FAQ

Most popular questions...

• 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.

• 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.

• 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.

• 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.

• 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.

More questions...

• Who do I contact If I'm having financial difficulty meeting my People's Choice loan or credit card repayments ?

  You can call People's Choice Credit Union on 08 8124 2148  or email us at [email protected] or visit your local branch and speak to one of our friendly staff.

• I'm worried that I won't be able to repay my People's Choice loan or credit card. What should I do? 

  You should get in touch with us as soon as possible if you think you might have trouble meeting your financial commitments. You don`t have to wait until you are overdue.We'll then work with you to tailor a plan that helps you stay on top of your repayments. You can call People's Choice Credit Union on 08 8124 2148 or visit your local branch and speak to one of our friendly staff.

• What options are available to me if I can't pay my People's Choice loan or credit card?

  A range of solutions are available to members who might be going through financial hardship. We can tailor a plan depending on individual circumstances, and advise you of organisations who may be able to help.

• I'm after some information on managing payments to my People's Choice loan or credit card. Who do I call?

  You can call People's Choice Credit Union on 08 8124 2148 . For more information, visit the Customer-Owned Banking Association website or you can call The National Debt Helpline on 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

• Will my credit rating be affected if I access assistance?

  Getting on top of your financial difficulties early is the best way to make sure your credit history remains in good condition. Get in touch with us as soon as you think you might have difficulty meeting your repayments so we can start working together on a solution.