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Need a new car? Looking to fund a big trip? Taking out a loan can give you the finances you need to get ahead in life. But before this happens, you need to apply for a loan and get it approved.

To make the process easier and quicker, we’ve put together this handy checklist of what you need to know.  

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1. Eligibility requirements

Whether you’re thinking about applying for a personal loan, car loan or another type of loan, it’s best to know in advance if you’re actually eligible before starting the application process. 

If you’ve ticked all the boxes, then you’re one step closer to getting your loan approved. Keep in mind that everybody’s situation is different, so your application will be assessed on its own merits. To give you a better idea of how much you can borrow, check out this handy loan calculator.

2. Employment details

In your application, you’ll need to have your employment details on hand. This includes:

Work type (full-time or part-time)
Occupation
Employer name 
Employer address and phone number
Length of employment
Monthly income after tax

3. Proof of income 

Naturally, your ability to repay the loan is a major factor in getting it approved. This means you’ll need to provide your current pay advice or group certificate. 
And if it applies to you, you may also need to give proof of housing income (ownership or rental), references and credit history.

4. Approval process

The approval process for a loan is simple, fast and convenient. As long as you meet the criteria and have provided all the necessary details, you’ll likely know within a couple of days whether your loan application is successful. 

While there are generally no monthly ongoing fees, there will usually be an establishment fee to cover the loan set up. 

5. Protecting your loan

When your loan is good to go, it’s time to enjoy it! You can now make that big purchase and move your life in the right direction. Just remember that taking out a loan is a big commitment. So it’s important to help protect you and your family’s financial future with the right level of life and income protection insurance, just in case disaster strikes and you need help to stay on top.  

On a side note, if you find that everything is going better than planned, it’s definitely worth choosing to pay off your loan a little faster. 

Making it happen

Ready to apply for loan? Easy. You can either jump online or apply over the phone. And if all goes according to plan, you’ll have the finances you need to get ahead.
 

Need a little extra help? Get in touch with our financial specialists and we’ll help to manage your money so you can afford what’s most important.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

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The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

RACQ Bank loans and banking products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank.

Retail partners, offers and discounts may change at any time without notice. Get the RACQ Discounts App or visit racq.com/discounts for the conditions, limits and exclusions for each offer.