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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P&N Bank personal loans rates
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Secured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- 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
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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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.
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.
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.)
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
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.
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).
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.
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.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.