BCU began over 40 years ago as an alternative to traditional banks. Based on the NSW north coast, BCU’s network spans from Port Macquarie to the Sunshine Coast. Although BCU operates regionally, remote members can join the bank online.
BCU is a regional credit union, which means it does not have external shareholders. The profits BCU receives are reinvested into the business.
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Features of a BCU personal loan
BCU offers a range of personal loan products. Customers can choose between secured and unsecured loans and loan amounts of up to $75,000. BCU personal loans have a maximum term of five years. BCU offers loans for use on car payments, overseas holidays and more.
BCU personal loan interest rates vary depending on the loan you choose. BCU’s rates range from moderately low to moderately high. BCU personal loan interest rates are variable and do not offer fixed rates.
In general, BCU personal loans charge an application fee, a monthly account-keeping fee and a redraw fee.
BCU personal loans - customer service
As a regional credit union, BCU does not have the same 24/7 customer service you may find with larger banks in Australia.
Customers can contact BCU by email and over the phone from Australia and overseas. Customers can also visit a BCU store.
Who is eligible for a BCU personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen
- Must be a member of BCU
- Must not be bankrupt
How to apply for a BCU personal loan?
- Open the BCU online application by clicking ‘Apply Now’
- Complete the online loan application
- Submit verification documentation
- Call BCU during business hours with questions
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BCU is a regional credit union, which means it doesn’t have profit-hungry shareholders and therefore doesn’t feel compelled to charge high rates and fees.
If you’re looking for the best personal loan rates, BCU may be suitable depending on the product you choose. BCU personal loan interest rates range from moderately low to moderately high. When you compare personal loan rates, BCU tends to be in the middle of the market.
Because it is a smaller personal loan lender, BCU has a thinner range of personal loans. All BCU personal loans have variable interest rates, but customers can choose between secured and unsecured loans.
All BCU personal loans offer redraw facilities as well as fast approval during business hours. Many BCU loans allow additional repayments and do not have additional fees for paying the loan out early.
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The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.