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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

Macquarie Credit Union personal loans rates


Unsecured Personal Loan

Real Time Rating™


/ 5
Interest Rate


% p.a


Comparison Rate*


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based on $30,000 loan amount for 5 years at 13.95%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
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Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 14.57% would be $41,836*. Terms from - years

Macquarie Credit Union personal loan calculator

Thinking about taking out a personal loan with Macquarie 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 Macquarie Credit Union personal loans compare with other options.

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at interest rate 13.95 %

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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
  • Holidays
  • 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?

  1. Click ‘Apply Now’. If you are not already an Macquarie Credit Union member, you may need to become a member first.
  2. Confirm your eligibility.
  3. Complete the online application.
  4. 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.

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.

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 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 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.

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 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.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

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.

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 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 self-employed personal loan with bad credit?

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 some 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.

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 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.