If you’ve never applied for a personal loan before the idea may be daunting. The old stereotype involves jumping through difficult information hoops, filling in piles of paperwork and waiting for days to hear if you are approved.
But fortunately times have changed for the better. RAA Finance is part of the new wave of quick and easy approvals. It’s more like asking a trusted family member for a loan than applying to a huge and impersonal financial institution.
You need to be prepared to get the best outcome so here is a rundown of the process you can expect when applying for a personal loan* – whether it is for a new car, holiday or that home renovation you’ve been wanting to do for years!
- Confirm you are eligible
To be eligible for an RAA Finance personal loan you need to be over 18 years of age, a permanent resident of South Australia or Broken Hill and earning a regular income.
- Get your information ready
You’ll need proof of identity like a current driver’s license or passport. You will also need to provide information about your current employment arrangements and financial details (i.e. income, assets, expenses and liabilities).
- Lodge an application
You can apply online, over the phone or in an RAA Shop. If you’ve provided us with your email address, we’ll send you an email to confirm we’ve received your application.
- Receive approval within 7 working hours
If you have provided all the required documents, RAA Finance will let you know the outcome of your application within 7 working hours**.
- Receive your funds
You’ll receive a cheque or EFT to your chosen account. Alternatively you can pick it up from your local RAA Shop. This will be within 24 working hours so long as you’ve provided all the required documents as needed.
- Spend your funds
This is obviously the most pleasurable part of the process. Take your funds to pick up a new car or pay for those cruise tickets and then it’s just a simple matter of sitting back to enjoy!
*This is the process with RAA Finance but each lender will have their unique application process.
**Subject to applicants satisfying all condition between 9.00am and 5.00pm Monday to Fridays, excluding public holidays.
Finance products are issued by Motoring Club Finance Limited, ABN 56 167 246 899, Australian Credit License No. 452610, trading as RAA Finance. It is a joint venture company equally owned by Royal Automobile Association of South Australia Incorporated and RACWA Holdings Pty Ltd. When deciding to buy or hold an RAA Finance product, you should read and consider our disclosure documents which are available from RAA Finance at raa.com.au/finance
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