Endeavour Mutual Bank Personal Loans
ING Personal Loan
All rates shown are per annum. ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
Fixed
8.99%
9.13%
Fixed Rate Personal Loan
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 | |
|---|---|---|---|---|---|---|---|---|
Variable 4.45% | 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 | ||
Variable 7.99% | 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 | ||
Variable 10.99% | 11.06% | Overdraft | $652 based on $30,000 loan amount for 5 years | $50 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 11.99% | 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
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.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
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.
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.
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.
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.
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).
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.
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.
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.