What is the difference between Unsecured and Secured Personal Loans? What are the benefits of each type? We help answer your questions.
If it's your first time applying for a personal loan, you might be a bit overwhelmed by all the documents and information you need to supply. We’re here to help support you along the way.
We’ve put together this handy guide to give you an idea of roughly how long it takes between the start of your application and the lender’s decision to either approve or deny your personal loan.
To make things a bit simpler, we’ve broken down: what goes into working out your borrowing power; what your repayments might look like if you took out a personal loan; and how to make a budget so you can pay back your debts faster.
*Comparison rates are based on a secured loan of $30,000 with monthly repayments over a term of 5 years. WARNING: This comparison rate is true 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.
^The repayment amount is based on certain assumptions, should be regarded as indicative only, and is not a quote nor pre-qualification for a personal loan.
#Fixed for 5 years then reverts to a variable rate for remaining term up to 10 years.
1 Discounted Personal Loan rate is subject to change at any time. Minimum loan amount of $10,000; a $250 Application Fee applies. Minimum loan term is 12 months and maximum loan term is 10 years. No penalties apply for paying out early. Secured by a vehicle which is less than 7 years old (minimum security value of $5,000) or has a security value of $10,000 or more. As your Discounted Personal Loan interest rate will be based on various factors such as your loan criteria and our assessment of your application, a different rate and repayment amount may apply if the vehicle used as security is more than 7 years old and is less than the minimum security of $10,000. We will confirm the specific details in your loan offer document. Other rates apply to other personal loan types. Examples: $10,000 borrowed for 5 years at 7.99% p.a. / 8.35% p.a. comparison rate has to be repaid back in 60 monthly instalments of $208 per month~. $10,000 borrowed for 3 years at 7.99% p.a. / 8.35% p.a. comparison rate has to be paid back in 36 monthly instalments of $321 per month^.
2Discounted Personal Loan (Car Loan) rate is subject to change at any time. Minimum loan amount of $20,000; a $250 Application Fee applies. Minimum loan term is 12 months and maximum loan term is 10 years. No penalties apply for paying out early. A Discounted Personal Loan (Car Loan) may be used to purchase or refinance a car up to 2 years old from year of manufacture (currently from 2019) which must be used as security for the Car Loan. Other rates apply to other personal loan types. Examples: $20,000 borrowed for 5 years at 4.65% p.a. / 4.99% p.a. comparison rate has to be repaid back in 60 monthly instalments of $379 per month~. $20,000 borrowed for 3 years at 4.65% p.a. / 4.99% p.a. comparison rate has to be paid back in 36 monthly instalments of $604 per month^.
Terms, conditions, fees, charges and lending criteria apply and are available on application.
People's Choice Credit Union, 50 Flinders Street, Adelaide 5000, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125 AFSL, Australian Credit Licence 244310.
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