Key Points to Consider With a Salt and Lime Debt Consolidation Loan
A Salt and Lime debt consolidation loan is free of charge and has a personalized interest rate, based on your financial situation and income information. Interest rates vary 16% per year To 35% pa There are two types of debt consolidation loan that you can apply for with Salt and Lime. These include:
- Spicy ready. This loan is available from $ 4000 to $ 5,000 and may or may not be guaranteed.
- Spicy ready. This loan is available from $ 5,000 to $ 20,000 and are secure.
These loans are available only for debt consolidation. This means that you can only use these loans to pay off your existing debts and consolidate them into one convenient monthly repayment. Salt and Lime also offers the option of taking this refund directly from your employer each month, so you don’t even have to worry about making the refunds yourself.
A unique feature of Salt and Lime loans is the ability to repay them faster and save on interest repayments by completing financial education modules as you progress through your repayments. Salt and Lime will send you up to 8 sets of mods to complete and answer correctly. These modules aim to improve the way you manage your income and expenses and your knowledge of financial products, among other topics. If you successfully complete these modules, you can receive 0.25% off your interest rate, which equates to up to 2% off your loan.
Features of a Salt and Lime Debt Consolidation Loan
The following features apply to Salt and Lime loans:
- Amount of the loan. Loans are available from $ 4000 To $ 20,000.
- Term of the loan. The durations vary from 1 to 5 years.
- Same day financing. If your request is successful, you will usually receive your funds the same business day.
- Secure or not secure. You can access an unsecured debt consolidation loan of up to $ 5,000. Loans or more than $ 5,000 must be secured by a qualifying asset.
- Employer reimbursements. Once the loan is approved, Salt and Lime will give you a deduction form that you can send to your employer. Reimbursements will then be made directly by your employer each pay cycle.
- Interest rate. Prices vary from 16% per year To 35% pa
- Apply online. The Salt and Lime application process is 100% online.
- Quick application. Applications only take a few minutes to complete.
- Record as you learn. Save up to 2% on your entire loan while learning how to better manage your finances.
Fees and charges
This loan has an interest rate only, there are no fees attached.
- Interest rate. Prices are based on your personal situation and range from 16% per year To 35% pa
- No administration fees. You are not required to pay an application or set-up fee for this loan.
- No early termination fees. There is no penalty for early repayment of your loan.
- No monthly fees. Never pay a monthly fee.
Eligibility for the Salt and Lime loan
In order to be eligible for a loan through Salt and Lime, applicants must be:
- 18 years or older
- An Australian citizen or permanent resident
- Receive regular income and can provide at least 3 months of pay slips
- Have set up online banking services
How to register
To apply for a loan with Salt and Lime, simply click âGo to Siteâ to directly visit the lender’s website, where you can submit an application. You will need:
- Identification, such as a driver’s license or Australian passport
- Online banking details to view 90 days of banking transactions
- 3 months of payslips
Please note that same day funding can only take place when all requested documents are submitted and received on the same business day as requested.
Salt and Lime debt consolidation loans are a competitive loan option. That being said, be sure to compare other debt consolidation loan options before submitting an application.