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RateCity.com.au

Pros

  • Additional repayments allowed
  • No monthly fees
  • Below-average interest rates

Cons

  • Establishment fees
  • Limited branch access
  • Limited loan options

Credit Union SA personal loans rates

Product

Online-only Special Fixed Rate Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

4.99

% p.a

Fixed

Comparison Rate*

5.47

% p.a

Fixed

Repayment

$566

based on $30,000 loan amount for 5 years at 4.99%

Upfront Fee

$195

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 5.47% would be $33,960*. Terms from - years

Product

Special Fixed Rate Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

5.59

% p.a

Fixed

Comparison Rate*

5.93

% p.a

Fixed

Repayment

$574

based on $30,000 loan amount for 5 years at 5.59%

Upfront Fee

$195

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 5.93% would be $34,457*. Terms from - years

Product

Fixed Rate Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

7.99

% p.a

Fixed

Comparison Rate*

8.34

% p.a

Fixed

Repayment

$608

based on $30,000 loan amount for 5 years at 7.99%

Upfront Fee

$195

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 8.34% would be $36,489*. Terms from - years

Product

Variable Rate Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

13.60

% p.a

Variable

Comparison Rate*

13.97

% p.a

Variable

Repayment

$692

based on $30,000 loan amount for 5 years at 13.60%

Upfront Fee

$195

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 13.97% would be $41,511*. Terms from - years

Credit Union SA personal loan calculator

Thinking about taking out a personal loan with Credit Union SA? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Credit Union SA personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 4.99 %

Total interest payable

$0

Total amount payable

$0

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.

Does a business loan affect your credit score?

If you apply for a business loan, the lender will likely request your permission for a hard credit check in addition to checking your business’s credit profile. Typically, such a credit check will be a “hard enquiry”, meaning that the credit reporting bureau will add it to your credit history. 

While a single hard credit check may not affect your credit score, frequent credit checks can. Try to avoid making multiple loan applications at once, and consider boosting your credit score before applying for any business loans if it’s not in an ideal range. 

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.

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:

  1. 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.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. 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.

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.

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.

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.