Macquarie Credit Union is a member-owned credit union that is run by its own management and board of directors.
Macquarie Credit Union was formed by electricity workers of Macquarie County Council in 1964. Macquarie Credit Union has merged with several other financial entities and now serves over 6,000 members.
Membership is open to all residents in the local government areas of Narromine, Gilgandra, Warren, Cobar, Coonamble and Nyngan.
Macquarie Credit Union personal loan repayment calculator
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Macquarie Credit Union personal loans rates
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Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Pros and cons of a Macquarie Credit Union personal loan
- Option for students and apprentices available
- Redraw facility
- No early repayment fees
- Interest rates may be high
- Charges an establishment fee
- Ongoing fees
Features of a Macquarie Credit Union personal loan
Macquarie Credit Union provides secured and unsecured personal loans with both variable or fixed interest rates. You must be a member to take out a loan with Macquarie Credit Union.
This lender's personal loans typically have moderately low to high interest rates.
Although Macquarie Credit Union provides fewer options than larger banks in Australia, it offers a personal loan designed for students and apprentices as well as loans for everyday borrowers.
The minimum you can borrow is $1,000 while the maximum you can borrow is $30,000 on an unsecured personal loan and $75,000 for a secured personal loan.
Macquarie Credit Union personal loans charges an establishment fee and monthly ongoing fees. But it doesn't charge an early repayment fee.
Macquarie Credit Union provides personal loans for uses such as:
- Home renovations
- Debt consolidation
- Study materials
Macquarie Credit Union personal loans – customer service
Customers can contact Macquarie Credit Union by calling, sending mail, email, enquiring through an online form or sending a fax. Customers are also welcome to visit a Macquarie Credit Union branch.
You can call its customer service on Mondays 9am to 5pm, Tuesdays 9.30am to 5pm and Wednesday to Friday 9am to 5pm.
Who is eligible for a Macquarie Credit Union personal loan?
- Must be at least 18
- Must be an Australian permanent resident or citizen
- Must be currently employed or receiving regular income
- Must not have declared bankruptcy or insolvency, or had defaults on loans, credit cards, interest-free finance or store cards in the last five years
How to apply for a Macquarie Credit Union personal loan?
- Click ‘Apply Now’. If you are not already an Macquarie Credit Union member, you may need to become a member first.
- Confirm your eligibility.
- Complete the online application.
- Submit the online application and wait for a response.
Macquarie Credit Union personal loans review
As a personal loan lender, Macquarie Credit Union offers several loans suitable for everyday borrowers, those who want to consolidate debt as well as students and apprentices.
Macquarie Credit Union personal loans have a free redraw facility and flexible repayment options.
This lender may charge an establishment fee and ongoing monthly fees, but it doesn't penalise borrowers for paying off the personal loan early. It also doesn't charge establishment fees or ongoing fees to those on its student/apprentice personal loan. It's best to make sure you understand what the personal loan will cost you before applying.
Like its fees, Macquarie Credit Union personal loan rates vary from product to product. Its current personal loan interest rates range from moderately low to high.
Because there are so many personal loan lenders and products, it’s advisable to compare personal loan rates before applying. Researching rates from multiple lenders will allow you to find the best personal loan rates for your specific financial situation.
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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. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
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 finance 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 pay off the new loan.
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.
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.
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.
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.
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.
A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.
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.
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.