$5k to $50k
based on $30,000 loan amount for 3 years
- No ongoing fees
- No early repayment fees
- Can apply in branch
- Only pay interest on outstanding balance
- Application fee charged
- Requires security to be held
- Cannot apply online
Early Exit Penalty Fee
Missed Payment Penalty
Redraw Activation Fee
Available to 457 Visa Holders
Line Of Credit
$5k - $50k
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Bank of Queensland (BOQ) is one of Australia’s leading regional banks. Since first opening in 1874, Bank of Queensland has grown to a nationwide footprint of over 190 branches. They offer a variety of financial products including personal loans, home loans, personal banking and credit cards.
Bank of Queensland offer unsecured personal loans at both fixed and variable rates as well as a personal loan that can be secured against your mortgage. The minimum amount for these personal loans is $3,000 and there’s a maximum amount of between $40,000 to $50,000, depending on the loan type.
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
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 documents, 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