Applying for a loan
Who can apply?
To apply you must be over 18 years old, have a regular form of income from a verifiable source and be able to provide 100 points of ID.
What do you need from me to apply?
Along with your ID, we also require your most recent 90-day history of banking transactions and proof of income, e.g. a payslip or Centrelink income statement.
Why didn’t I get an immediate decision on my application?
City Finance have real people assessing your applications to ensure we get the best outcome for you. Sometimes we pick up on things that may need to be verified before you get approved that other online companies might miss, and this can sometimes take a little longer.
Can I apply for a loan in person or over the phone?
Our online application is our quickest and easiest way to apply however you can go to our contact us page to find your nearest City Finance store should you choose. You can always give us a call on 1300 34 62 62 for more information on applying.
Can I apply if I am on Centrelink?
You sure can! So long as your Centrelink benefits are consistent and meet our minimum income threshold.
How much can I borrow?
We lend between $500 and $5000 cash. Once your application has been assessed, our City Finance team will offer you a loan amount that we believe suits your needs and is manageable for you.
Why was I declined?
There could be a few reasons why your application wasn’t successful this time around however here are some of the most common reasons.
If you have other loans that you aren’t currently paying well. You withdraw all of your income from your account on the same day you get paid and not leaving enough in for your direct debits. Or your recent credit is particularly poor e.g. you are currently bankrupt or in a part 9 debt agreement.
Managing your loan
What if I need to change my repayment schedule?
If you know you will not be able to make your upcoming scheduled payment, please call us as soon as possible and we can help you out. This will stop you from incurring any unnecessary fees.
Do I get charged extra fees if I miss a payment?
If you do not leave sufficient funds in your nominated bank account and we are unable to take our payment, then you will be charged a fee. These fees can be avoided by contacting us 48 hours prior to your payment date and chatting to our staff.
Can I pay my loan out early?
Yes, you can! We have three options for you to pay out your loan early:
- You can pay out your loan by logging into our customer portal
- You can call us and make an instant payment over the phone with your debit card
- Or you can deposit into our account using our BSB and account number.
What if I already have a loan but I need more money?
Usually we are able to assist you with either an additional loan amount or we may be able to refinance your existing loan providing you have kept maintain a good repayment history on the original amount you borrowed.
What happens if I don’t pay my loan?
This can severely affect your future lending options not only City Finance but other finance companies too. Not paying money that you borrowed is a breach of your loan contract and a default can be listed on your credit report. This means other lenders will be able to see your poor history.
We know it can be to uncomfortable to get in contact when you are struggling with your finances but it is always better to call us before your debt reaches this stage so we can work out a plan to help you.
Do you conduct credit checks?
Once your application has passed our first stage of assessment, we will usually conduct a credit check.
Can I apply if I have previously been bankrupt or if I have a bad credit report?
Yes, you can. However, if you are currently bankrupt or in a Part IX debt agreement or have an extremely bad credit history your application will most likely be declined. Sometimes we just cannot help even if we want to.
Does applying effect my credit rating?
If we choose to conduct a credit check once your application has passed the first stage of assessment, then this will be reflected as a loan inquiry on your credit file.