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.
Don't bother with this company!
Extremely slow process of getting a loan approval. In the end they said that we couldn't service the loan (but hadn't contacted me). I had to call to follow this up. I don't know how they worked out that we couldn't service the loans. The rental we get from both properties services the loan. I would say that they don't know how to read financial statements. A pretty bad experience all up. Based on the reviews on this page alone, I'm happy that we didn't go with them, as I'm big on Customer Service and it looks like this company fails badly.
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...
I registered online on their website and then received a call from a rude sales person, and decided not to proceed with them and I don’t recommend them to anyone
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.
Didn't even get to the loan!
I didn't need a loan but being cautious wanted $12k out of the $25k car I am buying just in case I fell short. Would have paid off earlier than 3 years I was asking. The person who rang me had a history in front detailing every little financial bit I ever have had and currently have including past loans. For a person who paid off $250000 plus loans over time never ever defaulting as even he commented I was told I can't be approved $12K loan because my liability is $91000 - all available credit cards etc. not what I owe but what I could borrow. ...For me to be approved I have to call each bank and close off credit cards to be considered for a car loan! Heck I just paid out a $14000 balloon! I have never been declined before and if they had all my financial details to the finest point was the loan application a lie detector exercise? I don't use some of the loans never ever went anywhere near any limits ever so I found the whole process strange and weird. People hassle the banks but I think they show a lot of consideration albeit higher interest rate. Not worth the hassle with these make believe companies. Needless to say all my personal information will be passed on to companies and generate a decent revenue for years to come!!!
- Car Loans
"Pre-approval" means nothing; self-employed or business owners may need to look elsewhere
1. I applied for a car loan on 1 July 2020 for a new EV - I was attracted to loans.com.au as they promoted lower rates for "green" cars.
2. After making an online application, I uploaded all documents which were requested via the onTrack system.
3. I received a call from their agent [name removed] to talk through my applications. He reviewed my documents, income statements, tax returns and went through my credit report and told me that my loan application was pre-approved.
4. I received a letter on my onTrack system saying that I was pre-approv...
Arrogant, incompetent and unhelpful
We have been customers for a few years and since our loan term is coming to an end, we set a phone appointment to speak about better rates. Unfortunately, this proved to be a most frustrating experience as we were pushed from pillar to post having to speak to different incompetent staff who were also arrogant and rude. When we first become customers we read about the negative experiences of current customers. You would think that in the current climate lenders would do it's best to keep its customers. But
now we can attest that if you are a current customer, you are no good to them as their treatment showed. Utterly disappointing service and another proof that loyalty with lenders count for nothing.
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.
Was told by 3 different people that could get the loan no worries then when it came down to it ‘sorry we can’t help you’ what a waste of time
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.
So, I enquired about a loan for a car from 2011 only to be told that they'll only fund car loans from the last few years, not that far back. Useless to me and I imagine lots of honest borrowers. Luckily there are plenty of other loaners who aren't so narrow-minded.
Unethical, unhelpful and purely organised.
I overpay my mortgage, never miss a payment, and have a large mortgage which is safe due to our professions being government. The application process was a joke - sorry but I would love to know how you people think the admin should be done. Literally took 5 times to get documents sorted - 24 hrs application was over a month - apparently, the software was doing it wrong and it took a team to fix it but only on my profile of our mortgage and not on my husband. Then the fiasco of the direct debit which they kept getting the account details wron...g which after 3 month of messing around we told them to stop trying - we sorted it by BPAY. No one year later when they have nothing to do they have brought out an interest rate 0.68% lower than my current rate and they are refusing to let existing customers move to a better rate. - Disgusting. They are also not a bank just some money lender in Queensland. If you want a cheap rate and have zero interaction then go ahead but anyone who expects more than a couple of figures on a page - which is all we want incidentally go elsewhere.
Do not go with loans.com.au because they treat existing customers very bad
As is the case with many borrowers with loans.com.au, I was enticed by the initially low rates. However, the lender raised rates a number of times, even when the Reserve Bank didn't raise rates. When the Reserve Bank drop, they do not pass the full interest rate cut to me. Instead they pass it on to new customers. If you look at the interest rate they are giving to new customers, there is a difference of 0.34%.(they are currently giving new customers 2.57%, but they are giving me 2.91% for exactly same owner occupier product) I have contacted...loans.com.au to see if they can match my interest rate with new customers. They said they cannot because the funding is different as they keep finding excuses. When they increase the interest rate for me, they keep saying it's associated with funding costs. But it's hard to believe because other banks are not doing what they are doing to their existing customers. Not sure if this is loan sharking?
These people have no clue of what is going on in the outside world or pay attention to particular circumstances like the big 4 banks do... All they see is you owe me this and then send out an old guy on a motorbike to drop off a letter haha good one. I've called 5 times once a week and all I get is, "someone will call you back tomorrow".
Just remember I have paid off the whole loan in interest only! and now I have lost my job and you want 6k.. all banks have a button to defer for 6months and you want a complicated waste of time pdf... get rea...l. Firstmac are the worst don't be sucked into the Pink we are pro-women hype it is all a FACADE and behind the doors are greedy men laughing at you with no care in the world. For what should if profit a man if he should gain the whole world? ... but lose his own soul.
I simply wanted to enquire about whether it was possible to get a car loan of $10k to combine with my 10k deposit, given my current employment situation and somehow this ended up on my credit report which I’m really upset about. It was a simple question not an application!
The person I spoke to on the phone wasn’t particularly friendly, she was clearly in a rush to get off the phone when I was simply returning their multiple phonecalls.
I managed to secure a car loan with a different lender who actually listened to me and tried to work with m...y situation, instead of just giving me an automatic “no” with an attitude. I definitely wouldn’t recommend loans.com.au make sure you shop around guys and use a car broker if you’re looking for a car loan because unlike these guys, they actually want to help you. Customer service is important.
The reviewer stated that an incentive was offered for this review
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.
Best decision I made was to leave
As is the case with many borrowers with loans.com.au, I was enticed by the initially low rates. However, the lender raised rates a number of times, even when the Reserve Bank didn't raise rates. When I contacted loans.com to see if they would move my rate down, even marginally, to be more in line with other no-frills lenders, they refused. I shifted to Homestar, which have been wonderful, so far.
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.
I received a call from loans.com.au. I was the last caller of the day and the man was in a rush to get me off the phone. This is my first home loan and I wasn't exactly sure on the process, but the guy spoke to me like I was a child when he realized I needed more assistance in understanding the loan. He also cut me off when talking and had an aggressive tone.
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?
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