Enjoy a low rate personal loan that is 100% made for you
5.85%
Variable
6.27%*
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
Endeavour Mutual Bank has delivered financial services for customers in Australia since its beginnings as a credit union in 1953.
Customers can visit one of Endeavour Mutual Bank’s 11 branches, all located within New South Wales.
In addition to personal loans, Endeavour Mutual Bank customers have access to credit cards, bank accounts, savings accounts, home loans, insurance and financial planning.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
4.24% Variable | 4.45% | $556 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
7.99% Variable | 8.20% | $608 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
7.99% Variable | 8.20% | $608 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
10.99% Variable | 11.06% | $652 monthly over 5 years | $50 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
There is a variety of Endeavour Mutual Bank personal loans with variable interest rates to choose from. A secured loan that is linked to an Endeavour term deposit as collateral is available. All other loans are unsecured.
Endeavour Mutual Bank loan rates range from very low to moderately low depending on the loan.
There is an upfront fee that is on par with what you would pay for a similar loan from a major bank. Additionally, there are no ongoing fees to pay for the duration of the loan.
Loans of up to $50,000 are available, with loan terms of as long as 10 years.
With only 11 branches to visit, and all within New South Wales, Endeavour serves as an online bank for most of Australia.
Members of Endeavour Mutual Bank can also get customer service online or over the phone.
Endeavour Mutual Bank has the following eligibility criteria for personal loans:
An Endeavour Mutual Bank personal loan can be applied for in a few ways:
Endeavour Mutual Bank has a limited range of personal loan options for its member to choose from. Secured and unsecured loans are available with variable interest rates. Borrowers who want a fixed interest rate will need to look elsewhere.
Personal loan interest rates from Endeavour Mutual Bank range from very low to moderately low. This could be helpful for borrowers looking to save money on their loans.
No ongoing fees could also save borrowers money during their loan term.
Loan terms of as long as 10 years are available, which might be useful for members who need extra time paying back their loan.
Borrowers who want the option to redraw money they have paid off the loan might want to look elsewhere as there is no redraw facility available with Endeavour Mutual Bank personal loans.
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.
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.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
Many personal loans, much like home 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.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
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.
