Endeavour Mutual Bank Personal Loans
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.
Endeavour Mutual Bank personal loan repayment calculator
Total interest paid
$8,245
Total amount to pay
$38,245
Endeavour Mutual Bank personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
4.45% Variable | 4.65% | Term Deposit Secured Loan | $559 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
7.99% Variable | 8.20% | Unsecured Personal Loan | $608 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
10.99% Variable | 11.06% | Overdraft | $652 based on $30,000 loan amount for 5 years | $50 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
11.99% Variable | 12.21% | Debt Consolidation Loan | $667 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- Very low interest rates available
- No ongoing fees
- 10-year term limits available
- No redraw facility
- Limited amount of branches
- No fixed-rate option
Features of an Endeavour Mutual Bank personal loan
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.
Endeavour Mutual Bank personal loans - customer service
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.
Who is eligible for an Endeavour Mutual Bank personal loan?
Endeavour Mutual Bank has the following eligibility criteria for personal loans:
- Good credit
- Employed with history of income
- Over 18
- Term deposit with Endeavour for secured loan
How to apply for an Endeavour Mutual Bank personal loan
An Endeavour Mutual Bank personal loan can be applied for in a few ways:
- Visit one of their 11 branches in New South Wales
- Apply online
- Apply by phone
Endeavour Mutual Bank personal loans review
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.
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FAQs
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
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 documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
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