Credit Union SA
Credit Union SA is South Australia’s third largest credit union. Credit Union SA is owned by its members, which means it does not have any external shareholders.
Credit Union SA was formed in 2009 with the merger of two South Australian credit unions, Satisfac and Powerstate.
Credit Union SA serves over 49,000 members and operates six branches across South Australia.
Credit Union SA personal loan repayment calculator
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at interest rate 5.59 %
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Pros and cons
- Additional repayments allowed
- No monthly fees
- Below-average interest rates
- Establishment fees
- Limited branch access
- Limited loan options
Credit Union SA personal loans rates
based on $30,000 loan amount for 5 years at 5.86%
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Total repayments for a 5-year, $30,000 loan at 5.86% would be $34,457*. Terms from - years
based on $30,000 loan amount for 5 years at 8.26%
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Total repayments for a 5-year, $30,000 loan at 8.26% would be $36,489*. Terms from - years
based on $30,000 loan amount for 5 years at 13.89%
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Total repayments for a 5-year, $30,000 loan at 13.89% would be $41,511*. Terms from - years
Features of a Credit Union SA personal loan
As a regional personal loan lender, Credit Union SA has a limited range of loans. However, customers are able to choose between flexible and low-rate options with either fixed or variable interest.
Credit Union SA charges an upfront establishment fee, but does not charge any monthly account-keeping fees. Credit Union SA allows additional repayments with no penalty and has a maximum load period of seven years.
Credit Union SA personal loan rates range from very low to moderately high, depending on the product you choose.
Credit Union SA personal loans - customer service
Credit Union SA customers can contact customer service by phone, online enquiry or by visiting a Credit Union SA branch.
Customer service via phone is available from 8am-5:30pm on weekdays and from 9am-12pm on Saturdays.
Who is eligible for a Credit Union SA personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen
- Must be currently employed
- Must not be a US resident for taxation purposes
- Must never have been bankrupt
How to apply for a Credit Union SA personal loan?
- Click ‘Apply Online’
- Confirm your eligibility
- Complete the online application form
- Submit the online application form and wait for a response
Credit Union SA personal loans review
Credit Union SA provides personal loans for a range of expenses, including large purchases, home renovation and debt consolidation.
Customers can choose between secured and unsecured arrangements, and select either variable or fixed interest. Credit Union SA personal loans have a maximum loan term of seven years.
Credit Union SA charges a one-off establishment fee but does not charge monthly account-keeping fees. Customers can make additional repayments at no extra cost, and there is no penalty for paying your loan off early. Credit Union SA also has free redraw facilities.
Credit Union SA’s current personal loan interest rates range from very low to moderately high. Customers will typically get Credit Union SA’s best personal loan rates on secured loan options. Before applying, it’s best to compare personal loan rates to ensure you choose the right option for you.
Learn more about 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.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Do $4000 loans have no credit checks?
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 be costlier 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.
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 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.
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.
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 a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
How do I consolidate my debt if I have bad credit?
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
What interest rates are charged for personal loans?
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
Can I get an easy/instant personal loan?
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
How do I find out my credit rating/score?
You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.
How are credit ratings/scores calculated?
Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.
They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).
What is bad credit?
A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.