Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties.
From
6.99%
Fixed
7.69%
Unsecured Personal Loan (Excellent Credit) (3 Year Term)
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 an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
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.
Many personal loans, much like home 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.
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).
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
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.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay 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.
However, this strategy can backfire if the borrower spends the extra money 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.
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.
