Geelong Bank Personal Loans
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Geelong Bank has been serving the banking needs of customers in Australia since its inception in Geelong back in 1974 as FCCS Credit Union.
With only one branch to visit, Geelong Bank delivers financial services to Australians mostly via the internet.
In addition to personal loans, Geelong Bank members also have access to home loans, credit cards, insurance, financial planning, savings accounts and bank accounts.
Geelong Bank personal loan repayment calculator
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Geelong Bank personal loans rates
Go to site
up to 12.95%
Home Improvement Loan
monthly over 5 years
Fully drawn advance
up to 12.95%
monthly over 5 years
Fully drawn advance
- Moderately low interest rates
- Free redraw facility
- No ongoing fees
- Only one branch in Australia
- Limited loan options
- Above-average upfront fee
Features of a Geelong Bank personal loan
Geelong Bank is limited in its personal lending options, with only two loans to choose from. Both loans are unsecured and come with variable interest rates.
Personal loan interest rates from Geelong Bank are moderately low when compared to the rest of the market.
Loan terms of up to seven years are available, with loans as low as $1,000 offered.
Upfront fees are above the average fee charged by the major banks, but there are no ongoing fees thereafter.
A free redraw facility is available for members who want to borrow back money paid on their loans.
Geelong Bank personal loans - customer service
Geelong Bank has only one branch for Australians to visit; located in Geelong.
For the rest of Australia, Geelong Bank serves as an online bank. Geelong Bank customer service is also available by phone.
Who is eligible for a Geelong Bank personal loan?
People applying for a Geelong Bank personal loan will need to meet the following requirements:
- Pass a credit check
- Be at least 18
- Be employed with a history of income
- Be a member of Geelong Bank
How to apply for a Geelong Bank personal loan
The following application methods are available for a Geelong Bank personal loan:
- Online application
- Visit their branch in Geelong
- Apply by phone
Geelong Bank personal loans review
With only a small selection of personal loans to choose from, Geelong Bank members have limited options. Members who want an unsecured loan with variable interest rates might be satisfied with what’s on offer.
Geelong Bank personal loan rates are moderately low and are competitive with the rest of the market. This could appeal to members looking to save money on interest over the course of their loan.
Loans as low as $1,000 are available, with loan terms of up to seven years. Borrowers might find a Geelong Bank personal loan suitable for expenses like a holiday or a computer.
There is an upfront fee that is above average. However, borrowers could find savings with no ongoing fees thereafter.
Use RateCity to find the best current personal loan interest rates for your financial situation and requirements.
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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.
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 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.
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.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
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.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
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.