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9.99%
Fixed
11.22%
Secured Fixed Low Rate (Excellent Credit Rating)
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.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate* | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
5.31% Variable | 5.59% | $570 monthly over 5 years | $200 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
9.99% Variable | 10.28% | $637 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
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.
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.
Bank of Us stipulates the following eligibility criteria for personal loans applications:
The following application options are available for those who wish to borrow from Bank of Us:
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.
Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.
You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
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.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
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 even the same day, in some cases.
Some lenders are able to approve applications over the internet 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.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.