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Illawarra Credit Union Personal Loans

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

Thinking about taking out a personal loan with Illawarra Credit Union? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Illawarra Credit Union personal loans compare with other options.

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Illawarra Credit Union Personal Loans rates

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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.

FAQs

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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