Easy Street Financial Services Personal Loans
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Easy Street Financial Services is a division of Community First Credit Union, which is the largest community-based credit union in Sydney. Easy Street is member-owned, which means it does not have any external shareholders.
Easy Street does not operate any bank branches or stores. Rather, they operate entirely online.
Community First Credit Union serves over 75,000 members across Australia. Any Australian resident over the age of 18 is eligible to become a member of Easy Street Financial Services.
Easy Street Financial Services personal loan repayment calculator
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Easy Street Financial Services personal loans rates
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Personal Loan Fixed
monthly over undefined years
Fully drawn advance
- Additional repayments allowed
- Free redraw facility
- Below-average interest rates
- Limited loan options
- Charges an application fee
- No branch access
Features of an Easy Street Financial Services personal loan
As a small personal loan lender, Easy Street Financial Services has a thin range of loans available. However, Easy Street operates entirely online, which makes it easier to provide lower rates and fees.
Easy Street Financial Services offers fixed-rate loans ranging from $5,000 to $35,000. Easy Street does not require a deposit or security, and has a maximum loan term of five years.
Easy Street Financial Services allows additional repayments and redraw facilities without fees. Easy Street charges a one-off application fee but does not charge monthly or ongoing fees.
Easy Street personal loan rates tend to be moderately low.
Easy Street Financial Services personal loans - customer service
Customers can reach Easy Street Financial Services customer service via phone, email or online enquiry. Easy Street customer service operates during business hours only.
Customers have access to their loan at any time through an internet banking portal.
Who is eligible for an Easy Street Financial Services personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen, or on an approved Australian working visa
- Must have regular income
- Must not be bankrupt
- Must not have defaulted on any loans, credit cards or store cards in the last five years
How to apply for an Easy Street Financial Services personal loan?
- Customers can apply online or over the phone
- If applying online, click ‘Apply Now’
- Sign into your Easy Street Financial Services account
- Complete the online application form
- Submit the online application form and wait for a response
Easy Street Financial Services personal loans review
Easy Street Financial Services personal loans are suitable for a range of borrowers. Easy Street Financial Services provides personal loans with fixed-rate loans of up to $35,000. Customers can choose a loan period of up to five years. Easy Street Financial Services does not require customers to provide a deposit or security to secure a personal loan.
Easy Street Financial Services personal loans have flexible features, including additional repayments and redraw facilities with no penalty. Easy Street does not charge any ongoing fees, though customers are charged a one-off application fee.
Easy Street’s personal loan interest rates tend to be moderately low.
Because so many online lenders exist in Australia, it’s advisable to compare personal loan rates. By comparing rates from a variety of lenders, you may be able to find the best personal loan rates for your specific financial situation.
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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.
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.
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.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
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.
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.
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.
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.
Some lenders are able to approve applications over the internet 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.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.