Enjoy a low rate personal loan that is 100% made for you
6.89%
Variable
8.89%*
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
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 | 7.21% | $591 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
7.79% Fixed | 8.64% | $605 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
11.79% Fixed | 12.84% | $664 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.79% Fixed | 14.89% | $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.
Bria Horne was one of RateCity's Personal Finance team. Aside for writing about financial advice and making complicated terms easier to digest, she loves travelling.
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.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
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).
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.
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.
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.
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.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
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.