Providing fast, fair, and personalized personal loans is Plenti’s goal, and five-star reviews are their game.
Founded in 2014, Plenti (formerly known as RateSettler) is Australia’s first consumer lending platform that enables ordinary Australians to invest directly in consumer loans. Determined to help clients bring their big ideas to life, Plenti exists so you can say “goodbye someday, hello today”.
Plenti claims to be Australia’s most popular consumer lender, with more five-star reviews than any other personal lender. Having funded $1 billion in consumer loans, the online lender says it’s “just getting started.”
Plenti’s “low rate” personal loans
Plenti personal loans range from $5,000 to $50,000 with loan terms of one to seven years. It offers useful features such as $0 monthly fees and $0 prepayments, fixed and variable rate loans, secured and unsecured loans, as well as specialty loans like renovation loans, green loans , consolidation loans and legal financing. With current interest rates starting at 6.39% per annum, Plenti wants to help its clients “bring great ideas to life”.
The application process is fast, online and paperless. Customers can get an interest rate estimate in just one minute by answering 10 questions without needing to apply and affect their credit scores. This can give potential customers an idea of how much they might be charged when applying. The application itself takes about 10 minutes, settlement takes 24 hours, and funds can be transferred within two days once approved.
Plenti prides itself on putting customers at the heart of everything, aiming to create personal loan experiences that are full of “surprise and delight”. It has financed more than 95,000 loans, including 13,700 home improvement projects, 24,000 new and used cars and nearly 16,000 debt consolidation loans.
Check out some of Plenti’s 3-year personal loans in the table below:
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of January 28, 2022. See disclaimer.
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See how personal loans from Plenti compare to unsecured personal loans from other lenders:
- No ongoing fees
- No application fees
- Apply online
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of January 28, 2022. See disclaimer.
Faster, fairer, smarter
Plenti offers personalized rates based on the customer’s credit score. This is called risk-based pricing, where the rate is based on the likelihood that a borrower will default on a loan. But in the same breath, the lender said it would only ever lend “what we think you can comfortably repay”.
Plenti “thinks like a customer” to make the magic happen, aiming to provide smarter, fairer and faster personal loans. He says he wants your borrowing needs to be met as easily as a click, a swipe and a click. Its lending experience is powered by technology “so smart you can’t even see it”, which is how the online lender claims to deliver its quick and easy borrowing experience.
Values of “doing what is right” and “being the best” guide decisions
Plenti says he is guided by strong core values that guide his decisions.
Along these lines, Plenti claims to be Australia’s “most loved” consumer lender with 31 awards won in six years, over 4,000 five-star reviews to its credit and over 15,000 customers coming back for more. It also boasts of having helped over 17,000 households “go green” with its loans for solar power and home batteries.
Invest in personal loans with Plenti
As mentioned, Plenti enables everyday Australians to invest in personal loans. Investors can earn up to 6.5% per annum by investing in ‘creditworthy borrowers’ across Australia. Investing through Plenti has certain advantages, such as automatic reinvestments to take advantage of compound interest and quick access to funds. There are three types of investment conditions to “fit your needs”:
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One month rotation: Plenti says you can earn up to 4.3% per annum* investing for an indicative term of one month with monthly repayments of principal and interest
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Income over three years: You can earn up to 5.4% per annum* by investing over an indicative term of three years with monthly repayments of principal and interest
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Income over five years: You can earn up to 6.5% per year *if you invest for an indicative term of five years with monthly principal and interest repayments
*The “Earn Up” rate represents the interest rate limit for each loan market, with the maximum loan rate of 6.5% per annum being for the 5-year income market. Rates are not set by Plenti and are subject to supply and demand for funds from borrowers and investors in each market. See Plenti’s website for more information
Plenti has 23,000 registered investors and 100% of principal and interest is repaid according to its site.
How to Apply for a Plenti Personal Loan
You will need to meet Plenti’s eligibility criteria to apply for a personal loan. This includes:
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Be at least 18 years old or sometimes 21 years old
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Be an Australian citizen or permanent resident
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Earning at least $25,000 per year, sometimes more, from a regular source of income
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Have at least a provisional driving license
Plenti may also need to consider:
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How many existing loans or other debts you currently have
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Whether you are independent
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People on low income, pension or Centrelink payments
You will also need to provide the following documents with your application:
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Identification proof: Driving license or passport and some bills as proof of address
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Income verification: Payslips, bank statements, tax returns
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Expenses and debts: Bank, credit card and loan statements
Image by Sharon McCutcheon on Unsplash
The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.