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9.99%
Fixed
11.24%
Secured Fixed Low Rate (Excellent Credit Rating)
In 2007, Bendigo Bank merged with Adelaide Bank to form the Bendigo and Adelaide Bank Group of companies, or what’s commonly known as Bendigo Bank today. The unique strengths of Adelaide Bank in wholesale finance and Bendigo in retail banking have combined and grown to be one of Australia’s largest retail banks. They’ve grown to serve over 300 communities, families and businesses, and over 1.3 million customers.
Bendigo and Adelaide Bank’s head office is located in the central Victorian city of Bendigo, with the business mostly operating in Victoria and Queensland. The bank has extensive experience in communities and joint ventures and continues to provide customers with quality personal service and a broad selection of personal loan products and advice. Bendigo Bank is now a publicly-listed company on the Australian Stock Exchange.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
6.79% Fixed | 7.36% | $591 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
7.79% Fixed | 8.35% | $605 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
11.79% Fixed | 12.34% | $664 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.79% Fixed | 13.34% | $679 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
Bendigo and Adelaide Bank offers a range of personal loan products, including secured and unsecured personal loans, student loans and a Generation Green personal loan. The Generation Green personal loan rewards borrowers for environmentally friendly purchases, and in some cases, may offer a discount off the interest rate.
Approved borrowers can take out loans of between $2,000 and $50,000, depending on the purpose of the personal loan and serviceability. Loan terms range between one to seven years, and borrowers can choose between weekly, fortnightly and monthly repayments.
Bendigo and Adelaide Bank personal loans come with a number of flexible features, such as redraw facilities and the option to make extra repayments.
Bendigo and Adelaide Bank personal loans can be used for a range of different purposes including:
Customers looking to contact Bendigo and Adelaide Bank customer service can call a personal banking hotline, send an online enquiry form or pop into a branch.
Other ways to contact Bendigo and Adelaide Bank include:
To be eligible for a Bendigo and Adelaide Bank personal loan, you’ll need to meet the following criteria:
Applications for a Bendigo and Adelaide personal loan can be made online, over the phone or in store. The online application process takes around 10 minutes to complete and involves the following steps:
At the time of application, you’ll need to provide the following documentation:
Bendigo and Adelaide Bank offers a broad range of personal loans to suit a variety of borrowers. Its loans come with a range of flexible features, such as extra repayments and redraw facilities that are likely to appeal to many borrowers looking for personal loans. Borrowers also have the option of choosing between weekly, fortnightly and monthly repayments with terms up to 7 years.
Bendigo and Adelaide offer environmentally-friendly borrowers the option of applying for a Generation Green Personal Loan which rewards you if you use your loan to purchase environmentally-friendly vehicles, solar hot water, grey water treatment systems or top energy-saving white goods. Secured Bendigo and Adelaide personal loans have moderately low interest rates, however, it’s worth noting that borrowers will pay an application fee as well as an ongoing monthly loan fee.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
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.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
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.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
