and Debt Consolidation Loans feature fixed interest rates, meaning repayment amounts stay the same throughout the life of the loan. Having this certainty makes budgeting simpler and more manageable.How is interest calculated?
Interest is calculated daily and charged to your account on a monthly basis.What are the fees?
There is a $250 once-off fee for establishing a new loan and a $10 on-going monthly loan service fee.Do I need to provide security?
This will vary depending on your personal circumstances and the loan amount you have applied for.How do I make repayments?
You can opt to make weekly, fortnightly or monthly repayments by Direct Debit, BPAY®, at Australia Post outlets* or via EFTPOS at any one of our branches.*Payment at Australia Post or via BPAY® will incur a payment handling fee. BPAY and the BPAY logo are registered trade marks of BPAY Pty Limited 69 079 137 518.
Will I be charged a fee for making additional repayments?
Additional repayments can be made at any time and do not attract any fees^. However if you pay off your loan early, an early termination fee may apply. The amount will depend on how long you have left on your agreed term.Details on our fees and charges are available here.
^Payment handling fees apply for additional repayments made at Australia Post or via BPAY®. BPAY and the BPAY logo are registered trade marks of BPAY Pty Limited 69 079 137 518.
How is GE Money different from other lenders?
As a leading alternative to the major banks in personal finance, we strive to treat every customer individually, fairly and with the respect you deserve.We believe that personal finance should be simple. Whether you're renovating your home, organising a holiday or consolidating your debts, you can count on GE Money to tailor a simple, easy to understand loan that suits your needs.
Most importantly, we work quickly - so that you get what you want fast.
Find out more about us by clicking here.
What can I use a loan for?
You can use a GE Money Loan for most personal purposes. This could be anything from a holiday, education expenses, car purchase or repairs, home renovation, travel, unexpected bills or even a wedding. If you have something in mind, give us a call to discuss a solution that suits you.When is a personal loan a smarter choice than a credit card?
While you could put large purchases on your credit card, a personal loan is often a smarter option for one-off purchases like these because:Credit is provided by GE Personal Finance Pty Ltd ABN 54 008 443 810 trading as GE Money.