Plenti to love on the exclusive low rate personal loan

Online personal loan lender Plenti has announced a reduction in its personal loan rates exclusively for RateCity customers with excellent credit scores.

The new low rate, which starts at 5.48 percent, is now the lowest unsecured personal loan rate on the market (excluding green loans). Clients can borrow from $ 2,000 to $ 50,000, depending on your financial needs and budget.

Plenti is a technology-driven personal loan provider providing financing solutions for borrowers seeking auto loans, home improvement loans, personal loans, and debt consolidation loans.

On a hypothetical 3-year $ 5,000 personal loan, borrowers would repay $ 151 per month, or $ 5,434 over the term of the loan

3-year personal loan repayments

Amount of the loan Repayments per month
(Plenti)
Total cost over the life of the loan
(Plenti)
Repayments per month
(average rate of the four big banks)
Total cost over the life of the loan
(average rate of the four big banks)
$ 5,000 $ 151 $ 5,434 $ 158 $ 5,702
$ 10,000 $ 302 $ 10,867 $ 317 $ 11,404
$ 20,000 $ 604 $ 21,735 $ 634 $ 22,809
$ 30,000 $ 906 $ 32,602 $ 950 $ 34,213

Note: Data based on the average big four bank unsecured rate of 8.74% (including NAB and CBA minimum rates) and Plenti rate of 5.48% over a 3-year term. Figures based on a hypothetical example not including initial or ongoing charges or potential rate changes. Data correct as of 13.05.2021.

Compared to the average personal loan rate offered by the Big Four Banks (8.74%), this offer from Plenti can save borrowers hundreds or even thousands of dollars in interest, depending on the loan size.

The offer is only available for a limited time and is intended exclusively for borrowers with excellent credit scores.

Lenders rewarding great credit scores

It is not uncommon for personal lenders to offer more competitive interest rates to customers with excellent credit scores. This is because a credit score is an indicator of your creditworthiness, and the higher the score, the less likely the borrower is to default.

Due to this reduced risk, the lender can trust the borrower with a lower interest rate because it is less likely that he will not be able to repay the loan, so the lenders won’t. do not need to charge more to ensure it is refunded.

There are a range of events and factors that can influence your credit score and can be reflected in your credit history for several years, including:

  1. The money you borrow
  2. Repayments for financial products, such as credit cards, personal loans, car loans, home loans
  3. Reimbursements for utilities, such as energy bills, gas bills, and phone plans
  4. Credit inquiries
  5. Debt agreements
  6. Default values
  7. Bankruptcy

If you’re considering taking out a personal loan but aren’t sure if your credit score is up to par, you might want to check your score now. It is essential that you regularly check your credit score and credit history for any inaccuracies.


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About Joan Ferguson

Joan Ferguson

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