Cairns Penny is a mutual bank based in Cairns. The bank was established in 1899 to provide Cairns residents with an alternative to traditional banks. Cairns Penny is owned and governed by its customers, which means it does not have external shareholders.
During its long history, Cairns Penny has introduced an online banking portal for customers as well as online customer service.
Cairns Penny operates only one bank branch, which is in Cairns, Queensland.
Cairns Penny personal loan repayment calculator
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Cairns Penny personal loans rates
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- Repayment flexibility
- Moderately low interest rates
- Additional repayments allowed
- Low maximum loan amount
- Limited branch access
- Limited range of loans
Cairns Penny personal loans - customer service
Cairns Penny customer service is available by phone, email, online message, or by visiting its Cairns branch.
Branch and phone hours are between 9:00am and 4:00pm on weekdays.
Who is eligible for a Cairns Penny personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen
How to apply for a Cairns Penny personal loan?
- Cairns Penny does not have an online application process
- To apply, customers must book a loan appointment with Cairns Penny
Cairns Penny personal loans review
Cairns Penny is a regional customer-owned bank. As such, it has a thinner range of personal loan options.
Cairns Penny personal loan interest rates vary between their secured and unsecured options. Its current personal loan interest rates range from moderately low to moderate, depending on the product you choose. It’s best to compare personal loan rates before applying in order to find the best personal loan rates for your financial situation.
Customers with Cairns Penny personal loans can choose between weekly, fortnightly or monthly repayments and can make additional repayments with no penalty. Cairns Penny also offers a redraw facility.
Because Cairns Penny only operates a single branch in Cairns, customers from other areas may not find their offering suitable. However, potential borrowers living near Cairns may find Cairns Penny a convenient option.
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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.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
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.
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
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.
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can prove less affordable than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
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.
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.