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What you need to know
When you apply for a loan, please have this information handy:
- Income details – pay slips, child support, pensions, overtime, allowances, rental income, commissions etc.
- Expense details – utility bills, rent, board, loan repayments, credit and store cards, maintenance, lease payments etc.
- Asset information – cash savings, value of motor vehicles, shares, bonds, property, furnishings etc.
- Residential and employment details – for the last three years.
- Australian driver’s licence – number and expiry.
Types of personal loans
Secured personal loans
A secured personal loan lets you give an asset (like a car or motorcycle) as security for repayment of your loan. This means that if you default on your loan because you can’t meet your obligations such as repaying your loan, the lender may be able to take possession of the security.
Unsecured personal loans
An unsecured personal loan is a loan where you do not provide security over an asset. This type of loan is popular with people who want to borrow money to go on a holiday, buy a used car, or need to purchase several different things.
Fixed rate personal loans
If you take out a loan with a fixed interest rate, your repayments won't change for the life of the loan. This lets you predict and plan how much will come out of your bank account each month. The downside is that if interest rates fall, you won’t benefit and your interest rates will stay where they are.
Variable rate personal loans
With a variable interest rate, your repayments will change when the interest rate changes. If interest rates go up, your repayments will unfortunately go up too. However, if interest rates drop, your repayments will likely go down as well. We offer a personal loan with a variable rate option, where interest is fixed for the first five years, then reverts to a standard variable rate for the rest of the life of the loan. This is our Discounted Personal Loan.
Most popular questions...
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What are the benefits of refinancing my existing personal loan with People’s Choice?
Refinancing your existing loan or consolidating debt with People’s Choice can help you reduce account fees and interest payments, and save you money.
You can apply to refinance an existing personal loan with People’s Choice online, over the phone or in a branch.
During your application you’ll be required to provide three months of loan repayment history and bank statements.
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What is Responsible Lending?
At People's Choice Credit Union we understand that credit is a very important facility which allows you to achieve your personal, financial or lifestyle goals faster than you could if you had to rely on your savings alone.
As a mutually owned financial institution we embrace our responsibility to understand your personal situation when we make recommendations regarding providing, extending or arranging credit for you. This is to ensure you are reasonably likely to meet the obligations you have in respect of repaying the debt and avoid experiencing financial stress.
But we recognise that situations may change from time to time which may inhibit your ability to meet your credit repayment obligations. We understand the pressures that you and your family may experience during these difficult times and we work with you to find a mutually acceptable solution to aid in your overall debt management strategies and to continue to work with you to achieve your financial goals.
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Can I refinance my personal loan?
Yes, you might be able to refinance your personal loan. You can apply to refinance an existing personal loan from People’s Choice or from another financial institution, to a personal loan with People’s Choice either online, by calling us on 13 11 82 or by visiting your nearest branch.
During your application you will be required to provide some documentation so we can assess your situation. Examples include:- Loan repayment history – for the previous three months
- Bank statements
If you are applying to refinance online, please select Refinance as loan purpose on the online application form.
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What is the difference between debt consolidation and refinancing?
Debt consolidation is the process of combining (consolidating) all of your debts into the one debt. The benefits of debt consolidation are to potentially save you money and to make it easier for you to manage your debt with a single repayment.
Refinancing is the process of replacing your current debt, such as a personal loan or home loan, with a more favourable debt often at another financial institution. The benefits of refinancing varies, however usually a more favourable debt includes lower interest rates or ongoing fees, potentially saving you money over time.
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How do I refinance a personal loan?
To refinance an existing personal loan from People’s Choice or from another financial institution, to a personal loan with People’s Choice, you will need to apply to refinance either online, by calling us on 13 11 82 or by visiting your nearest branch.
During your application you will be required to provide some documentation so we can assess your situation. Examples include:- Loan repayment history – for the previous three months
- Bank statements
If you are applying to refinance online, please select Refinance as loan purpose on the online application form.
Personal Loan Calculators
Need to organise your finances to prepare for a loan? Take a look at our range of calculators below. Alternatively, get in touch with one of our Financial Planners.
How long will it take to pay back my loan?
Calculate how long it will take you to pay off your loan.
What will my repayments be?
Enter the loan details on the first page of our Personal Loan application and you can see the repayment amount at the top of the page.
Related articles
What is a Personal Loan?
Personal loans. They’re loans to help people get what they want sooner.
Secured vs Unsecured Personal Loans
If you’re researching personal loans, you’ve probably come across the terms secured and unsecured a few times. We break down the differences between these types of personal loans.
1 Discounted Personal Loan (Car Loan) rate is subject to change at any time. Minimum loan amount $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~.
2 Discounted Personal Loan rate is subject to change at any time. Minimum loan amount $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 value 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~.
3 Unsecured Personal Loan rate is subject to change at any time. Minimum loan amount $2,000; a $250 Application Fee applies. Minimum loan term is 12 months and maximum loan term is 7 years. No penalties apply for paying out early. As your Unsecured Personal Loan interest rate will be based on various factors such as your loan criteria and our assessment of your application, a different rate may apply to your loan. We will confirm the specific details of your loan, including your actual interest rate and repayment amounts in your loan offer document. Maximum interest rate for an Unsecured Personal Loan product is 13.99%p.a. (comparison rate 15.78%p.a.). Other rates apply to other personal loan types. Examples: $2,000 borrowed for 3 years at 13.99% p.a. / 15.78% p.a. comparison rate has to be repaid back in 36 monthly instalments of $77 per month~. $2,000 borrowed for 1 year at 13.99% p.a. / 15.78% p.a. comparison rate has to be paid back in 12 monthly instalments of $202 per month~.
4 Fixed for 5 years then reverts to a variable rate for remaining term up to 10 years.
5 Minimum redraw amount is $250. Redraws are only available if sufficient extra repayments have been made against the loan account.
Terms, conditions, fees, charges and lending criteria apply and are available on application.
* Comparison rates are based on a secured loan of $30,000 with monthly repayments over a term of 5 years.
# Comparison rates are based on an unsecured loan of $10,000 with monthly repayments over a term of 3 years.
~The repayment amount is based on certain assumptions, should be regarded as indicative only, and is not a quote nor a pre-qualification for a personal loan.
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 information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.
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.