FAQ

Most popular questions...

• Is a Line of Credit loan right for me?

  A Line of Credit loan is ideal for borrowers who are good at budgeting and want a loan account which combines their transaction account and credit limit all in one.

  If you're still not sure about which option is right for you, we're happy to help you make the right decision. Call us on 13 11 82 or visit your nearest branch for more details.

• 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.

• What is a Line of Credit?

  A Line of Credit account allows you to deposit and withdraw funds up to an approved credit limit as often as you like. You can even have your payroll credited to the account.

  By regularly depositing into the account (via payroll or savings) you could reduce the amount of interest paid, therefore reducing the term of your loan, allowing you to pay it off sooner.

• What repayments do I need to make on my Line of Credit loan?

  Line of Credit accounts are Interest Only up to a period of 10 years, with a review after this time. This means your required payment is equal to the interest charged to the account for the month. The interest amount due each month can be deducted from the available funds in your Line of Credit account, providing you are within your approved limit.