Illawarra Credit Union
Illawarra Credit Union is a member-owned credit union based in the Illawarra region of New South Wales. Because the credit union is owned by its members, Illawarra Credit Union profits are reinvested into its products and services.
Illawarra Credit Union has served the community for over 45 years and has grown to serve over four million members nationwide, making it one of the larger credit unions in Australia.
Illawarra Credit Union personal loan repayment calculator
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Pros and cons
- Very low to moderately low interest rates
- Below-average fees
- Additional repayments allowed
- Charges an application fee
- Charges ongoing fees
- Limited branch access
Illawarra Credit Union personal loans rates
based on $30,000 loan amount for 5 years at 5.64%
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based on $30,000 loan amount for 5 years at 10.04%
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based on $30,000 loan amount for 5 years at 12.15%
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based on $30,000 loan amount for 5 years at 15.01%
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Features of an Illawarra Credit Union personal loan
Illawarra Credit Union offers a range of personal loans, including both secured and unsecured loans, with variable and fixed interest.
Illawarra Credit Union personal loans have a maximum amount of $100,000, with terms of up to five years.
As a mutual personal loan lender, Illawarra Credit Union offers reasonable fees and interest rates. Although customers are charged a monthly fee, it tends to be low. Illawarra Credit Union also charges an application fee, but offers free redraw facility and additional repayments with no penalty.
Illawarra Credit Union personal loans – customer service
Illawarra Credit Union offers customer service by phone, email and within its member centres. Customers can also complete an online enquiry form.
Customer service is available from 8:30am-5:30pm (AEST) from Monday to Friday and from 9:00am-1:00pm on Saturdays.
Who is eligible for an Illawarra Credit Union personal loan?
To be eligible for an Illawarra Credit Union personal loan you:
- Must be over the age of 18
- Must have never been bankrupt or committed a financial crime
- Must be an Australian permanent resident or citizen
- Must have an Australian residential address
- Must receive regular PAYG income from an employer
How to apply for an Illawarra Credit Union personal loan?
- Choose your personal loan
- Enter your desired loan amount and term
- Click ‘Apply Online’
- Confirm your eligibility
- Complete the online application
- Submit the online application
Illawarra Credit Union personal loans review
Illawarra Credit Union offers a diverse range of personal loans. Customers can choose between secured and unsecured loans as well as fixed and variable interest rates. Illawarra Credit Union personal loans have a maximum borrowing amount of $100,000 and a maximum loan term of five years.
In general, Illawarra Credit Union charges below-average fees, but do charge both initial and ongoing fees. While customers are charged a monthly fee and application fee, they are allowed free redraw as well as additional repayments without penalty.
Illawarra Credit Union personal loan rates vary from product to product. Its personal loan interest rates range from very low to moderately low, depending on the loan you choose. Generally, secured loans offer lower interest rates than unsecured loans.
Before applying, it’s advisable to compare personal loan rates in order to find the best personal loan rates for your financial position.
Learn more about personal loans
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.
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.
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 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.
Do $4000 loans have no credit checks?
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
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.
What do credit scores have to do with personal loan interest rates?
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
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.
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.
Can I get guaranteed approval for a bad credit personal 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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
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.