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Secured Personal Loan

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Loan Term

years

Repayment Frequency

Secured Personal Loan Pros and Cons

Pros:
  • Features a low rate
  • No early exit penalty
  • Can apply in branch
Cons:
  • Monthly fee charged
  • Application fee charged
  • Requires security to be held
  • Cannot apply online
  • Has ongoing fees
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Cairns Penny Secured Personal Loan Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$200
Ongoing Fee
Ongoing Fee
$15 quarterly
Borrowing range
Borrowing range
$3k - $25k
Total Repayments
Total Repayments
$32,868
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
$0
Repayment Type
Repayment Type
Variable
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$200
Ongoing Fee
Ongoing Fee
$15 quarterly
Borrowing range
Borrowing range
$3k - $25k
Total Repayments
Total Repayments
$32,868
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
$0
Repayment Type
Repayment Type
Variable
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit

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.

FAQs

A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.

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