From June, 27th, 2016 until July, 1st, 2020 Loans.com.au was offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews below have been written by customers who received such a reward. These reviews adhere to ProductReview’s Incentivised Customer Reviews Guidelines and may explain a spike in review numbers.
Very Vindictive and non-cooperative
My car involved in a crash and written off by the insurance. I informed Loans.com.au. The loan was in the process of being fully paid. They tried to sell me another loan and called several times. I requested a pause as I will come back after a house loan. The insurance payment was delayed due to something between Loans.com.au and the Insurance. Loans.com.au reported a default in my credit report. I was surprised how vindictive they are. Just because they couldn't sell a loan again, they reported the default so that my credit score goes down and...I come back to them after getting stuck. Ridiculous! Loans.com.au have my bank details. Direct debit is setup. I was calling them every 2/3 days to confirm if the payment was received from insurance. None of the agents informed me about anything. They simply report to credit file. Very crap business policy and suffering for customers.
Everything is great until it isn't
Terrible customer service and website. Have reset my password three times and still can't get onto the portal because it rejects the new password every time. Called multiple times to seek clarification on what information was required from the dealer and loans.com.au - both said it was all fine and they would figure it out between them. Well, our car has been sitting at the dealer for almost a week and we can't pick it up because neither party did what they said they would do, when they said they would do it.
- Car Loans
Another case of false advertising
A random Google search led me to their green car loan. To ensure my chosen model ( 2021 BMW 3 plug in hybrid) qualified I first made a general enquiry ( March 2021). They confirmed I did ( any sort of hybrid) and later on when I started the application (May 2021), once again the manager I spoke to confirmed (against his list) I did. I had even uploaded the purchase agreement as what I had discussed. The pre approval was also based on the green car rate. All went well until settlement came
1) the manager personally called me to say his senior ...managers had reviewed the specs of the car and decided the car does not meet the requirements of a green car loan. 2) they re-offered a new approval based on a regular car loan which was 0.7% higher ( $80 more each month on a 5yr term) 3) they offered no form of compensation nor discount Thus I will let the court of public opinion ponder on the following... 1) Would you allow yourselves to get staffed up at settlement, through no fault of your own, despite meeting all criteria to full approval? 2) Would you not feel stressed and psychologically compelled to sign on the dotted line despite the increased costs even though you have been taken for a ride? i.e. no settlement no car 3) Did they practise responsible lending? I did not sign on any document related to assessment for the regular car rate (higher rate)
check how much you will loan on a car first
After them pushing me to get my application through and hours on the computer getting forms to fill out that they lost twice only to be told they wont lend the amount that was talked about when i got the credit check because my brand new car isn't worth enough. the first thing that should have been checked is how much they will let you refinance on the car you have, not wait right up until the end to tell me. now I have a mark on my credit score for a loan that shouldn't have even gone through in the first place. pathetic system
unorganised and constantly asking for unrelated information.
I initially applied for a loan, got 'pre-approved', then the pre-approval expired. I decided to try again.
First, did the web application and [name removed] called me back. He was friendly, and seem to know what was going on. Then I was asked to provide documentation, again, and again and again and then again. Up to the point where they wanted itemised listings of my bills coming off my account and statements from the bills showing it's being paid. All expenses, including my wife's accounts was put into the mix, but not her salary. It's frustra...
Hoops and Hassle
Was successful in application, however, process was cumbersome and time confusing. Staff are friendly and helpful, so can't fault them but too many cooks spoils the brew. Definitely worth applying with them but there is plenty of room for improvement on their behalf.
Go here to get harassed!
Some accurate facts:
1) I apply for a car loan on their website.
2) I give them all the relevant documents like my payslip.
3) They do a credit check on me (multiple credit checks hurt your credit score).
4) The give me a pre-approval of $28500. I say, I only need to take a loan of $16000 as I intend on paying a substantial amount upfront. So far so good.
5) They ask 20 further documents which I provide. All good to go for the final approval.
6) Right at the end, they say I have to pay a salary packaged loan worth < $2000 to get a loan, or el...
Absolutely waste of time
I applied for a car loan as their website says it will be quick but these snails took 3 days to respond with rejections
Couldn't believe a person with 700+ credit score a 6figure salary job minimal debt couldn't satisfy their credit teams unimaginable criteria.
Please just avoid just avoid.
Choose someone who has office so you are not taking to the wall but to a person
Office times mentioned 7am-7pm AEST
ALTHO I live in Wa callEd them around 4pm AWST and their automated msg say its out of their service time which was 6pmAEST.
Thanks for wasting my time.
Do not waste your time! Pre Approval is a Myth!
After reading the mixed reviews on this site I decided to give them a fair go with the online car application process. In order to fill the details your customer adviser tries to be your best friend and hounds you until you find a car.
I was given pre approval for an amount double of what I actually needed filling me with confidence things would go smoothly...how very wrong was I. After reaching out multiple times for them to contact my dealer for the invoice the hope of the advertised quick and easy process was beginning to fade. Once the inv...oice was finally sorted my application progressed. After not hearing anything for a number of days and repeated phone calls for an update (not quick or easy) I was told by my lending manager Garth, that he was having trouble with my loan due to my living location being in regional Australia (Karratha). He stated if the loan were to fall through it would be hard for a debt collector to secure the vehicle. He stated he was 90% confident the application would still progress....I had my doubts. Now I find it hard to believe that given one of the first steps in the application is your home address the loan would fall through at the final hour is shocking service. Not only do I have stable employment and an excellent credit capacity Karratha is one of the largest regional towns in Australia that is easily accessible. Do not grant Pre Approval if you are not 100% confident in delivery your service. Not even a follow up call or apology from the broker. Was hand balled to an admin to give me the news. I wouldn't waste my time or even consider using your service again.
I applied for a car loan, got pre approved for the loan. Put a deposit on a car, only to be told the next day that because my wife was on Jobkeeper that they weren’t going to service the loan.....went elsewhere without any trouble. Would not recommend them.
Terrible customer service
Went through the whole process with this company for them to tell me that due to the company I work for receiving job keeper even though I am not, to decline my application.
They make you jump through so many hoops. Contacted me frequently to quickly pre-approve only for the final detail to be over looked.
This should be outlined from the beginning Ian sure any other company will be happy to take my money.
Honest Advice - Stay away, felt Deceived.
Loans.com.au seems to be run on a very inefficient process model, Applied for a used car loan though the documents checked out, they wanted all the documents incl Tax invoice reflecting the amount before even the approval is provided eventhough the "Agreement" was provided and its one after another request for red tape and paperwork. Everyone is so busy when you want to talk and clarify, poor customer service. Simply explanation given was the process is different for every lender and if we wish to apply for a loan we need to follow their proced...ures. The credit check happens as soon as you make an enquirer online, where the collect data under the pretext of providing "Customized rate", dont fall into this trap. Process takes too long even prior to you receiving approval. They think of one new document every other minute. Credit file already has a dent because of their query. Lucky i didn't proceed with them and went with someone else with better customer service experience even-though they were 2k over. It was well worth it.
Told one thing over the phone and something completely different at application
Steer away from this company. Tell you one thing over the phone before applying and then change their words once a preliminary application has been submitted, shameful and frustrating behaviour.
I was promised multiple times that funds will be transferred to Dealerships bank account as a same day transfer and was funds will show up in dealer bank account in 1 hr. This never happened, Dealer claimed he didn’t receive the funds even after 4 hours . Why would you call it a same day transfer if funds don’t transfer same day ? Why would you claim that funds will be there in 1 hr if you can’t deliver? Cannot get delivery on weekend and will now need to take time off work to pick up the car. Extremely frustrating and disappointing service !! Worried about the next few years I am locked in with this Organization. Don’t make promises you don’t intend to keep !!
The issue with this company is not that they didn’t give us the loan we requested. We have excellent credit, and had no issue from the perspective.
The issue was the length of time and effort that it took to obtain the loan. The credit check was done incompletely, necessitating many delays and multiple phone calls from loans.com.au to ask us multiple questions that should have been easily cleared up during the initial credit check. It was like they had never done a credit check before. I felt like I would have done better to walk them through t...
Questions & Answers
Hi, I currently have a home loan with a credit union in Sth Australia. I have approx $190,000 still owing (with $70,000 in a re-draw account). Without the re-draw, the amount owing would be $260,000. My current interest rate is 2.99%. I saw your advertised rate of 1.99% and wondered if I could re-finance my Home Loan with your company instead? There are no exit fees with my current loan. What would the set up fees be to do this please? Thanks, Anna
Go on web site no set up fees UBank is offering a better rate of fixed 1.75%
When will we find out about rate cuts? I must add I’ll be very disappointed if it isn’t passed on and passed on in full.
Has anybody gotten a fixed interest rate car loan with loans.com.au and their interest rate got suddenly changed during the fixed term loan period ? Are there any hidden fees or suprises on the way because I am on the stage of signing with them but the loan contract seems vague and subject to "changes". Anybody has an experience they want to share?
Get an answer from our members and loans.com.au representatives
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