Applying for a loan can feel overwhelming, but Lendela is here to make it simple and stress-free. Whether you’re consolidating debt, planning a renovation, or covering an unexpected expense, understanding the steps in the loan application process can make all the difference.

How to start your online loan application

The first step is straightforward — complete a quick online application, as you would with a lender. This process is designed to capture only the essential information, such as your income, employment details, and the amount you wish to borrow.

Our unique reverse auction model anonymises your personal information and presents only the relevant information for lenders to generate a personalised offer.

Accuracy is important — providing the right details speeds up the process and ensures you receive loan offers tailored to your profile and situation, and never something that you don’t qualify for, unlike on comparison sites. In Australia, lenders often require specific details like your living expenses to comply with responsible lending obligations, ensuring that you’re not overburdened by repayments.

Pro Tip: Take a few minutes to gather your financial documents beforehand. This can help avoid delays in the next steps. In Australia, having recent payslips or your MyGov-linked tax return ready can expedite the process, especially for self-employed borrowers.

Compare loan offers without the hassle

Once you submit your application, Lendela matches you with multiple lenders, presenting offers that fit your financial profile. Instead of spending hours comparing loans manually, you’ll receive a list of transparent and competitive offers — all in one place.

Each offer includes clear details about interest rates, repayment terms, and fees. This level of transparency helps you confidently choose the option that works best for your financial situation or goals, and is something we work extra hard to provide you with so that you can always make an informed decision.

Pro Tip: In Australia, compare not only interest rates but also any fees like loan establishment charges or early repayment penalties, which can differ significantly between lenders.

What documentation do I need to submit a loan application

After selecting an offer, the next step involves submitting the required paperwork. Commonly requested documents include proof of identity, income verification, and bank statements. While it may seem like a lot, Lendela provides clear guidance to ensure you know exactly what’s needed. Typical documents requested by lenders include:

  • Proof of identity (like a driver’s license or passport)

  • Proof of income (such as payslips or tax returns)

  • Bank statements (to show your financial stability)

  • Employment details (to verify your job status)

Pro tip: Preparing and submitting your documents promptly can significantly speed up the approval process.

What happens when you get your loan approved

Once your documents are submitted, the lender will verify your details and assess your application. Approval times vary, but borrowers have gotten their disbursement in as little as ten minutes!

This step may involve a credit check, but no worries — Lendela works with a diverse group of lenders, including those catering to borrowers with different credit histories, in order to ensure access to financing is fair and equitable for Australians. In fact, this is our mission.

Australia’s Comprehensive Credit Reporting (CCR) system ensures that positive credit behaviors, like timely repayments, are also reflected in your credit score, which can improve your eligibility for better offers.

How will you get your funds

Once approved, you’ll review and sign your loan agreement. Be sure to read the terms carefully to ensure they align with your expectations. After signing, the funds are transferred directly to your account — as mentioned, borrowers have gotten their disbursement in as little as ten minutes!

Why use Lendela?

Lendela puts you back in control of your loan options — instead of going to multiple lenders and never getting the rate you want or offer you need, our reverse auction model brings all your personalised loan options straight to you and in a fraction of the time.

Whether you’re in Sydney, Melbourne, Brisbane, or anywhere else, we’ll connect you with the best options to meet your needs!