Police Bank personal loan repayment calculator

Thinking about taking out a personal loan with Police Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Police Bank personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Very low interest rates available
  • No early exit penalty fee
  • No ongoing fee
  • Limited amount of branches
  • Upfront fee
  • Secured loans unavailable

Police Bank personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

5.79%

Variable

5.92%

$577

based on $30,000 loan amount for 5 years

$98

Redraw facility
Extra repayments
Fully drawn advance
Secured
Police Bank
More details

5.79%

Fixed

5.92%

$577

based on $30,000 loan amount for 5 years

$98

Redraw facility
Extra repayments
Fully drawn advance
Secured
Police Bank
More details

5.79%

Variable

5.92%

$577

based on $30,000 loan amount for 5 years

$98

Redraw facility
Extra repayments
Fully drawn advance
Secured
Police Bank
More details

9.99%

Fixed

10.13%

$637

based on $30,000 loan amount for 5 years

$98

Redraw facility
Extra repayments
Fully drawn advance
Secured
Police Bank
More details

11.96%

Variable

12.22%

$667

based on $30,000 loan amount for 5 years

$50

Redraw facility
Extra repayments
Fully drawn advance
Secured
Police Bank
More details

Features of a Police Bank personal loan

Police Bank offers a range of lending products for its members to choose from. All personal loans are unsecured with variable and fixed interest rate options.

Applicants for a Police Bank personal loan will pay an upfront fee that is lower than what most major banks charge. Police Bank personal loans do not come with any ongoing fees for members to pay.

Personal loan interest rates from Police Bank range from very low to moderate. Interest rates for each loan will depend on the type of loan chosen by the borrower.

Police Bank does not charge an early exit penalty fee for members who pay off their loan before the end of term.

Police Bank personal loans - customer service

There are a limited number of branches that Australian members can visit. All branches are located in New South Wales, Victoria and the ACT.

Members who are not located near a branch have online banking or assistance by phone as their banking options.

Who is eligible for a Police Bank personal loan?

Police Bank personal loan applicants must meet the following eligibility criteria:

  • Be an Australian resident
  • Have a history of income
  • Be 18 years of age or older
  • Pass a credit check
  • Be borrowing more than $5,000

How to apply for a Police Bank personal loan

Potential borrowers can apply for a Police Bank personal loan in the following ways:

  • Visit a branch
  • Apply online
  • Apply by phone

Police Bank personal loans review

Police Bank personal loans may appeal to members of the police force, relatives or friends who need assistance paying for home renovations, weddings, holidays, debt consolidation or a vehicle.

Police Bank personal loan rates vary from very low to moderate depending on the type of loan. Some borrowers could find savings here given the very low interest rates available.

There are no ongoing fees and a lower-than-average upfront fee with a Police Bank personal loan. This may give members more opportunities to save on their loans.

A personal loan from Police Bank does not come with any penalty fees for paying off the loan before the end of term. This could be a good money-saving option for borrowers who anticipate an improvement in their financial situation further down the track.

Learn more about Police Bank

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 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.

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:

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.

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.

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.

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.

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 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.

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).

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.

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.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

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.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

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.