Credit Union SA Personal Loans
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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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Credit Union SA personal loans rates
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Special Fixed Rate Personal Loan
monthly over 5 years
Fully drawn advance
Fixed Rate Personal Loan
monthly over 5 years
Fully drawn advance
Variable Rate Personal Loan
monthly over 5 years
Fully drawn advance
- Additional repayments allowed
- No monthly fees
- Below-average interest rates
- Establishment fees
- Limited branch access
- Limited loan options
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.
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A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
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 mortgage 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 repay the new 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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
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.)
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
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.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay 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.
However, this strategy can backfire if the borrower spends the extra money 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.