From
7.50%
Fixed
9.51%
Tier 1 Personal Loan - Fixed Repayments (Unsecured)
Move is a credit union that was established in 1968 under the name Railways Credit Union, which sought to help railway workers and their families build stable financial futures.
Railways Credit Union became Move Bank in 2016 and broadened its membership to the broader transport and logistics industries.
Move currently serves almost 22,000 members and operates a head office in Brisbane.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate* | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
8.97% Variable | 9.99% | $622 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.29% Variable | 12.84% | $672 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
As a smaller personal loan lender, Move has a narrower range of personal loan options than you may see with larger banks in Australia. However, Move provides several personal loans suitable for everyday borrowers.
Customers can borrow up to $75,000 for a maximum term of seven years. Many Move personal loans charge no monthly or ongoing fees, but do typically charge a one-off establishment fee.
Move’s personal loan interest rates range from low to moderately high.
Move offers customer service via phone, online enquiry or within its head office. Because Move does not operate a network of bank branches, customers outside the Brisbane area are limited to customer service by phone or online.
Move is a credit union that provides a small range of loans for everyday borrowers.
Move offers loans of up to $75,000, with a maximum loan term of seven years. Customers can make additional repayments with no penalty, which means they can pay their loan off sooner. There is no fee for early exit. Move also provides free redraw facility.
Move tends to charge below-average fees. While customers are charged a one-off establishment fee, they are not charged ongoing monthly fees.
In terms of personal loan interest rates, Move varies greatly. Move personal loan rates range from low to moderately high, depending on the loan you choose.
Because so many personal loan lenders exist, it’s important to find the best personal loan rates for your specific situation. One of the best ways to do this is to compare personal loan rates from several different lenders that suit your needs.
Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
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.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Generally, bad credit personal loans can be used for one or more of the following purposes:
Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.
