Bank of us Personal Loans
Low Rate Personal Loan Secured
OurMoneyMarket offer competitive low rates on loans over $2,000, plus free extra repayments and fee-free redraw facility.
Fixed
7.99%
8.21%
Low Rate Personal Loan Secured (Excellent Credit)
Bank of Us is Tasmania’s only customer-owned bank and has a history dating back as far as the 19th century.
With only eight branches serving members within Tasmania, Bank of Us is an online bank for the rest of Australia.
In addition to personal loans, Bank of Us also offers its customers everyday bank accounts, savings accounts, credit cards, home loans and insurance.
Bank of us personal loan repayment calculator
Total interest paid
$8,245
Total amount to pay
$38,245
Bank of us personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
Variable 5.31% | 5.59% | Secured Residential Estate Personal Loan | $570 based on $30,000 loan amount for 5 years | $200 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 9.99% | 10.28% | Unsecured Personal Loan | $637 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- Very low interest rates available
- Loan terms up to 10 years
- No early exit penalty fee
- Lack of branches outside Tasmania
- No redraw facility
- Upfront and ongoing fees
Features of a Bank of Us personal loans
Bank of Us offers secured and unsecured personal loans for its members to choose from. Both lending options come with variable interest rates.
Bank of Us personal loan rates range from very low to moderately low depending on which borrowing option is chosen. Use RateCity’s personal loans comparison tool to find a personal loan with interest rates that are right for you.
Bank of Us borrowers could receive up to $100,000 depending on the loan type.
The maximum loan term for Bank of Us personal loans is 10 years.
Upfront fees, missed payment fees and ongoing monthly fees apply to Bank of Us personal loans.
Bank of Us personal loans - customer service
There are only eight Bank of Us branches to visit and all of them are located in Tasmania. Customers outside Tasmania do not have branch access. Online banking, email and phone services are available for Bank of Us customers who need assistance.
Who is eligible for a Bank of Us personal loan?
Bank of Us stipulates the following eligibility criteria for personal loans applications:
- Be a Bank of Us member
- Employed with history of income
- Good credit
- At least 18
- Secured loans must be paired with a Bank of Us home loan
How to apply for a Bank of Us personal loan
The following application options are available for those who wish to borrow from Bank of Us:
- Phone application
- In-person application at a branch
- Online application
Bank of Us personal loans review
Bank of Us personal loans have variable interest rates. Borrowers have secured and unsecured lending options to choose from - although please note that to get a secured personal loan you need to have a home loan with Bank of Us.
Bank of Us interest rates range from very low to moderately low, which could be useful for borrowers looking to save on interest.
Ongoing fees are comparable to those of the major banks. The upfront fees are moderate and there are no early exit penalty fees.
Bank of Us borrowers should be mindful of the moderately high late payment penalty fees.
Loan terms of up to 10 years could be useful for borrowers who need more time to pay off their personal loans.
Compare personal loan rates with RateCity to find the best personal loan rates available for your circumstances.
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FAQs
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.
While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.