We understand that everyone wants to know they’ve got the best deal possible. That’s why we’re proud to offer a Rate Promise on our award-winning unsecured personal loans.
If you’re approved for both a Plenti loan and a competitor’s loan, and the competitor’s loan offers you a lower Total Cost of Borrowing, we’ll match it - and pay an additional $200 towards your Plenti loan.
It can be confusing to compare the true cost of two loan options: for example, some loans may have a low rate but come with high upfront fees, whereas others may have high rates and no upfront fees but feature a monthly administration charge.
To compare different loans on the same playing field, we’ll use your Plenti Precontractual Disclosure and the competitor's Precontractual Disclosure and/or Loan Contract to calculate their respective Total Cost of Borrowing, defined as the sum of all payments required to be made by you across the term of the loan, assuming all payments are made on time.
In summary, you need to:
If your Rate Promise claim meets the terms and conditions on this page, we will make a payment to your Plenti loan balance of:
Both Plenti and a competitor have approved your loan application for $10,000 over a 36 month term, with the following rates and fees:
| Plenti | Competitor | |
|---|---|---|
| Annual interest rate | 10.40% | 8.90% |
| Upfront fee(s)1 | $350 | $200 |
| Monthly fee | $0 | $5 |
| Total monthly repayment2 | $335.91 | $328.88 |
| Total Cost of Borrowing | $12,092.85 | $11,839.78 |
1 Capitalised to loan amount
2 Includes principal and interest, and any applicable monthly fees
If you accept and draw down your Plenti loan and your Rate Promise claim is approved, we will pay the following amounts to your Plenti loan account:
| Total Cost of Borrowing difference | $253.07 |
| Rate Promise bonus | $200 |
| Total payable | $453.07 |
Both Plenti and a competitor have approved your loan application for $15,000 over a 60 month term, with the following rates and fees:
| Plenti | Competitor | |
|---|---|---|
| Annual interest rate | 12.20% | 11.50% |
| Upfront fee(s)1 | $300 | $600 |
| Monthly fee | $0 | $0 |
| Total monthly repayment2 | $341.89 | $343.08 |
| Total Cost of Borrowing | $20,513.30 | $20,585.08 |
1 Capitalised to loan amount
2 Includes principal and interest, and any applicable monthly fees
In this example, a Rate Promise claim will not be approved: even though the annual interest rate charged by Plenti is higher than the competitor, the total cost of borrowing is lower.
To keep things simple, the Plenti Rate Promise only applies to credit products that are directly comparable to our unsecured personal loan. Importantly, the competitor’s loan offer, outlined in a Precontractual Disclosure and/or Loan Contract, must:
Additionally, you must have applied for the competitor’s loan on an Australian website, marketed to consumers located in Australia that is operated by a company with an active ABN/ACN, and an active ACL or banking licence.
Additional criteria are outlined in the table below.
| Which competitor loans qualify? | Which competitor loans do not qualify? |
|---|---|
| Unsecured loans | Secured loans (eg secured car loans) or loans guaranteed by another person or entity |
| Loans applied for in the name of one person | Loans applied for jointly with another person |
| Loans that fully amortise over the loan term | Loans featuring a balloon or residual payment at the end of the loan term |
| Loans with monthly payments | Loans with weekly payments, fortnightly payments or any payment frequency other than monthly |
| Loans with payments featuring principal and interest | Interest only loans, or loans with interest that capitalises to the loan balance |
| Loans available for general application by Australian citizens and permanent residents | Loans available for application by a restricted class (eg family offers, loyalty discounts, staff offers) |
| Term loans | Revolving loans, lines of credit, payment plans, or digital credit cards |
| Interest bearing loans | ’Interest free’ loans or payment plans |
| Personal loans | Business loans, or loans intended for a primarily commercial purpose (whether in the name of a business or an individual) |
Claims are subject to our fair use policy (see below).
Claims must be submitted by the person who is named on both Plenti’s Precontractual Disclosure and the competitor’s Precontractual Disclosure and/or Loan Contract.
You will be notified by email within 3 working days as to whether your claim was successful.
You may only submit one claim for a given competitor loan offer. Please ensure your claim is completed accurately, as we cannot accept resubmission of claims, or amendments to submitted claims.
All information is held subject to our Privacy Policy.
We’re committed to making sure our customers can make the most of our Rate Promise, so we’ve introduced a Fair Use Policy to ensure that none of our customers are disadvantaged when others use it unreasonably.
Plenti will decline claims if it considers (acting reasonably) a claim is unreasonable or made in bad faith, including (but not limited to):
You are only entitled to make a maximum of three claims.
The Rate Promise may be cancelled, modified, restricted or altered at any time without prior notice. The Rate Promise terms and conditions in effect at the time that you make a claim will be used to determine whether your claim qualifies or not for the Rate Promise. Claims under the Rate Promise will not be accepted if, in our opinion or the opinion of the third party responsible for administering the applicable Rate Promise, acting reasonably, the claim has occurred as the result of a printing, uploading or other error.