QBANK Personal Loans
Unsecured Personal Loan - (Excellent Credit)
Fixed
8.40%
up to 10.89%
10.12%
Low Rate Personal Loan - (Excellent Credit)
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.
QBANK personal loan repayment calculator
Total interest paid
$8,245
Total amount to pay
$38,245
QBANK personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
Variable 10.49% | 11.11% | Discount Rate All Purpose Loan | $645 based on $30,000 loan amount for 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 12.49% | 13.11% | All Purpose Loan | $675 based on $30,000 loan amount for 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- Moderately low interest rate available
- No ongoing fees
- Redraw facility available
- Very few personal loan options available
- No branches outside Brisbane
- Upfront fee charged
Features of a QBANK personal loan
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 This offer is for a limited time and can be withdrawn at the bank’s discretion.
QBANK personal loans - customer service
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.
Who is eligible for a QBANK personal loan?
Potential borrowers must meet the following eligibility criteria for a QBANK personal loan:
- Be an Australian resident
- Pass a credit check
- Show a history of employment and income
- Be a member of QBANK
- Have collateral for a secured loan
How to apply for a QBANK personal loan
QBANK members can apply for a personal loan via the following methods:
- Online
- By phone
- By visiting a branch (Brisbane only)
QBANK personal loans review
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.
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FAQs
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- Over how long you want to pay it back
- Purpose of your loan
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. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
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.
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.
Some lenders are able to approve applications with little documentation 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.
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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
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.
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.
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.