The Coles Personal Loan
What we love...
As a new customer, if you apply for a Coles Personal Loan by 31 March 2019 and activate your account within 30 days of loan approval, you will be credited with $100 off a single Coles supermarket shop within 3 weeks from activation. Your $100 shopping credit will be credited to the flybuys member number quoted during the application, so all you need to do is scan your flybuys barcode on a shop of $100.05 or more to receive $100 off. Too easy!
As a flybuys member, you can enjoy a wide range of benefits when you apply for a Coles Personal Loan. First up, depending on your credit score, you can benefit from a lower interest rate as a flybuys member on your loan starting from 11.99%. As the only personal loan with flybuys, the Coles Personal Loan also offers customers 1 extra flybuys point per $1 spent at Coles, up to 12,000 extra points per loan, per year. That's up to $60 in value each year.
Another handy feature on the Coles Personal Loan is its reusable line of credit. That means, when you start paying off your loan, you can spend up to the loan limit again simply by using your Coles Personal Loan Debit Mastercard. You don’t need to apply for more credit – you can just use the credit limit that has already been extended to you, to then pay it off and reuse again as needed.
With loan terms of three, four or five years available, you can apply for a loan between $5,000 and $50,000. You will pay equal monthly repayments for your initial chosen loan term, which can make it easier for you to plan your budget. And, if you want to pay off your loan earlier, you can do so without having to worry about paying early exit fees.
With the Coles Personal Loan, you can also benefit from an easy application process. You can get a personalised interest rate estimate before you apply with no effect on your credit score, to then apply online and potentially be approved within 24 hours. Please note your final interest rate is subject to your credit score when you apply. In terms of managing your loan, you can do this via the Coles Mobile Wallet app 24/7.
What’s not so great...
When you are approved for a Coles Personal Loan, be aware that you will pay a $199 establishment fee, and then a $10 monthly fee ongoing. You will not be charged a monthly fee in the event your Account has a zero balance and have no retail or cash transactions in that Statement Period
It’s worth bearing in mind that when you pay your monthly loan installment, that allows you to pay off your Coles Personal Loan within your initial chosen loan term. However, if you choose to use the reusable credit facility, additional monthly repayments will be required on your loan. With no end date on the loan while you reuse your line of credit, it’s important to understand how much you are paying in interest and extra monthly fees.