Champion Loans Review

Company Outline

champion loans logo

Champion Loans is a renowned financial company that focusses in offering flexible and accessible lending options to individuals and businesses throughout Australia. The organisation was founded with the purpose of providing clients with financial freedom and has been a trusted partner in the loan sector for many years. Champion Loans has built a reputation as a trustworthy and ethical lender by prioritising customer satisfaction and appropriate lending procedures.

A varied range of financial products and services targeted to its customers’ specific needs, including personal loans, business loans, vehicle loans, and cash loans ranging from $200 to $15,000 are provided. Loans up to $5,000 may be available to first-time customers who receive a Centrelink pension.

Types of Loans offered

Small Loans

Champion Loans offer small loan amounts starting at $200 tup to $1,600. The repayment term may vary from 5 months to 5 years. There is a 20% establishment fee of the total loan amount for small loans.

Medium Cash Loans

Medium cash loans may be unsecured and may not require any collateral. These loans are in the range of $1,600 to $2,000. First time customers and those receiving a Centrelink pension may apply to borrow a maximum of $5,000. Repayment terms for car loans may be from  5 months to 5 years with a maximum APR of 48% and a $400 establishment fee.

Personal Loans

Champion Loans offers flexible and dependable personal loans to satisfy a variety of specific financial requirements. These loans may be designed to provide financial support for a family trip, a purchase, debt consolidation, medical bills, or other financial challenges.

Champion Loans can be from $2,001 up to $15,000. The loan terms are adjustable, allowing you to select a payback time that works for your budget and financial goals. The normal personal loan period ranges from 5 months to 5 years, allowing borrowers to make comfortable repayments and pay off over time. The minimum APR is 13.14%, with a maximum of 25% depending on the loan amount.

There may be fees such as default fees, early repayment fees, back interest, missed payment fees and others associated with the loans. It is best to check with Champion Loans for accurate and reliable information regarding this.

Business Loans

Additionally, Champion Loans offers business loans that are tailored to the various financial requirements of companies. They and lenders are aware that in order to take advantage of opportunities, control cash flow, expand, or get through lean times, businesses frequently need to have quick access to flexible funding. Their team works directly with business owners to understand their specific needs and creates tailored financing solutions, all with the goal of providing customer-centric business loans.

Applying for a business loan up to $15,000 is possible as long as you utilise at least 51% of the money for running expenses of your business. Industrial equipment can also be used as collateral for loans, in addition to automobiles.

Champion Loans Application Process

It is convenient and easy to apply for a Champion Loans loan

  •  Go to the loan application page.
  • Choose the type of loan that is suitable for your financial needs.
  • Complete the online application form. The application form may require personal information such as contact details, information about employment and work, details of income, the loan amount required and the purpose for the loan and expense details.
  • Identification documents will be required to support your application. These could include driver’s license, passport and other identification documents.
  • Additional relevant documents such as proof of income and bank statements may be required based on the type of loan you are applying for.
  • After you submit your application,  Champion Loans will review  and process your application. The time taken may vary based on your application.
  • If your application is approved, you will be notified by Champion Loans. After the necessary contracts are signed the loan funds are deposited to your bank account.

Eligibility Requirements

To apply for a small loan, with Champion Loans, you must

  • be 18 years of age.
  • be a permanent resident of Australia.
  • have a working phone number for contacting you loan application review and processing.
  • have a regular source of income (minimum annual income of $25,000). This income can be from a Centrelink Pension or it could be work related income.

If your income is from Newstart, Austudy, or Youth Allowance, Champion Loans is unable to grant any loans.

Ensure that you meet the eligibility criteria before you apply for a car loan.

Champion Loans may also ask for the following documents:

  • A 90 days bank statement to understand and ascertain your capacity for repayment of the loan and ensure that you are a reliable borrower.
  • A copy of your Medicare Card/Health Care Card may be required to confirm your eligibility for certain loan products or in case of special considerations.
  • Champion loans will ask you for your proof of income. This can be provided through your bank statements if you are working. In case you are self-employed,  alternative methods of assessing your income may be employed by Champion loans.
  • Documents such as a rent lease agreement or rent receipts or utility bills to verify contact information

Important features of the loans

  • Champion Loans accepts application even if the borrower has bad credit. This may be very useful in getting through a difficult phase when other banks may not offer any loan funds.
  • The application process is simple
  • Champion Loans may approve of your loan application within 24 hours.
  • Champion Loans offers loans up to $15,000.
  • Early repayment of your loan from Champion Loans is not penalised.

Positives

  • Poor or bad credit is accepted
  • Application process is easy
  • No early repayment penalties
  • Good customer service

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.