P&N Bank is a customer-owned bank based in Western Australia offering a full suite of banking services. Customers can access their banking with P&N through branches across Perth, a contact centre based in WA, internet banking and an award-winning mobile app.
P&N Bank personal loan repayment calculator
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Pros and cons
- Moderately low interest rates available
- Redraw facility option
- No early exit penalty fee
- No branches outside Western Australia
- Above-average upfront fee
- Ongoing monthly fees
P&N Bank personal loans rates
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based on $30,000 loan amount for 5 years
Fully drawn advance
based on $30,000 loan amount for 5 years
Fully drawn advance
Features of a P&N Bank personal loan
P&N Bank has a limited range of personal loan options. Secured and unsecured loans are available, and all personal loans come with variable interest rates.
Borrowers from P&N Bank can expect to pay an upfront fee that is above average compared to the major banks.
There is a low ongoing monthly fee associated with P&N Bank personal loans. However, members who wish to pay off their loan early will not receive a penalty fee.
P&N Bank personal loan rates vary from moderately low to moderate depending on the type of loan chosen. A redraw facility is also available for people who wish to borrow back money already paid off their loan.
P&N Bank personal loans - customer service
P&N Banks has 14 branches for its customers to visit, all of which are located in Western Australia, mostly around Perth.
Members of P&N Bank also have access to banking services by phone or online.
Who is eligible for a P&N Bank personal loan?
Applicants for P&N Bank personal loans must meet the following eligibility criteria to secure a loan:
- Be over 18
- Pass a credit check
- Have a history of employment
- Have a vehicle for a secured loan
How to apply for a P&N Bank personal loan
P&N Bank accepts the following methods of application for personal loans:
- Visit a branch
- Apply online at the P&N Bank website
- Apply by phone
P&N Bank personal loans review
P&N Bank offers a limited range of personal loan options, all of them with variable interest rates. Those who are looking for fixed interest rates will need to search elsewhere for a suitable personal loan.
Personal loan interest rates from P&N Bank range from moderately low to moderate. While this may offer some cost-saving potential, borrowers looking for very low interest rates may be better off shopping around further.
There is also a higher-than-average upfront fee and low monthly ongoing fees for P&N Bank personal loans. Borrowers who want to save on such fees might have to borrow from another lender.
A redraw facility is available for customers who wish to borrow back money already paid off their loan. This level of flexibility could be appealing to those who want to borrow a conservative amount initially with the option to borrow more later on if needed.
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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.
Where can I get a personal loan?
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.
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.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
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 is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
How long does it take to get a student personal loan?
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, in some cases, the same day.
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.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
What do single mothers need to apply for a personal loan?
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).
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.
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 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.