BOQ (Bank of Queensland) is an Australian bank that has been publicly listed since 1971. They offer a variety of products including personal loans. If you want to check if you can afford a BOQ personal loan you should use a personal loan calculator.
BOQ provides branch access to customers across Australia as well as internet banking and phone services. They offer unsecured personal loans at both fixed and variable rates as well as a personal loan that can be secured against your mortgage. The minimum amount for these personal loans is $3000 and there is a maximum amount of between $40,000 to $50,000 depending on the loan type.
Features of a BOQ personal loan
BOQ offers different personal loan products, however, they do have some features in common. For example, the minimum borrowing amount across all loan is $3000. All BOQ personal loans also charge an upfront fee as well as a monthly ongoing fee. The loans can be taken out across a loan term range of one to seven years.
In regards to features, all BOQ personal loans allow extra repayments without penalty which can help reduce the total amount of interest charged on the loan over time. The loans also have a flexible repayment schedule and can be repaid on a weekly, fortnightly or monthly schedule depending on the borrower’s preference. If you do manage to pay out your BOQ personal loan early there is no penalty fee charged.
What RateCity says
BOQ personal loans have fairly average interest rates for unsecured loans. It is important to also consider the comparison rate of these loans which is pushed up due to the application fee and ongoing fees associated with the loans. Also, borrowers who wish to borrow less than $3000 will find these loans unsuitable for their needs.
These loans do, however, offer flexibility in terms of paying off the loan early and the repayment schedule. This can be beneficial to borrowers who will have the capacity to pay down their loan before the agreed loan term of between one and seven years. They can also help to minimise interest charges while the loan is being paid off.
Another upside to a BOQ personal loan is that you will get the full banking customer service suite at your disposal. BOQ offer branches, phone assistance and internet banking services to their customers.