Frequently Asked Questions

About Symple Loans
Is Symple a bank?

No – Symple is not a bank. We are a privately held, digital marketplace lending company specialising in Personal Loans in Australia. Symple is licensed by The Australian Securities & Investment Commission (ASIC) and offers better, faster, easier and generally a lower interest rate loans to eligible customers in Australia. As a marketplace lender, we use state-of-the-art digital lending technology to keep our costs down, sell loans directly to customers and then fund those loans with money provided by private Australian investors.

What’s different about a loan from Symple?

Most banks offer customers a “one size fits all” loan and interest rate. At Symple, we let our customers configure their loan in a way that’s best suited to them.

Personalised Interest Rates

We offer every one of our customers a personalised interest rate. Customers with an excellent credit history are rewarded with interest rates that are less than ½ the rate being offered by most banks. If your credit is less than stellar, we consider other factors in deciding whether we can approve your loan request but just know that we may not be able to offer you the best rate.

We would encourage all customers to complete the Symple rate estimate process before submitting an application. Doing that will give you a sense for whether the interest rate we can offer you is better than what you can get elsewhere. We want you to make the right decision and get the best rate being made available to you – an important part of that is getting and knowing your Symple loan rate upfront.

A Better Experience

We’ve built Symple from the ground up to offer our customers the things they’ve told us are most important to them – interest rate transparency, simplicity, ease and speed.

  • You can get a personalised rate quote in just about 2 minutes (which does not impact your credit score).
  • Our online loan application has been designed to be completed in about 7 minutes
  • You will receive a response in just 60 seconds on the outcome of your application
  • Funds are generally transferred into your account within 24 hours when approved
Applying For A Loan
To be eligible for a Symple Loan, you must:
  • Be at least 18 years of age
  • Be applying as an individual (we do not take joint applications)
  • Be an Australian or permanent resident of Australia and currently residing in Australia
  • Be employed and earning an income of at least $25,000 per year
  • Not be bankrupt

If you are self-employed, you must also:

  • Have been trading for at least 2 years
  • Provide the previous financial year’s tax return, that shows income has been paid to you from your business, and the notice of assessment
What is the impact on my credit score?

When you complete a rate estimate there will be no impact on your credit score. We will perform a soft credit check and you will see this listed under the section “Other” in your credit file which is only visible to you and not to other credit providers. This is not a credit enquiry and will not impact your credit score.

When you submit a full application after you’ve click on the consent box in the application that says “I authorise Symple Loans to undertake a credit check with a credit reporting body. I understand that this may impact my credit score”, we will submit a credit enquiry to a credit bureau and request your full credit file. This may impact your credit score. Please note that the frequency and number of credit applications you submit will have an impact on your credit score.

How do I apply?

We are 100% online. You can apply at any time, and it should only take you around 7 minutes to complete your application. If you can’t finish your application in one go, you can log in later to continue.

What will my interest rate be?

Our interest rates are tailored to you, they range from as low as 5.75% to 25.99%. You can get your indicative interest rate here. It’ll only take 2 minutes and it won’t affect your credit score.

How much can I borrow?

You can borrow from $5,000 to $50,000.

How long do I have to pay off my loan?

Our loan term is from 1 to 7 Years.

What will my repayments be?

Your repayment amount will be provided in your letter of offer for your personal loan. You will receive an indicative repayment amount when you complete a rate estimate.

How are my repayments calculated?

Your repayment amount will depend on the amount borrowed, the duration of your loan, the frequency of repayments, your interest rate and any fees and charges.

What are my repayment options?

You can choose from weekly, fortnightly and monthly repayment options.

Completing Your Loan Application
How long does an application take to complete?

You should be able to complete your application in about 7 minutes.

What do I need to have ready and submit?

To speed up your application process, it will be handy to have:

  • Your ID with you (i.e. Driver’s Licence, Medicare card or Passport).
  • Your Internet Banking Credentials to send through your bank statements
How long will it take for my application to be reviewed?

For applications that require further review, we will usually respond to you within 24 hours – 48 hours.

How do I check on the status of my application?

You can login to our secured portal with your username and password.

Alternatively, you can call us on 1300 330 295 to check the status of your application or you can email us customerservice@sympleloans.com.au

Is my application data private and secure?

Yes. At Symple Loans we are committed to protect your personal information. For more information, please refer to our Privacy Policy.

Can I reapply for a loan if I’m not approved?

We would encourage you to reapply if your financial situation improves at least three months after your application is declined.

Why was my application declined?

If your application was declined, it’s likely that your application did not meet our credit lending criteria. Factors that can affect whether your loan is approved include your credit history, the stability of your income, and how you have managed your accounts, loans and credit cards. As a responsible lender, Symple want to ensure that loans provided are appropriate to your personal financial situation.

Can you remove my credit enquiry if I’ve been declined?

No. Unfortunately, a credit enquiry has been made once you submit your full application and it will stay on your credit file regardless of the application outcome.

Income Verification
Why do you need to verify my income?

As a responsible lender we are required to verify your income through your bank statements and/or other financial statements to ensure the loan is suitable and affordable for you.

What documents do I need to provide?

Please provide one of the following documents based on your employment status:

Full-time and part-time PAYG employees
  • Recent bank statements showing your salary credited to your Financial Institution in the last 3 months; and
  • If you are recently employed (i.e. less than 3 months), please provide: a) Two most recent pay slips showing year-to-date income, your name, and employer name. b) A newly signed employment contract with type of employment and current base remuneration, where start date is within 30 days of application.
Self-employed
  • Last 2 financial year’s personal and business signed tax returns with Notice of Assessment.
  • Last 2 financial year’s company tax returns with Notice of Assessment.
  • Last 2 financial year’s tax returns of the trust confirming trust income with Notice of Assessment.
Government benefits
  • Three recent bank statements showing your government income credits, with your most recent credit made within 30 days of your application.
  • A letter or statement from Centrelink dated within the last 60 days confirming entitlements and incomes.
Other income
  • Rental Income – Three recent bank statements showing continuous rental credits.
  • Interest and Dividends documentation – Account summary or Shareholder Statement.
Interest Rates, Fees & Charges
What interest rate will I be offered?

Eligible customers will be offered a personal loan from 5.75% to 25.99% per annum. The rate you are offered is determined primarily by your credit score. Better rates are offered for customers with good credit scores and credit history.

Why is the interest rate on my Loan Offer different to my Rate Estimate?

When we provide you with a rate estimate, we ask you a few short questions to help us identify you and quickly estimate your likely interest rate. This is to help you make a decision about applying for a loan from us.

After we assess your full loan application, including any subsequent documentation required, we have a better understanding of your individual financial circumstances and can determine the exact interest rate of your Loan Offer. In some cases, your interest rate can differ from what we provided on your Rate Estimate. This is due to a number of factors such as your credit history, the stability of your income, your living expenses and how you have managed your accounts, loans and credit cards. Our assessment process is geared to make sure you get the right rate for your personal circumstances.

What other Fees & Charges apply?

Details of applicable fees and charges are contained in your letter of offer and include the loan establishment fee and a monthly service fee of $10. You will also be charged a late payment fee if payment is not received by the required due date each month, or if there is insufficient funds in your account to make the repayment.

What is the Loan Establishment Fee?

The loan establishment fee is charged based on the amount you borrow. It varies between 0% – 5% of your total loan amount and it is an once off charge. The loan establishment fee is included in your total loan amount, therefore you do not need to pay for this fee upfront.

Are there any additional fees or charges if I pay off my loan early?

No. There are no additional fees or charges should you wish to pay off your loan early.

After Your Loan Is Approved
Will I be given a loan contract?

If your application is approved, you will be provided with a letter of offer which provides all the terms and conditions of your loan.

How long will it take for the money to be in my account?

If you sign your letter of offer by 1pm, we will initiate a funds transfer to your account on the same day. If you are with a major bank, you should receive the funds in your account the next business day.

Will my credit score be impacted?

Applying for a Symple Loans rate estimate will not affect your credit score. Your credit score may be affected when you submit the final application.

Generally, your credit score changes when your credit bureau report is updated with new information including credit enquiries (when you apply for a loan), and details of outstanding or overdue debts.

Loan Repayments
When is my first payment due?

The first payment will be deducted one month after your loan is drawndown.

How often do I have to make payments?

Your payment will be aligned to your selected payment frequency. Direct debit is automatically setup to debit funds from your nominated bank account.

Can I pay off my loan early?

Yes. You can pay off your entire loan and/or make early repayments without any additional fees or charges. Just log in to your account from the website to obtain your bpay reference number to make additional repayments or to obtain your final payout quote.

What do I do if I cannot make my repayment?

If you anticipate difficulties making your repayments, please contact us and we’ll work through it together. Our Team will take the time it needs to review your individual situation, help assess your options and assist with a plan for moving forward.

Managing Your Loan
Where can I view details about my loan?

You can login into your account via the Symple Loans website to view details of your loan including:

  • Loan start and end date
  • Loan amount and term
  • Your current loan balance
  • Next payment due date
  • Today’s payout amount
  • Overdue amount
  • Transaction history
  • Statements
Can I apply to increase my loan amount?

Please contact us on 1300 330 295 and our loan specialist will be able to assist you through the process.

How do I reset my password?

You can reset your password here.

How do I update my account details?

You can update your account details online by logging into your account via the Symple Loans website. You can update your profile details including mobile number, address, and change your password.

How do I change my Direct Debit Account Details

To change your current direct debit account details, please complete and sign the Direct Debit Form and return to customerservice@sympleloans.com.au. before your next repayment is due.

Comprehensive Credit Reporting
What is Comprehensive Credit Reporting (CCR)?

CCR is Australia’s new credit reporting system that makes it easier for lenders to assess loan applications with the use of individual’s credit report. With CCR, your credit report that we receive from credit reporting bodies will contain more information about your credit history. For example, your credit report will show how many times you applied for credit, which loans were opened and closed, how much debt you have, your repayment history and defaults.

Credit reporting bodies will give you access to a free copy of your credit report once a year on request. For a list of credit reporting bodies please check out the following website: https://www.creditsmart.org.au/otherhelpfulservices/credit-reporting-bodies/

What does this mean to me?

As CCR provides a fuller and clearer picture of an individual’s credit history, it may make it easier for some people to get a loan but harder for others. The new credit reporting system means it is more important than ever to make your repayments on time, as late or missed payments will show up in your credit report.

Under the new system, if you pay your debts on time, credit providers will be able to see that you are managing your loans well. However, defaults and missed repayments will continue to stay on your credit report for five years.

Financial Assistance & Hardship
Financial Assistance & Hardship

There may come a time where you find yourself having difficulties repaying your loans. It can happen unexpectedly and if it does, please contact us and we’ll work through it together. Our team of specialists will take the time it needs to confidentially review your individual situation, help assess your options and assist with a plan for moving forward.

To speak to a Symple Loans team member about financial assistance options please call 1300 330 295 or email customersupport@sympleloans.com.au

Find out more

Qantas Frequent Flyer (QFF) Points Promotion
How do I earn QFF points?

If your loan is approved, you will earn 1 QFF point for every $1 drawn down excluding any fees. For example, if you’re approved for your requested loan amount of $50,000, you will earn 50,000 QFF points when you drawdown your loan. Any Loan Establishment Fee charged will not earn any QFF points.

Do I earn QFF points if I top up my loan my existing loan?

Yes, if your top up loan application is approved, you will earn 1 QFF point for every $1 you top up. For example, if you’re approved for your requested top up amount of $20,000, you will earn 20,000 QFF points when you drawdown your loan. Any Loan Establishment Fee charged will not earn any QFF points. You will not earn QFF points on your existing loan balance.

I’m an existing Symple customer, how can I earn Qantas Points?

Existing Symple customer can earn QFF points by topping up their loan. Customers must be eligible to apply for a Top Up. To find out if you are eligible please log in to the online portal and a link will be available on the page.

Can I apply for multiple loans to receive more QFF points?

No. We offer one loan per customer with a maximum loan value of $50,000. You will not be eligible to receive Qantas Points if Symple reasonably suspects you have applied for a personal loan for an illegitimate or non-genuine purpose (such as repeatedly obtaining and repaying personal loans in short succession). For more information please refer to Symple Qantas Frequent Flyer Terms.

What if I’m not a QFF member?

You can join for free here. A joining fee of $99.50 including GST normally applies, however this will be waived for Symple customers.

I don’t have a QFF membership number. Can I provide you with my family/friend’s QFF membership number?

No. Your QFF membership must match your first and last name on your loan application.

Can I provide my QFF points to you after drawdown?

Yes. Please email your QFF program membership number to customerservice@sympleloans.com.au

You have 60 days from the date of your loan drawdown to provide your membership details.

When will I receive my QFF points?

Please contact our customer service team on 1300 330 295 or email us at customerservice@sympleloans.com.au.

It is important you check your QFF program account regularly as you will forfeit any missing Qantas Points if you do not contact Symple within 6 months of your draw down date.

Do I earn QFF points for making repayments?

No. QFF points are only offered to new customers or existing customer applying for a top up. QFF points are offered as a one-off at the time of your loan drawdown. You do not receive QFF points for making your loan repayments.