Endeavour Mutual Bank
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
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Pros and cons
- Very low interest rates available
- No ongoing fees
- 10-year term limits available
- No redraw facility
- Limited amount of branches
- No fixed-rate option
Endeavour Mutual Bank personal loans rates
based on $30,000 loan amount for 5 years at 4.65%
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based on $30,000 loan amount for 5 years at 8.20%
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based on $30,000 loan amount for 5 years at 11.06%
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based on $30,000 loan amount for 5 years at 12.21%
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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.
Learn more about Endeavour Mutual Bank
Where can I get a personal loan?
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.
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.
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.
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.
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.
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.
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 unemployed single parents get personal loans?
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.
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
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.
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.
How long does it take to get a student personal loan?
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, in some cases, the same day.
What do single mothers need to apply for a personal loan?
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).
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.