Horizon Bank was initially formed in 1964 from Illawarra Country Council Staff Credit Union Ltd. Five other credit unions have joined during the course of Horizon’s history.
Horizon Bank continues to maintain its dedication to enhance their members’ lifestyles by offering exceptional products and services and by delivering financial advices in a friendly and efficient manner. In September 2019, Horizon Credit Union commenced trading under the name 'Horizon Bank'
Horizon Bank personal loan repayment calculator
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Pros and cons
- No monthly fees
- Extra repayments allowed without penalty
- Interest rates may be moderately low
- Application fee charged
- Must be employed or have regular income
- Limited branch access
Horizon Bank personal loans rates
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Features of Horizon Bank personal loans
Horizon Bank offers personal loans for a variety of reasons, including consolidating debt, holidays, renovations, caravans, purchasing TVs as well as specific loans for environmentally friendly initiatives like water tanks, solar power and windmills.
$1,000 - $30,000
- One to five years for standard loans
- One to 10 years if secured by your mortgage or deposit security arrangement
- Variable and fixed
- Interest is calculated daily but charged monthly
Secured and unsecured loans
The secured personal loans from Horizon Bank have lower interest rates than the unsecured.
- Weekly, fortnightly, monthly
- No penalty for additional payments
- Pay entire personal loan off early without penalty
- Redraw available on extra repayments
- Upfront application fee
- No monthly fee
Horizon Bank personal loans – customer service
Although the application process for a personal loan is online, Horizon Bank offers its members several different ways to get in touch:
Who is eligible for a Horizon Bank personal loan?
To be qualify for a Horizon Bank personal loan, you must be:
- At least 18 years of age
- A citizen or permanent resident of Australia
- Currently employed or receiving a regular income
- Not declared bankrupt or insolvent, or had defaults on any loans, credit cards, interest-free finance or store cards in the last five years
How to apply for a Horizon Bank personal loan
To apply for as Horizon Bank personal loan, you can either go into a branch or fill out the forms online. You will likely need the following information:
- Driver’s licence/passport
- Proof of employment and income
- Details of living expenses
- Details of your assets, including land, house, contents, vehicle and savings
- Details of any amount you owe on loans, overdrafts, credit/store cards
Horizon Bank personal loans review
Horizon Bank has both secured and unsecured personal loans that offer a range of features, including no ongoing monthly fees.
The interest rates on Horizon Bank personal loans can either be fixed or variable. The lowest interest rates are offered to members who secure their loans with collateral like property, while unsecured personal loans have slightly higher interest rates.
Compared to other current personal loan rates offered by lenders in Australia, Horizon Bank’s interest rates are moderately low.
Members can make extra repayments or pay off the entire loan early without receiving any penalty fees. Horizon Bank also offers a free redraw on its personal loans, but only if extra repayments have been made.
One feature Horizon Bank offers is a specific personal loan for members wishing to fund environmentally friendly initiatives.
Learn more about Horizon Bank
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.
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.
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.
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.
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.
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 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.
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 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 are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
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 interest rates are charged for personal loans?
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.