Credit Union Australia (CUA) is the largest, 100% member-owned financial institution in Australia. Founded in 1946, the credit union has more than 500,000 members and more than 50 branches Australia wide.
CUA is accessible through their online and mobile banking app, CUA Direct (Australia-based call centre) and their branches across the country. Their personal loans are offered for a range of purposes, including debt consolidation, buying a car, or home renovations.
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Pros and cons
- Secured and unsecured loans offered
- No application, ongoing or exit fees
- Redraw facility and extra repayments offered
- Secured loan administration fee
- Higher than average interest rates
CUA personal loans rates
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based on $30,000 loan amount for 5 years
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based on $30,000 loan amount for 5 years
Fully drawn advance
Features of a CUA personal loan
CUA provides its customers with personal loans for a wide range of purposes including debt consolidation, buying a vehicle, home renovations, travel and education expenses. Borrowers may apply for personal loans up to $100,000.
The credit union offers both secured and unsecured personal loans, with a repayment term ranging from one to seven years. CUA personal loan interest rates range from moderately low to moderate and they offer both fixed and variable loan terms.
CUA also rewards its personal loan customers by scrapping many common fees, including ongoing fees and early exit penalty fees. However, you should keep an eye out for a one-off establishment fee and administration fees applied to secured loans. Redraw facilities and extra repayments are also available for CUA personal loan products, and you’re able to apply both online or in branch.
You can contact CUA by dropping into one of their 50+ branches across Australia, their online platform and mobile banking app. You can also give them a call through CUA Direct, their Australia-based call centre, which is open Monday to Friday, 8:00am to 8:00pm (AEST) and Saturday to Sunday, 8:00am to 4:00pm (AEST).
They also allow customers to manage their finances through Apple Pay, Google Pay and Samsung Pay.
Who is eligible for a CUA personal loan?
To qualify for a CUA personal loan, it is required that you:
- Are at least 18 years of age
- Are a permanent resident of Australia
- Are currently employed or receive a regular income
- Have not declared bankruptcy or insolvency
- Have no past, present or pending claims against you
How to apply for a CUA personal loan?
You can apply for a CUA loan in the following ways:
- Online application process for loans of up to $60,000.
- In branch for loans of at least $1,000 and larger loans over $60,000.
- Over the phone
Once approved for the personal loan, it generally takes at least one business day for the borrower to receive the funds.
CUA personal loans review
CUA is a competitive choice for everyday Aussies looking for a personal loan with helpful features and very minimal fees. Not only do their interest rates range from moderately low to moderate, CUA does not charge ongoing fees and early exit penalty fees. Keep in mind that CUA does charge a one-off establishment fee, and, for secured personal loans, a security administration fee applies.
CUA personal loan customers can also enjoy features like unlimited free extra repayments and a redraw facility.
The credit union does limit borrowing from those who have declared bankruptcy or insolvency, so their personal loans may not be suitable if you are deemed an unreliable borrower.
Learn more about CUA
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
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.
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 student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
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 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 the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is a personal loan?
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 typically 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.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
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 do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
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.