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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Pros and cons
- Moderately low interest rates
- Free redraw facility
- No ongoing fees
- Only one branch in Australia
- Limited loan options
- Above-average upfront fee
Geelong Bank personal loans rates
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Variable up to 12.95%
based on $30,000 loan amount for 5 years
Fully drawn advance
Variable up to 12.95%
based on $30,000 loan amount for 5 years
Fully drawn advance
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.
Learn more about Geelong 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.
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.
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.
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.
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 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.
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 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).
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.
What are the pros and cons of personal loans?
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.
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 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.
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
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.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.