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9.99%
Fixed
11.24%
Secured Fixed Low Rate (Excellent Credit Rating)
QBANK is a financial institution for current or former members of the police, fire, public service or justice sectors and their family members in Australia.
Beginning in 1964, QBANK currently offers its members personal loans, home loans, credit cards, everyday bank accounts, savings accounts and financial planning, in addition to other banking products.
QBANK is a small Australian financial institution with only three branches to visit, all located within Brisbane.
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
10.99% Variable | 12.04% | $655 monthly over undefined years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.49% Variable | 12.71% | $669 monthly over undefined years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
There are very few personal lending options available for QBANK members to choose from. Both secured and unsecured QBANK personal loans come with variable interest rates.
There are no ongoing fees for members to pay throughout the term of their personal loan with QBANK. There is an upfront fee to start the loan, but members will find it on par with what they would pay at a major bank.
QBANK personal loan rates are moderate when compared to other lending options. There is a moderately low special discount rate for borrowers who can deposit a monthly salary credit. This offer is for a limited time and can be withdrawn at the bank’s discretion.
With only three branches to visit in Australia and all within Brisbane, Australians living outside of this area will have to do without face-to-face customer service.
Banking by phone or online is available for those members who are unable to visit a QBANK branch.
Potential borrowers must meet the following eligibility criteria for a QBANK personal loan:
QBANK members can apply for a personal loan via the following methods:
There are limited options available for members looking to secure a personal loan with QBANK. All QBANK personal loans come with variable interest rates, which means they could increase (or decrease) over the lifetime of the loan.
Personal loan interest rates from QBANK are moderate when compared to the rest of the market. However, there is a special discount rate that is moderately low. Customers who want access to this rate will need to meet certain criteria and should be advised that this rate is not permanent.
Members with a QBANK personal loan will not be charged any ongoing fees, but they will have to pay an upfront fee. Borrowers may find the lack of ongoing fees to provide some cost savings.
There are no fees for early repayment, which could help members save money if their financial situation improves and they are able to pay off their loan early.
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.
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
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.
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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.
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.
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, without worrying about ending up out of pocket 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.
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.
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
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.
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.
