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11.99%
Fixed
12.28%
$195
$3k to $50k
based on $30,000 loan amount for 5 years at 12.28%
Calculate your repayments for this loan
Your estimated repayment
$667
based on $30,000 loan amount for 5 years at 12.28%
Based on your details, you can compare and save on the following personal loans
Pros and Cons
Pros and Cons
- No ongoing fees
- Unlimited extra repayments
- Redraw facility
- Flexible repayment options
- No security required
- Can apply online
- Can apply in branch
- Use the loan for any worthwhile purpose
Features and Fees
Community First Credit Union Unsecured Personal Loan Fixed Features and Fees
- Details
- Features
- Fees
- Permitted Loan Purposes
- Application method
Details
Total repayments $40,031 | Interest rate type Fixed |
Borrowing range $3k - $50k | Security type Unsecured |
Loan term 0 year to 5 years | Secured by |
Loan type Is Fully Drawn Advance | Repayment frequency Weekly, Fortnightly, Monthly |
Features
Extra repayments Yes | Redraw facility redraw activation fee of $15 |
Instant approval | Time to funding null hours |
Fees
Upfront Fee $195 | Ongoing Fee $0 |
Missed Payment Penalty $25 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Debt Consolidation | Renovation |
Holidays | Medical Bill |
Shares | Student Loan |
Wedding |
Application method
Online | Phone |
Broker | In branch |
Pros and Cons
- No ongoing fees
- Unlimited extra repayments
- Redraw facility
- Flexible repayment options
- No security required
- Can apply online
- Can apply in branch
- Use the loan for any worthwhile purpose
Community First Credit Union Unsecured Personal Loan Fixed Features and Fees
- Details
- Features
- Fees
- Permitted Loan Purposes
- Application method
Details
Total repayments $40,031 | Interest rate type Fixed |
Borrowing range $3k - $50k | Security type Unsecured |
Loan term 0 year to 5 years | Secured by |
Loan type Is Fully Drawn Advance | Repayment frequency Weekly, Fortnightly, Monthly |
Features
Extra repayments Yes | Redraw facility redraw activation fee of $15 |
Instant approval | Time to funding null hours |
Fees
Upfront Fee $195 | Ongoing Fee $0 |
Missed Payment Penalty $25 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Debt Consolidation | Renovation |
Holidays | Medical Bill |
Shares | Student Loan |
Wedding |
Application method
Online | Phone |
Broker | In branch |
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FAQs
Will comprehensive credit reporting change my credit score?
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, 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. That will lead to higher scores for some consumers and lower scores for others.
How do I know if I've got a bad credit history?
You can find out what your credit history looks like by accessing what's known as your credit rating or credit score. You're also able to check your credit report for free once per year.
What causes bad credit ratings/scores?
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
How can I improve my credit rating/score?
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
How long will I have bad credit?
Most negative events that appear on a person’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.
What is a credit rating/score?
Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.
The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.
Who calculates your credit rating/score?
Credit ratings or credit scores are calculated by credit reporting bodies. The main bodies are Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service.
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.
Can I get guaranteed approval for a bad credit personal loan?
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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
What is credit history?
Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.
What is bad credit?
A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.
What causes bad credit history?
Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour because it suggests they might struggle to repay future loans.
Borrowers with bad credit may find it more difficult to be approved for a loan, or they may get higher interest rates when they do get approved.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is debt consolidation?
Debt consolidation is the process of rolling several old debts into one new debt, usually to save money or for the sake of convenience.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear 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 and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds 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.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What's a credit report?
A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.