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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Horizon Bank personal loans rates
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- 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
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.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
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.)
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.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
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.
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
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.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay 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.
However, this strategy can backfire if the borrower spends the extra money 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.
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.