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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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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based on $30,000 loan amount for 5 years at 8.26%
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based on $30,000 loan amount for 5 years at 13.89%
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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.
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 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.
What are the pros and cons of debt consolidation?
In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.
However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.
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.
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.
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.
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 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).