Enjoy a low rate personal loan that is 100% made for you
6.89%
Variable
8.89%*
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
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.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate* | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
10.49% Variable | 11.23% | $645 monthly over 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.49% Variable | 13.23% | $675 monthly over 5 years | $195 | 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 This offer is for a limited time and can be withdrawn at the bank’s discretion.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.
Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.
You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.
If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people on Centrelink.
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
